Dubai Islamic Bank (DIB) has launched ‘Banking in Minutes’ facility that allows UAE nationals and residents to open bank accounts through the DIB Mobile App without visiting a branch or going through painstaking paperwork.
The ‘Banking in Minutes’ facility will also allow prequalified credit card customers to apply and get credit cards through the DIB Mobile App and start using the card instantly through Apple Pay—without having to wait for their physical card to be delivered.
Dr. Adnan Chilwan, DIB’s Group Chief Executive Officer, said, “We want to simplify banking for all—our current customers have already started witnessing the benefits of DIB’s digital offerings – but now, we want to make the same available those who are yet to experience the digitally intelligent banking we have on offer.”
The bank’s digitally intelligent sales assisted model facilitates preapproval and documentation submission via the electronic platform with all contracts signed electronically as well. The facility has enabled the bank to process over 5000 personal finance applications as well as credit cards through their app over the last few months.
DIB stated that from launching paperless branches in 2014 to the state-of-the-art Mobile App in 2015, the bank has stayed committed to its vision to provide the most sought after digitally enabled solutions that customers of today are seeking.
DIB seeks to acquire Noor Bank subject to regulatory and shareholder approvals and upon completion, the bank will remain as the operating entity and all the assets as well as liabilities of Noor Bank will be transferred.
The acquisition of Noor Bank is expected to enhance DIB's position as the fourth largest bank in the UAE banking system and successful tie-up could lead in the medium term, to revenue synergies and cross-selling opportunities as well as cost synergies from economies of scale and expense consolidation.