Emirates NBD’s corporate banking has witnessed a 60 percent month-on-month increase in the onboarding of clients to digital channels, as more people opt for the electronic route in light of the coronavirus outbreak.
“New and existing transaction banking clients opt for digital channels for their ongoing cash management and trade finance requirements,” the bank said in a statement.
Since the outbreak exploded in Wuhan, China about four months ago, authorities around the world have been encouraging the public to observe social distancing or stay at home. Consumers have also been advised to go for cashless transactions to avoid contracting the virus.
The bank said that over 70 percent of its corporate client base is now active on the digital platform, smartBUSINESS and smartTRADE portal.
It also said that 96 percent of the corporate banking division’s payment volumes are now processed through digital channels.
SmartBUSINESS payments, smartTrade services and ICCS Collect (remote cheque deposit) are popular among the bank’s clients.
“We firmly believe that digital innovation has to bring demonstrable business benefits to our clients by supporting their objectives and bringing greater efficiencies to their operations,” Ahmed Al Qassim, executive vice president, general manager of corporate banking at Emirates NBD, said.
“The UAE is a key international trade hub and it is encouraging to see UAE companies focused on business continuity as they respond to the ongoing market dynamics around COVID-19 by migrating to digital ways of conducting business,” Al Qassim said.
The UAE has implemented a series of precautionary measures, including the National Disinfection Program, to stem the spread of the coronavirus.
The emirate of Dubai, which has been under a 24-hour curfew for the past weeks, decided to partially reduce restrictions on movement starting April 24.
Residents can now leave their homes between 6 am and 10 pm providing they follow precautionary measures, which include maintaining physical distance from others and wearing a face mask, as shopping malls, commercial outlets, restaurants and cafes reopen their doors.