New UAE banking platform to reduce repeated customer document updates

Abu Dhabi: The UAE banking sector is developing a unified digital platform that will automatically update customers' personal information and documents, eliminating the need for redundant record submissions across various institutions. Jamal Saleh, Director General of UAE Banks Federation, revealed the platform's completion before year-end, with data sourced directly from official entities.

Speaking at Seamless Middle East, Saleh emphasized this project as part of initiatives under the Central Bank of the UAE, in partnership with UAE Banks Federation and other stakeholders, aiming to bolster digital banking and financial infrastructure. The platform operates on a "golden source" principle, retrieving and updating data like Emirates ID, passport, or other documents from relevant official sources instead of customers repeatedly providing updated information.

This approach aims to streamline processes when documents expire or are renewed, consolidating customer data for various services in one location. Saleh highlighted the UAE's robust digital infrastructure and investment in AI and technology, positioning the nation favorably for further financial service modernization. He stressed that the banking sector should leverage these advancements to expedite digital transformation, enhancing service accessibility, efficiency, and security.

UAE Banks Federation is expanding its presence at Seamless Middle East, with 10 of its 37 committees participating and presenting summaries of their discussions. These committees cover diverse areas like SMEs, information security, retail and corporate banking, and digital services, aiming to foster expertise exchange and awareness of financial literacy, cybersecurity, and customer protection.

Saleh mentioned the SME committee would explore ways for smaller companies to better prepare for bank financing applications. The UAE banking sector is also enhancing its payments infrastructure, digital services, and cybersecurity, with initiatives like Jaywan, the first national payment card scheme, and the Aani instant payments platform, which has reached 12.5 million users.

These developments aim to streamline domestic payments, bolster a resilient national payments infrastructure, and facilitate efficient cross-border transactions by reducing intermediaries and associated fees.