Introduction to Digital Onboarding
The paper-based business check is a significant obstacle to conversion rates. In the UAE, banks face a unique challenge due to the presence of global companies from over 190 nationalities. This creates an unprecedented complexity in onboarding, with difficult processes, almost impossible documentation, and underwriting.
The Problem with Business Onboarding
Delay in onboarding equals delay in business, which results in loss of sales. The more complex the business structure, the more complex the onboarding becomes. Data supports this equation, highlighting the need for efficient digital onboarding.
Why Business Onboarding Lags Behind Digital Banking
UAE banks have transformed the functioning of banking business, with instant payments, automated risk management, and real-time credit decisions. However, business onboarding works differently due to several factors:
- The complexity factor: Understanding the entire global structure of an account applicant is crucial.
- The review factor: Business onboarding involves checking property chains that include several countries and legal systems.
- The compliance factor: Navigating different regulatory frameworks for each involved country is necessary.
- The documentation factor: Business applications are delivered with documents in different languages, formats, and legal requirements.
Bridging the Gap with Digital Onboarding
Specialized digital onboarding is essential to bridge the gap between the efficiency of digital banking and the complexity of international business checks. A digital onboarding solution can provide the necessary efficiency and compliance required for business onboarding.
How Digital Onboarding Solutions Work
A digital onboarding solution can:
- Set custom rules for AI-operated checks: Adapt to the complexity of each company.
- Access over 150 data sources in real-time: Use official government databases, international registrations, and global watch lists to verify business structures.
- Automatically provide information on all business layers: Go through complex ownership structures and order each unit in real-time without manual work required.
- Use algorithmic risk intelligence: Analyze social media, news, court proceedings, and traditional sources to automatically recognize hidden connections and red flags.
- Detect falsification: Use advanced image analysis to detect fake documents, altered signatures, and manipulated business certificates.
- Provide proactive fraud detection: Identify suspicious patterns and risky units before they enter the system.
- Deliver a global standard in onboarding: Meet the expectations of international customers.
The Benefits of Digital Onboarding
Digital onboarding can:
- Reduce the time it takes to verify a global business structure from weeks to minutes.
- Enable banks to compete for demanding customers who expect efficient onboarding experiences.
- Keep compliance bulletproof while quickly onboarding customers.
- Allow teams to focus on the actual banking business instead of manual document verification.
The Impact on UAE Banking Business
The UAE has seen significant foreign investments and an increase in business licenses. This creates a huge opportunity for banks to acquire new customers. However, manual processes can create friction and risk, causing potential income to go to competitors. Digital onboarding can help banks bridge this gap and provide a completely digital onboarding experience that meets customer expectations.
