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How Digital Banking Systems Enhance Customer Experience?

Posted on March 24, 2022March 24, 2022 by admin

Technology is ever changing and continues to revolutionise the world in which we live. In less than a decade, the lives of every single person worldwide have changed from being digital second to digital first. As technology is developing towards providing a comfortable lifestyle, people’s preferences are changing with respect to living in this easily accessible digital world. The world has seen significant improvements and advancements digitally in the last few years alone. These advancements would only continue to grow and inspire people to adapt to the changes in their lifestyles. Gadgets like laptops, smartphones, tablets, and computers have become an integral part of almost everyone’s daily life. Internet and online preferences have seen a significant rise, adding to the comfortable lifestyle of an individual.

The Continuous evolving landscape, cutting-edge competition, along with rising customer expectations have become a general thumb rule to adapt to in almost every industry. The banking sector is no exception and is one of the first industries to adapt to digital advancements. The banking and financial sector being the backbone of any economy is understandably on the frontline for digitalisation and advancement. This is also why many insurances, banking services, and financial institutions and providers have to keep up with the new trends to tend to their customers promptly.

SoulWallet helps you compare and find the best credit card across various banks, that are suited for your needs for you to have an easy and hassle-free experience. The well-researched, solidly structured, unbiased content along with unique tools at SoulWallet help you make well informed financial decisions for your personal and business transactions. In the process, SoulWallet helps you identify the options that will let you save money and enjoy the best perks.

Digitalisation in Banking

With the digitalisation of the banking sector, more and more people prefer to manage their financial activities from making payments, transactions like transferring of funds, checking their bank account statements to applying for loans and credit cards by simply logging into their digital banking portals and conducting these activities from the comfort of their homes or from on the move without having to visit the bank. Digital banking is a system that helps banks and financial institutions to digitalise their banking services and make them convenient to use for the customers as per their convenience. Digital banking services can include activities like money deposits, withdrawals, management of the customer’s bank account, application for financial products, like credit or debit cards, management of loans and other transactions.

Digitalising the banking sector has also helped grow their customer base and transactions can be carried out easily from any area of the world. In order to incorporate this, various digital platforms have established easier links between people from different remote corners, connecting them to the banking and financial institutions and providing them with the service they need. That is why the preference for digital banking for both customers and bankers is thriving.

In many cases, physical restrictions and complications lead to a sharp surge in a demand for an online platform for financial activities and digital banking services. A study by Mastercard revealed that 62% of the respondents in Europe expressed a keen desire and interest in moving from the physical banking aspect to banking using digital platforms in the year 2020. With the complications arising due to the pandemic, over half of the world’s population prefers using online facilities and banking apps more than ever and have expressed a more positive interest in digital banking overall. Customers have switched banks for banks that offer banking features that provide safe, quick, and convenient access to their finances online. Fast, simple, and effortless digital experiences have now become the default mode for consumers throughout their lives, and it’s becoming increasingly important for banking too, particularly as all the big techs have upped their involvement in their respective sectors.

Digital banking authorizes its customer’s personalization at the scale that drives between 5 and 15% revenue growth for the corporations in the financial service sectors. Banks functioning digitally have also witnessed a reduction in costs and streamlined processes. This end-to-end integration has also helped provide an engaging customer experience in financial services that allow business transformation with the help of Artificial Intelligence (AI).

Customer Experience in Banking

In the year 1999, when the world was steadily digitalising, Dell’s then Chief Information Officer Jerry Gregoire proclaimed, “the customer experience is the next competitive battleground.” The two decades since have shown this to be a very accurate prediction in all sectors of business.

All the efforts a bank puts in making each and every one of their individual clients feel important while interacting and transacting with the bank is referred to as the customer experience (CX). The cumulation of all the interactions that a customer perceives along the entire journey is also a part of the customer experience. Customer experience is the most important aspect in the banking and financial sector. Every strategic approach taken by the banks is to meet the demands of their customer and to satisfy their customer needs. In this day and age, it is crucial for banks and financial institutions to digitally transform themselves to deliver a consistent banking experience online for their customers.

A study by the digital banking report has concluded that improving the customer experience in banking should be the first goal for all banking institutions and financial service providers. The banks that invest in the customer experience trends have a higher rate of recommendation, greater wallet share and are more likely to up and sell or cross-sell products and services to existing customers.

In the financial service industry, customer experience carries equal weightage, if not more. Addressing customer suggestions and preferences is much more impactful in the long term and forms a loyal customer base. Banks and financial institutions that adopt new trends and strategies to revamp the banking and financial service experiences are steady in the market and have a loyal and expanding customer base. Banks and financial institutions that have used digitalisation and technology to create seamless, convenient, and intuitive customer experiences have dominated their markets.

What are the Customer Expectations from Digital Banking Experience?

Customers expect their banks should focus on creating an experience culture that would nurture all their needs, build trust, and offer personalised experience as per their convenience.

The key customer expectations when it comes to digitised banking experience are:

Easy accessibility – Banks and financial institutions need to provide quick and easy to use digital platforms that are accessible across multiple devices, mainly smartphones and computers. Various features and banking transactions should be carried out easily on these platforms without any wait time. The high quality banking experience along with easily connecting with the bank directly is a must.

Real time assistance – Often customers need real time assistance and prefer instant support. This not only builds confidence in the customers but also encourages loyalty and recurring customers. Using live assistance tools like co-browsing and video chats, banks can provide real time support and help to their customers. Chatbots also help scale their support and customer interactions.

Personalised services – Customers almost always prefer personalised services and relevance as per their needs. They would look for products and services that match their needs and provides subsidies that would be beneficial to their needs and usage. Banks can identify the key business drivers and deliver personalised support that would help shape the customer experience in banking.

Data security – Many customers are sceptical about their financial and important personal information being misused or taken advantage of. Data security is the most crucial point for any banking and financial sector. Customers need to feel safe sharing their finance and personal information with the bank. A healthy relationship between banks and customers is only created with a secure network and when a bank can guarantee security to the data of their customers.

Multifunctionality – Customers prefer banks that offer them options and solutions to any of their problems immediately. The banks need to keep pace with the latest developments of the market and technology and offer services across different channels simultaneously.

Design – Many traditional banking institutions often do not concentrate on their interfaces and fail to attract new clients. A customer today will prefer banks to have an exceptional UI along with easy to use website or mobile apps. Investing in improving digital channels attracts more customers.

Three ways Banks can conquer Customer Experience in Digital Banking

Banks hold enjoy strong customer relationships and trust since their establishment. Even with the services and products becoming available digitally, most of the customers trust their banks and banks that offer superior and personalised services. To further thrive in this digital era, banks need to harness the available advanced banking technology. This will allow the banks to match with the seamless and intuitive customer experiences offered by other big tech and their competitors.

To conquer customer experience in digital banking, banks need to focus on three key areas:

Transform the business models and mindset to a customer first approach – The customer first mindset requires banks and financial institutions to think about customer needs relentlessly and make things easy and accessible for the customers.

Leverage advanced banking technology – All banks require advanced digital banking solutions that help them manage their customers worldwide. Using technologies like application programming interfaces (APIs), cloud, and artificial intelligence allows banks to analyse and manage their vast amounts of data and large customer base.

Maintain and extend your trust advantage – Trust being the most important factor, offers a valuable advantage to build close and personal relationships with customers. Combing technology with customer experiences, banks can enhance customer experience and develop stronger trust with their clients.

Tips to Improve Digital Transformation

For banks to succeed in digital transformation and to avoid outdated assumptions while creating exceptional services that focus on their customers, banks should follow the following customer experience tips:

Serve more instead of selling
Make emotional connections with customers instead of overloading them with lots of information
Provide actionable solutions to customers instead of just focusing on features
Create an integrated flow for the customers instead of disintegrated experiences
Become disruptive instead of being protective

Ways to Improve Digital Customer Experience in Banking

The adoption of digital enablement technologies by banks that are able to function together smoothly is required to orchestrate a connected and enhance customer experience.

The following strategies are options for banks to achieve this state:

Proactive engagement for improved financial management – Financial institutions have various means and innovative methods to collect data, analyse and channel strategies to diversify the means of engaging customers and building better and stronger relationships in real time. By educating customers, notifying customers without delays, and conducting surveys help banks in conducting proactive customer engagement.

Offering live assistance – Mapping a consumer banking journey is an excellent way to gain a detailed understanding of the customer’s experience. This can help banks discover common customer complaints, gain insights into improving the consumer journey, help in identifying the touchpoints customers have with the bank and understand their expectations better. This also helps in improving customer resolution time, reducing sale cycle and number of touchpoints for the customer.

Using chatbots as Financial Concierge – Artificial intelligence has played a significant role in technological development. Using AI chatbots is a common practice for customer interactions. This helps in providing faster and more accurate solutions to customers in real time and help in connecting with the right department and bank personnel without much response delay. The chatbots also provide customer information to the banks to help them identify the customer and the problem quicker and thus provide accurate solutions.

Prioritise a seamless omnichannel customer experience – Modern customers prefer to connect with the bank across various different channels according to their convenience. Banks need to provide the same time of services across all channels, both online and offline.

Understand the customer journey – Creating an unrivalled customer experience is an aspiration of all banks and this can be achieved by following the end to end customer journey. Customer needs, actions, barriers, and motivation can be considered at every stage of the customer journey and any shortcomings can be dealt with immediately without wasting time.

Make use of big data and analytics – Understanding customers is the foundation for sustainable competitive advantage in the digital banking and financial sector. With the help of analytics and data, banks can gain valuable insights to segment customers, evaluate opportunities, and predict models to strengthen engagements and increase the customer experience of digitalised banking services.

Using a personalised customer experience approach – Personalisation is imperative, and every customer demands it. These elements help banks to put customers first, leverage this customer data and deliver multi channel customer experience, thus improving the customer experience overall worldwide

Transparency, Security, Trust as customer experience tools – Forbes says that customers want to feel valued, appreciated, and confident, and customers who feel this, will advocate the brand. Using these tools builds deep trust and cultivates loyalty in customers who in turn recommend the bank or financial institution to others, thus providing more value to the banks.

Trends Reshaping Customer Experience in Banking for 2022

Enhancing Products & Services with Mobile App Data – In this age and time many mobile banking applications aren’t so much as nice to have rather than on a need to have basis. Banks without this capability are at a severe disadvantage, as customers have come to expect convenient and easy to use a mobile app as a basic necessity. These apps and software enable the banks and financial institutions to analyse the data collected and the machine learning algorithms can help the banks to extract valuable information in return from this customer data, which can then be leveraged to develop new products, optimise the existing processes, better empower customers, and improve the overall customer experience.

The Branch of the Future – Customers do not prefer to visit the physical branches as frequently as they once did and pecks like complimentary coffee and free Wi-Fi aren’t enough to draw modern customers to their physical branches. Physical branches see themselves competing with their own online platforms for customer attention. With the need to reimagine the physical branches to a branch of the future many banks are taking steps in modernising their physical branches to offer more technological services. For example, some branches display mobile, and tablets loaded with their banking apps on display, while some banks have capitalised on the value of one on one, face to face interactions with customers to help them utilise their money better and offer consultative services for the same.

Advising Services – As customers look for ways to grow their money in a safe and secure manner, usually find themselves in a whirlpool of information on the internet and random financial advice, which may or may not be practical for them or may be too broad to be of any real use. Banks can use this opportunity to improve their financial services and pair their customers with in-house financial advisors who can provide tailored advice as per their customers’ needs. This will not only help build trust and better relationships between the banks and the customer but will also offer a competitive advantage. With the help of customer relationship management (CRM) technology, banks can collect and analyse data and build detailed customer profiles which in turn, the in-house advisors can use to gain overall knowledge of their customers thus being able to offer personalised services.

Artificial Intelligence – A customer these days would prefer to reduce human interaction and would prefer to have automated services. This is also apt with the situation where the customer is put on hold while calling the bank’s customer service helpline to report an issue. With the volume of incoming calls steadily increasing and having a limited number of bank representatives on hand to field them, banks have to find innovative ways to tackle this situation without losing the trust of their customers. With the help of artificial intelligence, banks stand to save a substantial amount of resources and help customers more accurately while also improving customer experience in banking. Using artificial intelligence in an innovative manner, banks can also provide virtual assistants to provide money management tips and tricks to customers.

Automated Onboarding – For most banking customers, a quality customer experience hinges on their first impression with bank interaction. This first impression takes place during customer onboarding in the bank. Traditionally, a lot of paperwork and documents were required along with multiple visits to the banks. Digitalisation and making onboarding an electronic process has made it easier for customers as well as for banks. Customers can do it as per their convenience and from the comfort of their homes, whereas banks can use the automated process to compile the data with ease and accuracy, further enhancing the overall customer experience.

Support for Digitalization & Remote Service – In the last year alone, the importance and need for digital channels and remote services have been highlighted quite a bit. Making this transaction digital has been proven to be difficult for many banking customers, more specifically customers from older generations and customers who do not have access to digital platforms. In the coming years, banks need to double their efforts to smooth this transition for their customers. Providing additional support in terms of educating customers, to providing step by step tutorials and interactive videos would help increase customer knowledge and thus improve the overall customer experience. The more comfortable and confident a customer would feel while interacting on the digital platforms and remote services, the better their overall financial services customer experience will be.

“Humanizing” Digital – Even though artificial intelligence and digital platforms are leading banking customer experience; trust is always built on human interaction. To make this a comfortable union, a growing number of banks are offering a mix of artificial intelligence and live support for customer services, generating efficiency gains while still providing customers with the kind of personal touch they need. As technology advances, artificial intelligence and chatbots can be made more personal and be given personalities to have a more customised conversation with the customer and be able to leverage sentiments to detect emotions and respond appropriately.

Hyper-personalisation – Personalisation has been topping the customer experience list for years and the advancements made are tailored around that. The next frontier of personalisation is hyper-personalisation. When compared to standard personalisation that uses data analytics to deliver targeted marketing and sales messaging to different customer segments, hyper-personalisation is using a combination of predictive analytics like artificial intelligence and machine learning to monitor individual customers’ real time usage data and provide services and suggestions accordingly. Armed with this technology, banks can queue more targeted and one on one marketing campaigns and offers.

Proactive Engagement – One of the best things about advanced analytics is that it provides financial institutions with a level of insight into their customers that once seemed impossible. Today, banks can monitor customers’ financial health and proactively offer assistance with financial management or suggest opportunities to grow their wealth. Depending on customers’ preferences, this service can be offered over digital platforms or in person. Watching out for their customers’ interest to demonstrate the value added enhances the overall financial services customer experience.

Doing the Right Thing – The past two years have been challenging and has placed a significant financial strain on individuals as well as businesses. Banks can help their customers by being transparent about their process, data management and being honest about their policies and practices. Sustainability, honest and transparent business models go a long way in ensuring trust between a customer and the financial institution. Offering financial advising services to help their customers regain their footing shows concern and helps build a long term relationship between banks and their customers. Ultimately, doing the right thing by the customer is about demonstrating to customers that you intend to put their best interests first.

Tips for banks on Improving the Customer Experience

Assemble a dedicated customer experience team solely for that purpose
Establish strong feedback loops to gain valuable insight
Take an iterative aspect to optimization
Keep the customer at the centre of the business
Be honest and promise only what they can deliver
Enhance the mobility of products & services
Be a financial advisor throughout the customer’s journey
Mirror customer experience of branch to internet banking
Leverage Artificial Intelligence (AI) to automate routine tasks to save time and optimise value

Popularity of Digital Banking in the UAE

The United Arab Emirates has always been keeping a steady pace with global developments, especially in the era of digitalisation of banking. From the year 1960, with the introduction of ATMs and later internet banking and mobile banking, banks and financial institutions in the UAE have always been in the now. Today, banks propose digital only solutions; and lately, non-bank entrants are also joining this digital banking fray.

The banks and financial institutions in the UAE began to realise the challenges and opportunities of the financial technology revolution that had begun sweeping across all the industries in the second half of the previous decade. This prompted a number of banks and financial institutions to launch digital banking initiatives. These initiatives ranged from separate digital only banking platforms to strengthening of existing mobile banking platforms, rationalising branch based services, and refocusing staff on value-added services rather than repetitive and less-profitable branch operations.

Top Digital Banks in the UAE

Currently, UAE is home to more than a dozen digital banks with the numbers expanding rapidly. From personal banking to banking optimised for businesses and youth, there are a number of options currently available in the UAE.

Emirates NBD LIV
Mashreq Neo
Yap
Abu Dhabi Islamic Bank (ADIB)
Dubai Islamic Bank (DIB)
First Abu Dhabi Bank (FAB)

Banks and Financial Institutions Driving Customer Engagement for Banking in the UAE

Here are some of the customer engagement strategies used by the big players in the UAE’s banking and finance sector

RAKBANK

Is relentlessly focusing on user education reflections in the surge in adoption and usage
RAKBANK is one of the largest and most prominent banks in the UAE. They have prioritized user education in their strategy. The Bank is focused on informing and educating customers about contactless and digital wallet payments via various digital channels such as Apple Pay, Google Pay, Samsung Pay, Garmin Pay, Fitbit Pay, and SwatchPAY. RAKBANK communicated about the safety and convenience offered by the digital payment options to nudge a habit formation among customers.

Commercial Bank of Dubai

Is prioritising financial inclusion and is optimising customer onboarding process
The customer’s shopping preferences are changing from physical stores to predominantly online channels, thus changing the mode of payment and banking in general. Digitization of services has accelerated in the last two years by the pandemic and thus resulted in a phenomenal uptick in digital adoption. Commercial Bank of Dubai has introduced end-to-end seamless onboarding, to make the process easier and faster for customers. Consumers can now open an account from the comfort of their homes in under two minutes and less than ten clicks using their Emirates ID.

Mashreq Bank:

Is unlocking meaningful engagement with customers by deep diving and extensively studying customer behaviour and personalization

Banks and fintech have had a tremendous opportunity to deepen their relationships with their customers in the last two years. These relationships need not be limited to transactions but can span multiple other use cases like school fee payment, food order, and other services the Bank can facilitate. Banks need to make the customer’s life easy across all digital touchpoints and provide relevant and personalized experiences for various age groups and segments. Mashreq Bank analyses customer behaviour understands it and makes proactive decisions to personalize communication using AI-enabled optimization.

Banks by understanding the different areas of customer experiences can come up with an extensive customer engagement strategy to reduce the gaps between customers and the bank. The significance of the digital banking experience can be attributed to the various benefits offered like reduced operational costs, retaining customers, and the ability to stay ahead of competitors by using the latest technologies. The customer experience in the banking ecosphere holds massive untapped potential for growth, from meeting the day-to-day needs of consumers and focusing on preparing for disruptive future technologies.

Expo 2020 Dubai is all about opportunities and positivity. Find out why we say this!

Posted on October 4, 2021October 4, 2021 by admin

Celebrating human brilliance and accomplishments across various platforms, Expo 2020 Dubai is the largest event taking place in the UAE. Scheduled between 1^st October 2021 to 31^st March 2022, Expo 2020 Dubai is bringing in exciting new opportunities, innovation, technology, knowledge, and ideas unlocking the potential to shape the future. With 60+ daily shows, 200+ restaurants, and 200+ pavilions, Expo 2020 Dubai is a chance for people from all over the world to connect and experience an immersive cultural experience. Explore each of the 191 participating countries and meet people who are making our world brighter and setting a global stage for business worldwide to thrive together. Addressing global challenges, the subtheme of Opportunity, Mobility, and Sustainability open doors to help preserve the planet and create a better world. Expo 2020 is a chance for people from all over the world to connect and experience the best of science, inventions, art, and culture and to set into motion concepts and ideas to make a permanent impression on the world.

For the duration of the Expo, Dubai as the host of Expo 2020 will be a must-visit family destination, with thousands of events and amazing exploratory experiences happening. Get your tickets online and choose either from Season Pass, Multi-Day Pass, or 1-Day Ticket that adults ages 18 to 59 can purchase at the official site of Dubai Expo 2020 or from one of their authorised ticket resellers. Kids and youth under 18, tertiary and higher education students, seniors 60 years and above, and people of determination can get free tickets for the entire duration of Expo 2020 Dubai. Be a part the greatest global gathering and explore Dubai as you visit the World Expo 2020 to find excitement and adventures in this modern-day Oasis.

To get the best experience of Expo 2020 Dubai Emirates NBD introduces Expo 2020 Dubai account

As the Official Premier Partner of Expo 2020 Dubai, Emirates NBD is offering a special, tailor-made banking package for SMEs registered on the Expo 2020 Dubai Online Marketplace. The package will help meet the needs of these small and medium-sized enterprises (SMEs) that would like to participate in the next World Expo and give them the boost they need to accelerate towards a brighter future.

Features and Benefits of Emirates NBD’s Expo 2020 Dubai account:

For the first 12 months, no minimum average monthly fees
After the first 12 months, one of the lowest minimum average balance requirements in UAE (AED 10,000)
Unlimited free cheque books
Preferential pricing for your banking transaction, foreign exchange, and telegraphic transfer (TT)
To cover all your banking needs, a dedicated team of Relationship Managers at your service
A team of experienced Trade Specialists and Wealth Advisors to cater to your trade and insurance-related banking requirements
Trade Finance support for short term financing requirements
Working capital support and commercial loans at attractive terms

The world’s biggest cultural gathering the Expo 2020 Dubai, calls for world-class payment solutions for their guests and enthusiasts. As a premier partner and the official banking partner of Expo 2020 Dubai, Emirates NBD Group has joined with Mastercard, which is the official payment technology partner of Expo 2020 Dubai and created two exclusive new card programmes. These limited-edition cards are designed to enhance the Expo 2020 Dubai experience for both the residents of UAE and the visitors that come to enjoy Expo 2020 Dubai from across the globe. Emirates presents Emirates Islamic Expo Mastercard Credit Card and the Emirates NBD Expo Mastercard Prepaid Card.

Emirates Islamic introduces Exclusive Expo Credit Card Limited edition.

As the Official Islamic Banking Partner of Expo 2020 Dubai, Emirates Islamic, part of the Emirates NBD Group, along with Mastercard and Expo 2020 Dubai have created an exclusive, limited edition, co-branded credit card that offers a wide range of specially designed benefits and privileges catering to the lifestyle and travel needs in the UAE for this iconic event.

Features and Benefits of Exclusive Expo Credit Card Limited edition:

No annual fee
50% cashback on first Expo 2020 Dubai ticket
10% cashback on fuel spends
Complimentary valet parking service at the Expo 2020 Dubai site
Complimentary golf sessions, exclusive dining offers, and access to more than 1,000 airport lounges worldwide
Access to exclusive travel, hotels and lifestyle privileges offered by Mastercard
Up to 5,500 bonus Upoints by Emaar
EI SmartMiles on all spends with multiple redemption options
Accelerated EI SmartMiles on Expo 2020 Dubai & Emaar Spends
Gain U By Emaar Gold Tier Status

Emirates NBD Expo Mastercard Prepaid Card

The Emirates NBD Expo Mastercard Prepaid Card is a digital-first offering that is issued via a dedicated mobile App called Joyn which is officially from Emirates NBD. This card is available to both UAE residents and international visitors for use while in the UAE. The card provides a hassle-free and fully digital payments experience.

Features and Benefits of Emirates NBD Expo Mastercard Prepaid Card:

Offers from Emirates NBD’s Bon Appétit, LiveWell and Good Times programmes
Offers from Mastercard’s Priceless Platform
Access to privileges, deals and discounts of up to 50% at more than 2,000 shopping, dining, wellness, and entertainment touchpoints.
Access to exclusive and personalised Expo-related offers.
Make online purchases as well as contactless in-store payments by adding their card to their preferred digital wallet (Apple Pay, Google Pay and Samsung Pay).
Customers can also receive a linked physical card if needed.

SoulWallet helps you compare and find the best credit card suited for your needs to have an easy and hassle-free experience. SoulWallet grants their users services that would help them make the most of a wide range of personal finance solutions, from credit card reward cards in the UAE, to personal loans, to Islamic credit cards, to air miles credit card application and a lot more.

The well-researched, solidly structured, unbiased content along with unique tools at SoulWallet help you make well informed personal finance decisions. In the process, SoulWallet helps you identify the options that will let you save money and enjoy the best perks.

At Expo 2020 be a part of the action. Whether you are looking for business opportunities, unleashing your inner techie, channelling your creativity, diving into a world of flavours, or splurging to your hearts content.

Five Things to Watch Out For When Opening a Bank Account

Posted on May 25, 2020December 7, 2020 by admin

Opening a new bank account may not be something that takes up much of our thought. Whether we want to take advantage of certain incentives and rewards or want to spread our assets across multiple banks, we have the power to open as many accounts as we would like.

When opening a new bank account, however, it’s important to stay on guard. Yes, it may seem like an innocuous process, but several things can trip you up when opening your new account. By being proactive, however, you can mitigate your risk and safeguard your future financial health.

Protecting Yourself When Opening Your New Bank Account

First, you will want to account for any maintenance fees. Some bank accounts have different types of maintenance fees just for holding an account with them. These monthly maintenance fees can be minor, yet they are real fees that can eat into your bank balance. In a low interest rate environment, any interest income that you obtain may not offset these fees.

The good news, however, is that some banks allow you to waive these maintenance fees under certain conditions. For instance, the fee may be waived if you have one direct deposit into the account per month. They may also be waived if you keep a balance above a certain threshold. Make sure that you read the fine print so that you can avoid these pesky maintenance fees.

Another thing to closely monitor when opening a bank account is overdraft protection. Overdraft fees can be much more substantial than maintenance fees. Moreover, you can get charged multiple overdraft fees in a single day. These costs can quickly add up.

All bank accounts have overdraft fees. That being said, you’ll want to see if your targeted bank account offers overdraft protection. As just one example, your bank may be able to issue you a line of credit that can cover any overdrafts. If you are opening checking and savings accounts at a particular bank, you may also be able to link them so that your savings account can cover an overdraft of your checking account. Simply put, make sure that there is overdraft protection before opening your account.

Next, be on the lookout for a bank account that offers a wide ATM network. Even though many of us are less reliant on physical cash, there may be times where you need to get cash in a hurry. If you open a bank account with a narrow ATM network, you’ll have more trouble finding an ATM from your bank. In all likelihood, you’ll need to use another bank’s ATM, which results in fees from that bank and your bank. To avoid this situation, open an account with a bank that has a wide ATM footprint.

Fourth, make sure that your bank has an easy-to-use website and mobile app. Increasingly sophisticated digital technologies and our busier lives make it extremely convenient to bank without walking into a branch. Because of this, keep an eye out for banks that offer great digital tools. You’ll want to make sure that these tools let you do everything from check your balance, deposit a check, and transfer money.

The good news is that almost every bank offers websites and mobile apps. So when doing your research, get a sense of which banks offer the most features and most seamless experiences. Doing this will help you avoid headaches in the future.

Finally, make sure that you are taking advantage of incentives and rewards. These incentives and bonuses send you cold, hard cash that you can spend however you’d like. For instance, Mashreq Bank offers an AED 2,000 joining bonus for opening up an Instant Account. Make sure that you shop around and find the incentives that are most attractive to you. As you’re doing this, however, make sure to read the fine print so that you actually receive the incentive.

Safeguarding Your Wealth

Opening another bank account can be a great way to safeguard your wealth. When doing so, however, make sure to protect yourself through the tips above. By taking your time and keeping these insights in mind, you’ll be able to select the best bank account for your financial needs.

Soulwallet is a personal finance comparison portal in the UAE. With a team of “out of the box” thinkers and a deep understanding of the UAE consumer banking industry, we help customers make the best choices while shopping for financial products such as credit cards and loans.