Wio, UAE’s first platform bank backed by ADQ, e& and FAB, launches in Abu Dhabi

Gulf News

Wio Bank, the region’s first platform bank, was officially launched in Abu Dhabi on Tuesday.  Read the full story here: https://gulfnews.com/business/banking/wio-uaes-first-platform-bank-backed-by-adq-e-and-fab-launches-in-abu-dhabi-1.1079454  See more videos at https://gulfnews.com/videos Read more Gulf News stories here: https://bit.ly/2HLJ2km  Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV  #UAEnews #wio #banking

Transcript

00:00As we look at a digital economy, the roles of banks have to evolve, and they've got to expand.

00:06So at WIO, we are a platform bank. So we do three big things.

00:11One is we work on the digital banking apps that everyone else is working on,

00:15but we focus on making it easier and enabling their businesses.

00:20The second big thing we are doing is embedded finance.

00:23How can we take banking to where the customers are?

00:26And the last thing we are doing is banking as a service.

00:29This we are super excited about because this allows the democratization of finance,

00:35where you can get banking services through a large array of startups and fintechs.

00:40So if you look at our operating model, it's the next operating model for banks,

00:44which is much broader than the roles of the banks that they play right now.

00:49Platform banking is where a bank expands its role,

00:52not just offering digital banking services, but partnering with other digital companies

00:58to form, to offer services in those digital apps that customers use.

01:03And they achieve this through embedded finance,

01:06which is more of a customized solution with a partner.

01:09And the second one is banking as a service,

01:12which is more generic banking services available to the customer.

01:15So what ends up happening, in simple words,

01:18a bank launches its apps that consumers always access to.

01:22And second, it becomes a provider of technology services with the heart of a bank.

01:27How do we make banking easy for all the consumers?

01:30So if you look at our SME app, which is the first product

01:34for our digital banking offering, you can open an account digitally.

01:39The process is simple.

01:40We are integrating with identity.

01:43We are integrating with source of documents so that you as a customer have to do less.

01:48Once you've opened your account, you can do all the things that other accounts give you,

01:53but there's a lot more to it.

01:55You manage your business better through invoicing,

01:58through virtual cards, through saving spaces,

02:00thus helping you achieve more and grow your business.

02:04That is one individual SME.

02:05Now you expand this to all the SMEs and suddenly you start contributing a lot more.

02:11So that's just one vertical.

02:12Through embedded finance and banking as a service,

02:15we are opening up the opportunity of banking innovation

02:18to all the digital companies out there.

02:21And as more companies digitize and more companies innovate,

02:24in financial services, the economy will grow with that.

02:28We had a fantastic beta launch.

02:30We worked with about 800 customers for three months to get their feedback,

02:35to tweak our app to make sure we give them the experience we desired.

02:40At the end of the beta, we did a study.

02:42We got an NPS of 73, a net promoter score.

02:46It's one of the highest in banking, not just locally, globally.

02:49So we're very excited about our customers' appreciation of our service.

02:53The next big step was launching our app to all the customers.

02:56We did that on September 5th.

02:59This is the first version of our app.

03:01We have a lot more features and capability coming

03:04in the next few months to support our SME customers.

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