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Got an idea for a new financial product, online banking service or any other innovative product that you would like to suggest to the moneysmart community? We would love to hear from you here as we’re always looking for ways to help you live a happier financial life. Before making a new suggestion, please check if a similar suggestion has already been made.

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Product suggestions
Sunny - 09.10.2017 - 11:52:27

IP-value of Your Business

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in the category Savings Account

Account will be opened for accumulating the value of business brand as in Intellectual Property Object. For account owner will be free such services as registration of IP-objects, preparation pf strategy for IP-monetization, legal protection and law enforcement in case of violating IP-rights.


stephanhurholz wrote on 15.10.2017 at 14:05

Hi Sunny,
Interesting idea. Could you elaborate some more?



TheBanker - 16.07.2017 - 15:46:07

الرحلات القصيرة

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in the category Travel Finance

يعتمد هاذ المنتج على آلية تمويل السفر و لكن بملغ أقل ( يبدأ من 5000 درهم ) و لمدة زمنية أقل ( تبدا من 3 أشهر و تصل حتى 48 شهر ) برسوم إدارية تعتمد على المبلغ المطلوب ( 3% أو 200 درهم أيهما أكثر)


Zohair - 22.06.2017 - 20:38:37

Friends Finance

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in the category Crowdfinance

5 or more friends combine an equal contribution for 5 or more months with each member of the group getting the lump sum contribution on a pre-set time for each month. For example, friends A,B,C,D and E combine to create a ballot committee worth 5000 AED payable in equal contribution of 1000 each for 5 months. Each member of the group agrees when one would receive the total contribution (5000 combined monthly from 1000 equal contributions). After one member receives their contribution, they continue paying their share of 1000 for each of the remaining months until all members have paid and received their agreed contribution.
Concept of ballot committee is very popular in South Asia, especially amongst women and has been ranked one of the top 3 channels of personal savings.


Amir wrote on 08.10.2017 at 23:09

Yes this is a common way of saving among the people of lower class or people who are not much aware of the operations of the banking system. Because general thinking their is a big gap among those people and the banks. Financial institute need to build their trust and the operations in order to capture those people.



Zohair - 22.06.2017 - 15:34:59

Job Loss Support

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in the category Job Insurance

Banks often offer a job loss protection to customers when they take finance/borrow. In case of lob loss, the bank gets upto 6 months of payment protection whereby the customer's burden of settling his debt for upto 6 months is taken over by an underwriter. Additional to this could be a Loss of income support, where the same underwriter for a small premium for the duration of the finance can make a small contribution of the monthly salary (say upto 50% of basic pay) for upto 6 months. that way, the customer has some income coming in for 6 months while he looks for a job.


WajihaS wrote on 02.11.2017 at 11:13

Do you have any recommendations for job insurance in the UAE?



Zohair - 22.06.2017 - 15:31:33

Device Financing

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in the category Personal Finance

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.


WajihaS wrote on 02.11.2017 at 11:16

But aren't small financing amounts directly proportional to higher profit rate?


Hashim wrote on 18.12.2017 at 17:41

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



Michael - 21.06.2017 - 17:08:10

Round up when spending

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in the category Debit Cards

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.


Zohair - 19.06.2017 - 12:42:56

Digital Wallets

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in the category Payments

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.


Zohair - 15.06.2017 - 10:05:23

Family Debit Cards

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in the category Debit Cards

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...


Michael wrote on 15.06.2017 at 10:17

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.



Vishal - 08.06.2017 - 22:17:40

Wages Card for low scale workers

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in the category Cards

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


UsamaZ - 16.04.2017 - 19:07:44

Student Finance

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in the category Education Finance

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!


Michael wrote on 15.06.2017 at 10:21

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.




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