Some local banks in the UAE have started conducting experiments with innovations, which will soon shed light and accelerate the process of banking operations. This was stated by an unnamed representative who added that the innovations make the completion of banking transactions faster. In this regard, banking expert Mustafa Ahmed noted that the credit report and the details presented in it become an important alternative reference for banks regarding the salary.
"Some banks have already started relying on the credit report for simplifying the process of loan approval, and for the client, it only remains to sign the credit report request form," he said. "The details of the credit report show the client's creditworthiness and help managers make the right decisions regarding risks," he added, noting that the use of artificial intelligence significantly speeds up all stages of loan approval.
At the same time, banking specialist Ahmed Salem communicated that banks use the central bank's platform to determine the client's salary upon opening a new account or obtaining a loan from another bank. He noted that this allows reducing time and simplifying procedures for clients. In addition, he emphasized that the credit report contains information about the salary, deductions, place of work, and previous banks of the client, which helps banks make credit decisions.
"The 'Credit Information Society' is a public institution, fully owned by the federal government. Established in 2012, it collects credit information from financial and non-financial institutions in the country, analyzes and uses this information for issuing credit reports and evaluations for individuals and legal entities.
Local banks in the UAE have streamlined the processes of opening bank accounts, transferring from one bank to another, as well as obtaining loans, presenting the possibility of using the credit report as an alternative reference regarding salary, and also with the help of the central bank's platform when opening a new account or obtaining a loan. New conditions for bank clients are already beginning to emerge, allowing them to carry out operations based on the details of the credit report, which contains sufficient data for making decisions on loan approval or rejection. Bank representatives also noted that in the near future, artificial intelligence will significantly accelerate the processes of loan approvals, and radical changes in the methods of conducting banking operations and loan approvals are expected in the current year.
