UAE Bank In a strategic move, the UAE’s top bank, First Abu Dhabi Bank (FAB), has communicated to its customers that, effective February 7, 2024, in-person updates for personal details and documents will no longer be accepted at its branches. This decision encompasses requests related to mobile numbers, email IDs, mailing addresses, and identification documents.
Digital Shift in UAE Banking Landscape
The decision mirrors the broader trend observed among UAE banks, as they progressively transition customer services to digital platforms. The move empowers customers to conveniently access services from their homes or offices, underscoring the increasing importance of digital channels.
Branch Network and Industry Trends
As of the third quarter of 2023, FAB maintained 65 branches/cash offices across the UAE. This shift aligns with the industry-wide trend highlighted in the Central Bank of the UAE’s (CBUAE) 2022 report, showcasing a 22.3% decrease in physical bank branches over the past three years.
Encouraging Digital Adoption: UAE Bank
FAB encourages its customers to embrace digital channels for updating personal details, emphasizing the convenience of using the FAB Mobile app. Additionally, customers can utilize FAB’s automated teller machines (ATMs) to update mobile numbers, email IDs, and Emirates ID.
Digital Evolution and Financial Performance
FAB’s proactive stance in embracing digital transformation is evident, with the bank reporting a remarkable net profit of Dh12.4 billion—a 58% year-on-year increase in the first nine months of 2023. This aligns with the broader evolution of the banking sector, emphasizing a shift towards digital platforms.
Commitment to Sustainable Finance
In a noteworthy commitment, FAB aims to facilitate $75 billion of sustainable finance projects by 2030. The bank has already funded over $18 billion in the first nine months of 2023, contributing to a cumulative total of $27 billion since the 2022 baseline.
Technological Advancements: IT System Upgrade
Underlining its dedication to technological innovation, FAB recently upgraded its IT system to enhance the overall customer experience. This move reinforces the bank’s commitment to staying at the forefront of technological advancements in the banking sector.
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