An investment firm/digital bank Finance bank has extended its fast banking services to Dubai following an in-principle approval from the Central Bank of UAE.
The extension of Efinance fast banking services comes as Covid-19 accelerates the adoption of digital services across the Gulf region. Demand for financial technology products among its young and mobile-enabled population is rising, particularly in the United Arab Emirates.
Efinance bank will offer customers a fast, fully digital choice with tailored products and services to meet their lifestyles and needs.
CEO of Efinance bank Ferdinand Gibbs R. who is also the founder says the fast banking services are part of the firm’s efforts to “future-proof” Abu Dhabi’s economy.
“Efinance fast banking digital services will further strengthen the UAE’s digital economy that is already supported by robust infrastructure and progressive regulations,” Ahsan adds.
Ahsan also stated that the extension of Efinance fast banking services to Dubai represents an “important step” in the establishment of Abu Dhabi’s digital agenda and brings a “new and innovative approach to banking”.
” Bernd van Linder, CEO of Commercial Bank of Dubai, said. “The challenge that Efinance bank puts to the banking sector, and one that I embrace and look forward to, is to make sure that we become as agile as fast and as innovative as (Efinance) will be.”
Presently with Efinance fast banking, it is now possible to open a bank account in just a few minutes and you can do that without leaving your home. Efinance fast banking has made this simplified process to be the “new normal”.
Picture this in your mind: a bank you never have to visit, queues you never have to wait in, and paperwork that’s no longer necessary. The world has changed, and people know it. This trend is accelerating and Efinance bank is constantly adapting to the new trends.
“The movement to, and now emphasis on, digital banking was already happening prior to the pandemic,” said a UAE banker. “But once the world entered the reality of extended periods of social distancing, stay-at-home orders and all that goes with them, digital banking was no longer a nicety. It’s a necessity”
It is banking simplified, from your smartphone, computer or tablet. No paperwork. It’s integrating digital technology into all areas of the money and digital assets chain. More importantly, it also means an overhaul of the culture and behaviour in managing value — how it’s stored, shared and regulated.
Efinance fast banking services bring elements of social payments to mobile wallets backed by cash accounts for instantaneous payments and easy money transfers to friends and family. It combines the best of consumer banking and payments with social elements, creating a seamless ecosystem of intuitive engagement.
In general, fast banking will change the banking ways from the sign-up process to branch operations. In short, it’s challenging the Medici model of banking — the idea that a bank is a place where you go. Presently, Efinance bank lives in the “cloud”. Amid the global “fintech” scramble, it’s only bound to increase in velocity.
Client needs have certainly changed. Many clients want to bank anywhere, anytime on whatever device and this is in a seamless and cost-efficient way. Efinance fast banking has a technological advantage and it has extended its fast banking here in Dubai which results in lower costs of serving clients.
Efinance fast banking services rely on world-class automation technologies to accelerate onboarding, scale quickly and react far faster than conventional bricks and mortar banks can. Our technology helps us cut down risk, reduce human error and cut back on overheads – advantages that we pass on to our clients.
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