Alternative banking is only just taking off in the UAE, helping everyone to gain financial inclusion and become part of a new revolution ğŸ˜¯
Many of the new alternative banks are mobile-only, meaning that you never have to visit a brick and mortar branch again. Deloitte’s 2019 Banking Industry report identified that alternative accounts are going to become more commonplace within the UAE, especially as financial institutions start using more blockchain technology and AI ğŸ¤” For the customer and new businesses, this is great news. It has also made opening a brand new account a simple and easy process that you can do with your mobile phone.
Xpence for entrepreneurs
Xpence is a brand new alternative banking app that is aimed at startups, new businesses and entrepreneurs. It has proved to be so popular in the UAE that if you want to give it a try, you will have to join the waiting list, but it’s worth it. The app is perfect for managing your business budget as it automatically categorizes your expenditure and income, helping you to gain a clear picture of where your money is going ğŸ¤‘ It will give you the upper hand in streamlining your business finances, meaning you will only spend what is needed to ultimately generate profit. Depending on what type of business you have, whether it is within the financial market or not, you can look at bringing in some financial marketing companies to help you with strategic planning so you are sticking to your plans. Every time you make a purchase, you can add a photo of the paper receipt to your app, so you have always got a record – this is extremely helpful when it comes to bookkeeping. You can also use Xpence to create paperless invoices that you can send instantly. With the account, you will get a business Visa card, that you can control, by adjusting limits, or only allowing certain team members access ğŸ‘
Revolut Mobile Banking
Revolut is a new digital banking experience that is coming to the UAE in the next few months, however, you can apply to get early access. It is a mobile-based current account that is completely secure and can help you to manage your money and your budget ğŸ”± It is particularly useful for arranging regular payments and managing your personal loans. One of the big attractions of Revolut is the set up is so easy – you don’t have to visit a branch. Your account can be up and running within minutes using your phone. Every month Revolut can show you where your money is being spent, helping you to save or cut back spending where needed. There are instant payment notifications, meaning that you can easily keep track of the money that is going in and out of your account. If you want to transfer money using Revolut, you can do so in 29 different currencies ğŸ’µ
The familiar Bank of Baroda has also recently got on the alternative banking bandwagon launched Baroda Connect, a digital-only account that provides 24/7 customer service. It features mPassbook, which is a mobile version of a passbook ğŸ˜¯ It contains information about all your accounts in one place, whether it is a current account, savings or loan details. The app synchronizes with all transaction information as soon as it is opened and you can easily search for deposits or withdrawals or purchases. Baroda Connect has a top class security system and also incorporates Apple Pay and Google Pay ğŸ‘Œ
Alternative banking solutions are offering a completely different service to customers, from a normal account. They are helping you to see the bigger picture when it comes to your finances. You can not only keep track of your money, but also budget for the future ğŸ¤-