Product suggestions
Device Financing
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Buy the latest mobile device with an easy installment plan or basically get a limit of say AED 10,000 to buy a device and pay back in 12-24 months and renew the limit again for a new device purchase.
Round up when spending
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An option to be able to round up any transaction to the nearest AED which will activate once the transaction has taken place. The account would transfer the difference into a savings account making it easier for you to budget and saving a little each time. For example i spend 100.25 AED at a store, the account then transfers 75 fils into a savings account.
Digital Wallets
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A digital wallets integrated with Apple or Samsung Pay, where your bank cards (Debit, Credit, Prepaid) are all stored and you can simply pay with your digital wallet app by selecting which card you want to pay from. What would be even more cool would be if the app/digiral wallet can identify which card/bank stored in the wallet gives you best value (cashback, airmiles, points, discount) and you can either select to pay from that or over-ride the suggestion and pay with another card linked to the app.
Family Debit Cards
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Primary account holder can issue upto 8 supplementary debit cards, that can be limited to spends/currency sets. useful for budgeting with spouse, kids, parents back home...
Nice idea it would go a long way to helping children understand the importance of money. It would also be nice to add an automatic transfer function every week/month so children could also start to save money for the bigger purchases.
Wages Card for low scale workers
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Wages card can be introduced for low scale workers.
Features:
1. Salaries can be tracked by the UAE goverment to confirm if the worker is getting salary as per contract
2. Bank will get more clients
3. Instant wages kit for new boarding without visiting branch
4. Low scale workers will be benfitted with digital platform
Student Finance
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Can we offer a financing for students in college for them to payoff once they leave college and get in to work life?
Some really smart kids these days have a potential for earning a high income once they leave college but are sometimes limited by financial resources. We could have a minimum SAT / O'levels score requirement along with minimum GPA score requirements to fund each semester. That should keep the kids motivated to work / study harder!
Nice idea! Helping to bring out the potential of any child, would be great for the community in the UAE and would help to raise the economy of the country. Could also offer some form of professional guidance in terms of what qualifications are needed/most useful for different types of jobs.
Farmer's Takaful
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The UAE government is encouraging Emiratis to get into the agricultural business as part of its food security plans (e.g. free water for sustainable farming projects: http://www.gulftoday.ae/portal/f62eebf8-ec97-4bf4-9a73-6430e815bc84.aspx).
In the restaurant business, we have seen 2 or 3 farm-to-table concepts spring up in Dubai.
What if farmers could get crop & livestock Takaful insurance ? I beleive this has evolved in Europe to a point where animals have sensors on them and their vitals decide premiums :)
This would definitely benefit Emirati farmers in Al Ain ,etc.
THEREFORYOU Takaful
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I would like to suggest a medical takaful insurance plan that I can buy here and cover health insurance for my folks back home.
Investing with a trustworthy bank like ADIB would give me peace of mind in addition to the fact that I don't have to go back to my home country (Pakistan) and run around to get medical insurance for my parents .
Expat Banking Account
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a multi currency expat banking account that allows you free transfers to a single country with preferred exchange rates
It could link up with an exchange rate provider like Western Union and allow the user to set up a standing instruction for certain rate preference based on last three months view and if the exchange rate moves into that particular exchange rate range, the bank automatically completes the standing instruction... similar to a "forward spot contract" in commercial banking.
what do you think?
What if we could also add a convenience angle to it? Something like home delivering the cash? This would help expats with parents back home.
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But aren't small financing amounts directly proportional to higher profit rate?
Your plan is nice but there are people who can’t buy phones that are expensive as well as their choice of which phone they like to buy so basically if we reduce our expenses that are unwanted, and unnecessary we all will be able to buy any phone later on, also there is admin debit card that can help you save money and it’s better to start saving right on and it’s good for students