Not long ago, opening a bank account or applying for a credit card / home loan / insurance in the UAE meant visiting the bank physically. Customers would take time off work, carry multiple documents, fill out lengthy forms, and wait days, sometimes weeks, for a decision.
Today, that experience is being replaced by something faster, simpler, user-friendly and more rewarding: the fully digital financial journey. And at the heart of this transformation is a new way of thinking about how banks, businesses, and consumers interact.
The Shift to Digital-First Banking
In a digitally savvy market like the UAE, consumers have grown accustomed to the convenience of getting almost everything done online. They now expect the same level of ease, speed, transparency, and personalization from their banking experiences.
This shift means:
- Speed: Onboarding in minutes, not days.
- Transparency and choice: Side-by-side comparisons of products, fees, terms & conditions and benefits.
- Personalization: Recommendations that match a customer’s lifestyle and spending habits.
But delivering this is not just about putting forms online – it’s about rethinking the entire distribution model.
The Transitional Phase: Direct Sales Representatives (DSRs)
Many banks in the UAE relied heavily (still rely!) on Direct Sales Representatives. The DSRs would visit customers and offer various financial products.
This approach helped customers avoid long queues at branches. However, it also carried significant risks:
- Data security concerns: Sensitive personal and financial information of customers being leaked through agents
- Unethical practices: Some DSRs engage in mis-selling, failed to disclose important terms and conditions, or appointed sub-brokers who had little to no knowledge of the products but sold them for commissions.
- False information: Under pressure to meet sales targets, certain DSRs misrepresent product details or omitted crucial information.
- Lack of expertise: Outsourced sales teams sometimes had minimal understanding of the bank’s offerings, leading to poor customer experiences.
The result? Customers were often misled or left feeling uncertain about the products they signed up for, leading to post-purchase dissonance.
The Arrival of Digital Self-Service
The next evolution unfolds through digital self-service platforms. Everyday banking products – like bank accounts, credit cards, home loans and insurance – can now be explored and applied online.
This model empowers customers to:
- Read all product information and terms & conditions themselves
- Compare multiple offers without bias or manipulation
- Apply directly on the bank website / app without relying on intermediaries
- Enjoy better data security
The Power of the B2B2C Model
This is where platforms like Ektar are making a difference.
Ektar’s B2B2C digital ecosystem connects:
- Banks and financial institutions offering products like credit cards, mortgages, bank accounts and insurance
- Channel partners such as retailers, food & grocery outlets, e-commerce platforms, employer portals, media companies etc. that already have trusted customer relationships
- Consumers who want to discover, compare, and apply for financial products within the platforms they already use daily
Ektar's ekSell platform acts as an aggregator in the UAE financial landscape, bringing together multiple banks and a wide range of channel partners into a single, connected ecosystem. Unlike individual bank apps that only showcase their own products, Ektar brings multiple banks and channels into one seamless, customer-first digital journey.
By embedding financial product discovery and application into partner channels, Ektar lets customers find the right product without leaving their familiar digital environment.
How It Works
Here’s what a customer journey looks like in an Ektar-powered ecosystem:
- Browse any app that you already use
- Discover a tailored financial product with clear comparisons and offers
- Apply instantly – digitally, securely, and seamlessly
- Receive quick confirmation of your application status
- Receive exclusive rewards that can be redeemed instantly
Why This Matters
Ø For consumers:
- Convenience: Banking fits into their daily digital life
- Confidence: Clear comparisons and transparent fees build trust
- Choice: Wide range of product options offered across various banks
- Rewards: Earn incentives like subscriptions, vouchers or reward points that can be redeemed instantly, exclusive to applications made through Ektar
Ø For banks:
- Reach: Access new customer segments through trusted partners, facilitating wider reach
- Efficiency: Reduce Customer Acquisition Costs (CAC) and speed up onboarding
- Engagement: Offer personalized products in the right context
Ø For channel partners:
- Value-addition: Integrate financial products without building from scratch
- Revenue: Earn commissions and boost customer engagement
- Brand affinity: Become a one-stop platform for more than just core services
The Road Ahead
The digital banking transformation is not just a convenience upgrade. It’s a paradigm shift in how everyday banking products are discovered, delivered, and consumed. The future of banking is instant, secure, and right at your fingertips.