Consumer Banking Marketplace Driven By Artificial Intelligence Launches in UAE

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  • The soon to be launched disruptive marketplace will be an end-to-end solution catering to consumer banking, valuation and insurance needs in one ecosystem.

The UAE will soon be home to a new entrepreneurial venture, GoFinance, the world’s first fulfilment engine for all consumer banking products driven by robust AI. The Fintech will provide customers end-to-end solutions to search, compare, choose, apply, and receive instant fulfilment of financial products. Go Finance intends to launch the service in the UAE by third quarter 2021.

Research indicates that the UAE retail banking and insurance sector has been growing year on year, with digital tools leading the journey. As per a report from International Data Corporation, spending on digital transformation initiatives is set to touch $40 billion by 2022 in the Middle East, Turkey, and Africa (META) region. In the Middle East and North Africa (MENA) region, factors such as changing customer preferences, high mobile penetration rates, growing competition from fintech companies are driving change. While there are several digital platforms available to compare financial products, the retail banking and insurance sector has been lacking end-to-end fulfilment solutions that offers all banking, valuation and insurance products under one umbrella.

Commenting on the soon-to-be-launched end-to-end solution, Cofounder and Chief Commercial Officer, Ali Imran said, “Currently, the regional banking sector is experiencing a digital transformation, leading banks to rethink their overall banking strategy in digitizing their product solutions through distribution channels. While most sectors already have online fulfilment services, the current available platforms for retail banking offer only a part of the solution – be it compare or choose or just customer lead information captured. GoFinance will be the one-stop-shop marketplace that will fill that gap. We look forward to launching the first-of-its-kind neutral advisory consumer banking marketplace in the UAE that will be driven by exceptional customer journeys.”

GoFinance will offer best real time deals and options for financial products such as personal finance, property finance, car finance, credit cards, etc. In addition, car, health and other insurance products will be listed on the platform. The Fintech has already tied up with several government institutions, corporations, banks, and valuation companies in the UAE to provide top deals.

COVID-19 changed the way banks work, reshaping its operations, processes and the way they do business. GoFinance not only complements a new and strategic way of doing business, but also with its right set of tools and expertise, will help customers save money and uncover the best options for finance product needed, which is otherwise missed.” Imran added.

GoFinance’s mission is to enable UAE customers to access financial products that they can trust and rely on for their everyday consumer financial activities. The soon-to-be-launched marketplace and Banking Fulfilment platform will provide neutral advisory and address existing customer pain points by digitizing the end-to-end customer journey for all consumer banking and insurance products built on proprietary AI technology that will shape how consumer banking will become in the future “as easy as ordering food”.

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