RAKBANK eliminates friction in international remittance process with RAKMoneytransfer
RAKBANK or the National Bank of Ras Al Khaimah is one of the oldest and most dynamic banks in the U.A.E. In 2001, 25 years after it was founded, the Bank shifted its focus from corporate banking to personal and business banking. Today, it offers a variety of retail and business banking services through a network of 38 branches, and electronic channels.
Remittances are a very important segment of the banking business in the U.A.E., which is home to 9.5 million expatriates looking to send about US$ 160 billion home every year. While RAKBANK was very competitive in this segment, both in terms of cost and speed, it had only managed to take a minuscule share of the market.
An assessment of RAKBANK’s remittance solution revealed why it was not the preferred choice of expats in the region. The problem was that people who were not RAKBANK customers found it very cumersome to transfer money through the Bank. They were required to fill out a form, provide extensive documentation, including their Emirates Identity Card and passport, and wait while the Bank did a check to weed out duplicate accounts or blacklisted persons. This process itself took two to three days.
RAKBANK recognized a crying need for a dramatically improved remittance experience, free of all friction. Leveraging the Finacle Omni Channel Hub and its partnership with EZMCOM, Xpress Money and InPay, the Bank introduced a digital remittance mobile app, called RAKMoneyTransfer (RMT) that allowed anyone – even those who did not bank with it – to download and onboard themselves within minutes. The entire process, from scanning identity documents and passports to submitting biometric information to completing e-KYC formalities, as well as bank-initiated activities, such as digitization of documents and background check, could be completed online within 3 minutes, without any physical verification. Once on-boarded and issued a wallet that they could fund digitally from any bank or card account, people could send remittances to 35 countries in real-time.
With obstacles to onboarding out of the way, thanks to the RMT app, RAKBANK is fully set to take its competitive remittance product to the market. It is confident that its winning proposition of low forex charges and a great user experience will enable it to acquire 4.5 million customers, if not more.