COVID-19 had an unprecedented impact on 2020. With quarantine and social distancing becoming the norm, FAB acted quickly to ensure customers had the support they needed. Digitalisation played a key role in this:
- We helped customers to apply for the Targeted Economic Support Scheme (TESS) the Central Bank of UAE’s economic support programme. Our customers could use our online and mobile banking platforms to access TESS loan deferment and TESS Credit Card Payment deferment. Over 10,000 FAB customers availed the TESS relief program during the year.
- Additionally, we enabled our customers to top-up their personal loans quickly and easily using the FAB Mobile App, eliminating the need for customers to visit a branch in person.
- In April 2020, we partnered with Etisalat Digital to launch a fully contactless, digital invoicing solution catering to the cash-only small and medium enterprises (SME’s) merchant base. The digital invoicing solution allows SME merchants such as grocery stores, restaurants and other SMEs restricted by the COVID-19 pandemic to accept card payments through SMS in a safe and secure manner.
- We were also recognised as the first Bank in Middle East region to fully digitise the account opening process for SMEs through the BASHER portal. The portal is a government eService platform that allows investors to register their business online.