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Customer onboarding at corporate banks can be tedious, but you don’t necessarily need to read the latest research to understand this somewhat globally shared experience. But this is actually what research shows, and according to his 2022 report from McKinsey & Company, more than 40% of the time customers spend onboarding with banks is spent on customer verification. (KYC) is spent solely on due diligence and account opening. . Fintech startup Appro was therefore founded to address the issue of customer onboarding in UAE banks.
“Customer onboarding at a bank is typically a very long and complex process that requires a lot of documentation, manual analysis and approvals, making it a very expensive process from the bank’s perspective. Not only that, but the customer experience is also very unpleasant,” said Iftekhar Salim, co-founder and CEO of Appro. “Having worked in banking in the past, my co-founder and I saw an opportunity to create a solution that solved an industry-wide challenge. It provides the ability to provide instant approvals without any manual or manual activity.”
Appro was officially released in March 2022, and the first iteration of the application went live in December of the same year. In its current version, this platform helps users find themselves suitable credit for his card, mortgage, personal loan, car loan. “For users to find the best financial products in town, they need to come to appro.ae and submit an application. Appro will then instantly identify the product that best fits their profile and maximize their benefits. ” says Salim. “Appro software helps banks by automating the approval process, improving conversion and operational efficiency.”
Related: Startup Spotlight: Hong Kong-based ViAct is on a mission to create a safer working environment in a risk-prone industry
Appro’s co-founders are Antofelix Rajan, Iftekhar Salim, and Tarek Osman.Source: Apro
When matching users with the right bank, the Appro model also allows users to select and compare additional benefits that come with each of the above services. For example, when it comes to credit cards, you can compare features like cash back deals, air miles, and discounts against each other to choose the credit card that best suits your needs and requirements. Meanwhile, Appro’s personal loan service (which Salim says takes just five minutes to complete an initial application) offers competitive pre-approved loans from multiple lenders within 24 hours. We provide offers so users can choose a suitable loan. package.
But Appro’s final model is still far from complete, and Salim says the startup’s participation in the MBRIF accelerator program has allowed him and his team to focus on continually improving the product. It means. “This is a constantly evolving product,” he says. “We are constantly iterating on new features to help our users get the most out of their experience. That’s why it’s important for us to reach out to experts from all walks of life to provide mentorship and help solve problems. We need support.’ The knowledge gap we have is one of the main reasons we chose to join the MBRIF program. ”
Already, Appro’s services have been well-received by nine companies in Dubai, including banks, financial institutions and start-ups. Salim says the emirate’s startup growth thus far has also served as a template for future efforts. “At Appro, it all started with his team of three co-founders, and now he has a team of over 15 people,” says Salim. “The unique advantage of operating in Dubai, and the UAE as a whole, is that we have a collaborative ecosystem built to drive innovation and support ventures that disrupt the status quo. “Candor and a willingness to experiment and change is something special to the UAE, and it will undoubtedly play a key role in our journey going forward. Sho!”
Related: Startup Spotlight: UAE-based Faceki is on a mission to effectively and easily prevent fraud by online customers
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