RAKBANK’s Digital Journey from Skiply, the educational mobile app platform, to Quick Apply for SMEs

RAKBANK, a leading entity in the financial sector based in UAE, has recently been recognised at the Global BankTech Awards 2023, organised by The Digital Banker, for its exceptional strides in digital banking. The bank’s innovative platform, Quick apply played a vital role in securing awards for Outstanding Digital Innovation in SME Banking, Skiply for Best Pure-Play Digital Initiative, and Digital on-boarding journey for accounts for Excellence in Digital Innovation. This recognition underscores RAKBANK’s unwavering commitment to driving digital transformation in the banking sector.

Nirav Patel, Managing Director of The Digital Banker, lauded RAKBANK’s achievements, stating, “RAKBANK’s success at the Global BankTech Awards is a reflection of its innovative spirit and dedication to customer-centric digital solutions. Their platforms, like Skiply & Quick apply for SMEs not only streamline processes but also enrich user experiences, setting a new standard in digital banking.” These accolades are a testament to RAKBANK’s role as a digital innovator, seamlessly blending technology with empathy to redefine banking experiences.

Skiply: Redefining UAE’s Educational Payments Landscape

Skiply, a proprietary application of RAKBANK, is revolutionising the management of educational payments and activities for families. Serving over 150,000 users and partnering with more than 250 educational institutions, Skiply has established itself as a benchmark in the UAE’s educational sector. The platform adeptly caters to both parents and educational institutions, offering streamlined services such as fee payments, uniform purchases, and real-time notifications. The seamless integration of ERP solutions into Skiply is particularly notable, exemplifying how digital innovations can retain a human touch.

In 2022, the introduction of ERP integration to Skiply marked another significant advancement, enabling digital reconciliation and minimising human errors. This development is in line with RAKBANK’s vision of a digital-first approach in educational payments, where technological advancement and user-centric design converge.

Advancing Towards Modern Banking

Embracing the digital era, RAKBANK has elevated customer convenience with its innovative Digital On-Boarding (DOB) process for individual account openings. This initiative represents a significant departure from the traditional paper-based methods, adopting a digital-first strategy to meet the evolving demands of today’s consumers.

The DOB process ensures a smooth, user- friendly experience, enabling customers to effortlessly open accounts from any location and at any time. Emphasising a paperless system, this approach not only conserves resources but also aligns with broader goals of environmental sustainability. With features such as automated identity verification, thorough data validation, comprehensive risk assessment, and instant account approval, RAKBANK has positioned itself at the forefront of digital banking innovation.

The reception of the DOB process by customers has been overwhelmingly positive, with 94% opting for this digital method to open their Current and Savings accounts as of May 2023. Key benefits of this process include immediate account activation, the provision of virtual debit cards, and the removal of restrictions on funding or transactions, making banking more accessible and convenient than ever before.

Empowering SMEs with Digital Innovation

RAKBANK has also made considerable progress in SME banking, offering a comprehensive suite of business banking services. With a strong market presence, particularly in the small and micro sector, RAKBANK stands as a pillar in the UAE’s SME ecosystem.

The bank’s range of services for SMEs includes transactional banking, business finance, insurance, and treasury services, catering to diverse business needs. Notably, RAKBANK has launched the RAKBANK Business App and SMEsouk platform, providing SMEs with digital tools to manage their banking needs effectively and connect with a broader business community.

RAKBANK’s Quick Apply digital loans platform is an innovative step forward, allowing SMEs to apply for business finance digitally and receive instant in[1]principle approval. This platform has significantly improved the loan application process, integrating various systems to streamline lead qualification and accelerate loan disbursal.

The benefits for SMEs are manifold, including hassle-free onboarding, paperless processing, and automated credit decisioning. This initiative has led to the disbursement of over AED 200 million in loans digitally, enhancing both customer and sales experiences.

RAKBANK’s journey of digital innovation is marked by significant advancements in educational payments, individual customer onboarding, and SME banking. Through platforms like Skiply, the Digital On-Boarding process, and Quick Apply for SMEs, RAKBANK has demonstrated its commitment to transforming the banking experience, staying ahead in the digital age while maintaining a human touch in its services.

As the bank continues to innovate, it sets new benchmarks in the industry, fostering an environment where technology and customer[1]centricity go hand in hand.

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