Many investors find Dubai to be a successful business center. Starting a business in Dubai is popular among investors given that the economy has been improving for a while. Though registering and starting a business in Dubai is a straightforward process with the right assistance, opening a corporate bank account is one of the most crucial steps to do, when establishing a business in Dubai.

In Dubai (UAE), SMEs and business owners can open corporate bank accounts to operate financial activities for business transactions. It is possible to open corporate bank accounts in many currencies in the UAE, making currency exchange quick and simple. A corporate account also makes it simple for business owners to monitor cash flows and activities. And with commercial banks now future-ready with smart and digital solutions, it’s time to stay streamlined with smart corporate banking.

Role of Digital/Smart Banking in Boosting UAE’s SMEs Sector

Small and medium-sized enterprises (SMEs) now search for user-friendly smart banking with a set of digital solutions relevant to businesses of their size and requirements. They are frequently too busy to visit their branch or conduct day-to-day banking on paper. The growth of a thriving SME sector depends on digitization, which has a number of implications for SME finances. Banks must support SMEs as they go digital while also offering digital and mobile banking that is specialized to SMEs.

Smart e-banking solutions enable corporate clients to handle their payments and reporting demands by offering secure online banking web services that are specifically designed for the banking needs of corporate clients. With the click of a button, individuals can carry out transactions like domestic and international transfers and payments.

Smart banking enables Corporate & Institutional Clients to carry out financial & non-financial transactions at their convenience, 24 hours a day, 365 days a year. It helps businesses increase their productivity and efficiency by allowing them to initiate and approve transactions electronically. They may also check account statements and reports from their desktop.

It became essential for traditional banks to quickly embrace digital transformation due to the introduction of new smart banking solutions based on mobile apps and the opportunity for non-banking actors like financial technology companies to compete for the financial services industries.

Benefits of Digital/Smart Corporate Banking

In order to offer the greatest possible client experience, corporate banks have implemented digital initiatives such as customer onboarding, financing, digital card, and account opening using mobile banking apps. It makes the process of corporate bank account opening during the company formation very simple with complete control and no fuss banking.

Most advanced technology is used by smart banking’s extensive security and control capabilities to create safe yet user-friendly online access. Smart corporate banking solutions provide businesses:

• 100% Digital bank account
• Easy bank account opening 
• Virtual cards
• Multiple account plans
• Real-time dashboard using mobile apps
• Dedicated customer support
• Customized exchange rates
• The convenience of banking and transactions

One of the biggest advantages for any business is undoubtedly how simple it is to make secure financial transactions. Because of this, smart banking provides extensive security and control capabilities that make use of cutting-edge technology to make internet access secure but user-friendly for corporate users. 

Overall, SMEs stand to gain from the banking industry’s transition to digital technology. It not only makes it possible for banks to provide the rapid, efficient banking solutions that SMEs desire, but also for them to offer support and guidance on issues outside of financial matters. If you want to learn more about smart banking for corporates, contact us at Socialite Consultancy Services and talk to our experts. Give us a call for a free consultation.