In a new development that will further boost the bank’s reputation in the United Arab Emirates (UAE), Standard Chartered has announced that it has launched real-time onboarding for clients in the region. The multinational bank has announced that those customers who are looking for its virtual credit card will get the benefit of real-time onboarding. The credit card in question is going to be issued instantly. In age of Fintech companies, this is a particularly important move from Standard Chartered and it remains to be seen if it can draw more customers after launching this initiative.
However, that is not all. It is believed that this is a kind of pilot project for Standard Chartered, as the bank is going to introduce the service to all the available credit card products that are on offer. At a time, when most customers look for convenience, a long drawn out application process is detrimental to one’s growing business. Hence, this move from Standard Chartered is perfectly understandable. In addition to that, the emergence of ‘buy now pay later’ apps have also made a move into the traditional stomping grounds of credit cards in a big way. In such a situation, this move is definitely a progressive one.
The banks stated that the real-time onboarding initiative will allow existing customers to get their new digital credit card in 10 minutes. In case of new customers, the process may take up to 24 hours. The head of retail banking at Standard Chartered UAE, Sonny Zulu, spoke about the initiative. He said,
“Providing our clients with fast and convenient banking experience and catering towards their evolving demands is our top priority and the newly launched instant issuance solution is a perfect example of this.”