Banks COVID-19 Fintech Middle East & Africa

Abu Dhabi Islamic Bank Reports Increase in Digital Services Adoption During COVID-19 Pandemic

Abu Dhabi Islamic Bank (ADIB) has announced that it has seen a substantial rise in customer demand for its digital banking services in 2020. Even after the phased re-opening of the UAE economy, ADIB has continued to see strong uptake for digital services, with 75% of customers now enrolled through the bank’s digital channels.

In total, 50% of new ADIB customers have opened their accounts digitally in 2020, and there is mounting evidence that the effects of the Covid-19 pandemic have resulted in a fundamental shift in customer behaviour, as a remote and contactless banking experience is increasingly preferred. Today, around 94% of ADIB’s banking transactions, including fund transfers, are conducted digitally and 65% of customer updates are made through the bank’s digital channels.

The bank offers a personalised experience through its digital banking platform, with 31% of ADIB’s personal finance applications were processed completely digitally. In addition, 50% of ADIB’s card sales have been managed through a market-first virtual sales platform, allowing customers to complete their card application process without the need to visit a branch.

ADIB has also witnessed similar trends in its corporate banking segment. This year, over 80% of ADIB’s Global Transaction Banking business was generated digitally, allowing for quick and cost-effective Cash & Trade Management solutions to be conveniently delivered for the working capital needs of corporate and financial institutions.

Philip King, Global Head of Retail Banking at ADIB, said: “ADIB’s digital transformation journey, which began more than two years ago, has always been centred around our customers, ensuring that the bank’s digital solutions anticipate their needs to add lasting value to their lives. This has provided a strong foundation and enabled the bank to scale quickly to meet our customers’ changing needs amid Covid-19, a period which has seen a surge in usage for our digital offerings.

“As the pace of technological change accelerates, we are excited about the possibilities for growth and what this means for our ability to service customers. We are now determined to build on the momentum we have seen in 2020 to further enhance our digital banking offering to benefit our customers. These include the adoption of digital tools, such as chatbots, robo-advisory and digital onboarding, and increasing automation in the back-end to help with productivity and operational efficiency.”

ADIB has launched several solutions to allow customers remote access to their banking services. In recent months, the bank introduced a digital booking service, enabling customers to schedule their branch visits ahead of time through the online banking platform and mobile banking app. In addition, customers can virtually update their personal information such as their Emirates ID, Passport, and contact details without having to visit the branch.

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