Personal attendance, handwritten signature and 'ID' are still basic conditions for completing banking transactions
The lack of approval of the electronic signature hinders the use of the digital identity in banks
The electronic signature needs to educate the customers after making sure of the readiness of the banks themselves.
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Ahmed Youssef: "Some banks are still not technically ready to adopt the electronic signature and digital identity."
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Despite the circular issued by the Central Bank since September 2019 regarding the possibility of conducting all banking transactions with customers through the digital identity platform, banks have not approved this platform to conduct banking transactions, foremost of which is opening a bank account or requesting financing, and it is required to review a card The original identity, and the written signature on the papers, given that the electronic signature is not approved on the documents.
According to officials in the “Operations” and “Finance” divisions of the banks: “Al-Mashreq”, “Abu Dhabi Islamic”, “First Abu Dhabi”, “Emirates Islamic”, “Emirates NBD”, and “Abu Dhabi Commercial”, they requested that their names not be published. Personal attendance, handwritten signature, and taking a copy of the original ID after viewing it are still basic conditions for completing banking transactions.
Legal incision
Banking expert Ahmed Youssef said that some banks are still not technically ready to adopt the electronic signature and digital identity, pointing to the fear of some dealers themselves, and their inability to use their digital identity yet.
He added, "It takes time for the dealers to become accustomed to this culture, and for the banks themselves to be able to connect their systems and prepare their technical infrastructure safely," indicating that the largest proportion of banking services are currently provided through mobile applications.
Yousef warned that there is a "legal aspect that must be met regarding the complete approval of the electronic signature."
He said, "It may be worked on by the competent authorities during the coming period to complete the digital identity system."
Technical architecture
For his part, the banker, Mustafa Ahmed, said that it took many years for dealers to become accustomed to banking transactions via the Internet, despite the fact that banks provided the service to the fullest extent, and so was the case with the digital ID and electronic signature.
Ahmed indicated that there are dealers who fear fraud through electronic banking services, and the case is more applicable to the idea of electronic signature, and therefore, the matter needs preparation, education and education of the customers, after making sure of the readiness of the banks themselves.
He stressed that the UAE's technical infrastructure is strong, so there will be no major problems or difficulties in implementation.
Circulate the Central Bank
The Central Bank issued a circular in September 2019, stating that banks can open accounts for customers and conduct all banking transactions with them through the digital identity platform of the Federal Authority for Identity and Citizenship, which eliminates the need for physical verification of the identity card.
The Central Bank welcomed the coordination with the Emirates Banking Association and the digital transformation initiative by the Telecommunications Regulatory Authority, in cooperation with the Abu Dhabi Digital Authority and Smart Dubai.
He added in his circular that "banks and other financial institutions can use the digital identity platform in account opening procedures, and the transactions of individual clients and company representatives."
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