Emirates Development Bank (EDB) was awarded the “Best Customer Experience Digital Platform” award for its EDB Business Banking app at the Middle East Banking AI & Analytics Summit held in Dubai.
The app was launched in 2021 to simplify the process of opening bank accounts and registering businesses, allowing them to receive an IBAN within 48 hours. Additionally, the app features a lending service that enables SMEs to apply for loans up to AED5 million and receive approval or feedback within five days. The EDB Business Banking app has successfully onboarded 2,094 customers since its launch in September 2021.
The Middle East Banking AI & Analytics Summit brings together executives and decision-makers from the banking and financial services industry to connect with AI and analytics experts, discuss the latest trends, and develop forward-looking solutions. Ahmed Mohamed Al Naqbi, CEO of EDB, received the award on behalf of the Bank, while Krishna Kumar Nair, COO of EDB, delivered a keynote speech on the changes in banking business models, the developmental banking domain, and the strategic role played by Emirates Development Bank.
Al Naqbi stated that EDB was proud to be recognised for its industry-leading digital EDB Business Banking app and would continue to seek opportunities and partnerships to accelerate the industry's digital transformation and position the UAE as an attractive business and financial hub in the region, in line with the country's national agenda.