Nearly 90% UAE banking customers find account opening too complicated

Shutterstock [For illustration]

Nine out of 10 UAE bank account holders think opening an account takes too much time and that bank onboarding processes are too complicated.

That's according to a survey by the identity verification platform IDnow, and YouGov, which found that 82 per cent of customers were unhappy about having to visit a branch and physically hand over documents. 

Meanwhile, 76 per cent of UAE residents want an entirely digital bank account opening process, with that figure rising to 85 per cent amongst higher income groups (with a monthly salary of AED 25,000 or more).

Amongst non-bank account holders, 86 per cent said they had started a bank account application but quit the process because it was too complicated.

Basil Macklai, Head of Middle East for IDnow, told ARN News that convenience and speed are at the top of the customers' priority list.

Macklai added that over the past few years, we have seen rapid innovation and improvements in the banking sector, so the survey's findings should be a wake-up call for UAE banks.

He also explained how effective digital procedures can help to simplify the process for customers and save banks time and money.

The findings are part of IDnow Middle East’s UAE digital identity proofing and verification report that surveyed more than 1,000 people across the Emirates.

More from Business