Startup Spotlight: Here’s How UAE-Based Appro Is Simplifying Customer Onboarding For Banks – Entrepreneur

Startup Spotlight: Here’s How UAE-Based Appro Is Simplifying Customer Onboarding For Banks – Entrepreneur

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This article is part of an ongoing series covering startups that have been a part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program.Customer onboarding at corporate banks can be tedious- and one doesn't necessarily need to read up on the latest studies to understand this somewhat globally shared experience! But this is indeed what research shows as well- as per a 2022 report by McKinsey & Co., more than 40% of the time a customer spends onboarding at a bank is consumed by know your customer (KYC) due diligence and account opening alone. It was thus to address this issue of customer onboarding at banks in the UAE that fintech startup Appro was created."Typically, customer onboarding at banks is a very long complicated process with a lot of documentation, manual analytics, and approvals, which makes it a very expensive process from not just the bank's point of view, but also an extremely unpleasant customer experience," says Iftekhar Salim, co-founder and CEO of Appro. "Having worked for a bank in the past, my co-founders and I saw the opportunity to create