ADCB: enhancing international transfer service for expats

This year, Markswebb is bringing its renowned expertise to the Middle East and North Africa region, targeting the fintech sector in the United Arab Emirates. Despite the UAE’s moderately sized population of approximately 10 million, a significant portion consists of expatriates, making it a vibrant hub for fintech growth. The UAE government prioritizes creating a welcoming environment for expatriates, a strategy that significantly influences service sectors, including banking.

Markswebb, known for its thorough evaluation of digital banking services through the Mobile Banking Rank methodology, is now turning its attention to mobile banks in the Emirates as part of Mobile Banking Review UAE 2024, offering deep insights into user experience, usability, and functionality.

The release of our research is just around the corner - be sure to stay updated on our website. In this insight, we would like to share our observations in the field of international transfers - a set of services that are particularly crucial for expatriates. These services are essential not only for their utility in day-to-day financial management but also because they form the backbone of expatriates’ ability to stay connected with their families and obligations abroad. By analyzing mobile banking solutions in the UAE, we aim to uncover how banks cater to this need and highlight potential areas for further improvement.

International transfer service in UAE: a goldmine of untapped opportunities

Historically, expatriates have made up around 88-90% of the UAE’s total population. Among them, Indians account for about 28%, while other large expatriate communities include Pakistanis (around 12%) and Filipinos (approximately 5-10%). In addition to these groups, there is a significant presence of Europeans, Africans, and other Asians (such as people from China and Bangladesh), who collectively contribute to the UAE's diverse population mix. Europeans make up around 5-6%, while expatriates from various African nations and other Asian countries also represent important and growing demographic groups within the UAE's expatriate population. While specific statistics for 2024-2025 might vary slightly depending on sources, there has been consistent growth in the expatriate population over the years, driven by strong economic performance and continued demand for skilled and unskilled labor in sectors such as construction, healthcare, and IT. The country’s focus on diversifying its economy beyond oil has led to the creation of more job opportunities, which in turn attracts more expatriates. Additionally, the introduction of more flexible residency options, such as long-term visas and Golden Visas for investors and skilled professionals, is likely to fuel continued growth in the expatriate workforce.

Thus, banking services tailored to expatriates’ needs, especially international transfers, will remain critical as this segment continues to expand.

Оne of the leading financial institutions in the UAE, Abu Dhabi Commercial Bank (ADCB) offers expatriates robust solutions for sending money abroad. Let's take a closer look at this sector of services.

Why ADCB's international transfer service for expats stands out?

ADCB is one of the key banks within the scope of our research, as part of the Mobile Banking Rank & Review UAE 2024. ADCB has successfully developed several features that make international transfers seamless and convenient for expatriates:

• Wide currency options: With the ability to transfer money in over 30 currencies, ADCB covers most regions where expatriates are likely to send funds, from the Indian subcontinent to Europe and beyond.
• 24/7 availability: Expatriates can initiate international transfers at any time, without being restricted by banking hours—a crucial feature for those living in different time zones.
• Instant and same-day transfers: For major currencies such as USD, GBP, EUR, and INR, ADCB provides instant or same-day transfers, offering a valuable time-saving option for urgent remittances.
• Competitive exchange rates: The bank offers competitive rates for international transfers, helping expatriates maximize the value of their remittances.
• Secure transactions: With multi-factor authentication, including biometric verification through FacePass and OTPs, ADCB prioritizes security to ensure safe and reliable transactions.
• Loyalty rewards: Through its TouchPoints loyalty program, ADCB allows customers to earn points on international transfers, providing additional value for frequent users.

These features provide expatriates with the flexibility, security, and convenience they need in a global financial hub like the UAE.

However, with rising expectations and technological advancements in global banking, there are opportunities for ADCB to further elevate its offerings by adopting some best practices seen in leading global banks.

How ADCB can improve using global best practices?

While ADCB’s international transfer services are robust, integrating global best practices could provide a significant competitive advantage. At Markswebb, we are well-versed in identifying cutting-edge fintech practices - a core area of expertise we take great pride in. We maintain a constantly updated database of the best global practices and have successfully implemented numerous cases where innovations and fintech advancements have been adapted from around the world. Based on our deep knowledge of the field, we see several key areas where enhancements could be made for ADCB’s transfer services:

• Transparent fee structures: Leading fintech companies like Revolut and TransferWise (Wise) have set a new standard by offering clear, upfront pricing for international transfers, including all intermediary fees. ADCB could increase customer satisfaction by adopting a similar transparent fee model, where all associated costs are clearly displayed before the transfer is initiated.
• Guaranteed transfer times: Although ADCB offers same-day transfers for certain currencies, it could adopt guaranteed transfer times as seen with banks like HSBC and Citibank. Providing a service-level guarantee, especially for high-traffic corridors, would instill confidence in users and reduce uncertainties surrounding transaction delays.
• Multi-currency accounts: Global leaders such as HSBC and Revolut provide customers with multi-currency accounts that allow them to hold, send, and receive funds in various currencies. Implementing this feature at ADCB would allow expatriates to manage their finances more efficiently, especially for those who frequently deal in multiple currencies.
• Real-time transaction tracking: Providing real-time updates on the status of international transfers, similar to how Chase Bank and Barclays allow customers to track payments, would significantly enhance the user experience. This feature would provide expatriates with greater transparency and control over their transfers.
• Blockchain for faster transfers: Global banks like Santander are already utilizing blockchain technology to make international transfers faster and more cost-effective. ADCB could explore blockchain solutions to reduce processing costs and transfer times, providing a competitive edge in the market.
• AI-powered currency alerts: By introducing AI-powered tools that notify users when exchange rates are most favorable, as seen in Revolut, ADCB could help expatriates optimize the timing of their transfers. This feature would be particularly valuable for users transferring large sums of money or making frequent transfers.

Our comprehensive research on mobile banking in the UAE will be ready soon, offering a wealth of actionable insights for banks. This means that we’ll have a detailed roadmap of enhancements specifically designed to improve mobile banking services in the region. The data we’ve collected is invaluable, cutting down time to market for the implementation of profitable innovations, ensuring that banks can rapidly integrate improvements and stay ahead in this competitive space.

Contact us now to discuss your specific needs and see how we can help you achieve digital excellence.

Elevate banking UX with Markswebb: tailored solutions for digital excellence in the UAE

As one of the leading digital consulting agencies, Markswebb offers a range of highly customizable services specifically designed to elevate the digital banking experience for leading financial institutions in the UAE. Our expertise spans across areas such as user experience audits, competitive benchmarking, product prototyping, and customer journey mapping, all tailored to meet the unique needs of banks operating in a multicultural environment like the UAE. Whether you need to enhance mobile banking interfaces, optimize international transfer service for expats, or implement cutting-edge fintech innovations, our team ensures that every solution is aligned with the local market and client objectives.

At Markswebb, we understand that the dynamic banking landscape in the UAE demands more than just standard services - it requires precision, innovation, and customization.

Our services go beyond the generic; we pride ourselves on deep customization based on the specific challenges and opportunities faced by each of our clients. With a firm understanding of both global best practices and the nuances of the UAE market, we offer personalized insights, from qualitative and quantitative research to bespoke strategic recommendations. Let Markswebb guide your bank toward digital excellence and a seamless customer experience, ensuring that your services stand out in a competitive and dynamic banking landscape.