Dubai: Bank financing for the purchase of a new car – this is the common practice.
Use a bank to buy or sell a car, new or used? That’s a pretty radical path, and that’s exactly where ADIB (Abu Dhabi Islamic Bank) is heading with the launch of ‘Turbo’, a portal that offers consumers a choice of models from local dealers as well as used models from online seller. Cars24 and YallaCompare.
Of course, that seems to be quite different from what you would expect from a bank. This is how Philip King, Global Head of Retail Banking at ADIB, wishes it: “Digital banking is about taking banking services beyond the usual. We saw an opportunity to grow into an ecosystem – the automotive market – and offer something more to consumers. In doing so, we became the first Sharia-based bank to do so. “
The automotive retail industry in the UAE is currently undergoing a digital transformation. Established dealers are entering online sales; there are more and more platforms offering end-to-end used car buying and selling; and new modes of mobility such as subscription services and pay-per-minute are more common on UAE roads.
Not just a detour
ADIB is already a dominant name in auto finance, and the creation of the Turbo platform is seen as a natural extension. All major local dealers have signed up – Turbo will offer instant auto finance quotes to anyone who wants to buy. Insurance-related rates will also be provided, while anyone wishing to do so can trade in or sell their vehicle.
For now, everything will be done through the website, but soon a Turbo app will be live.
Once established, Turbo could complete the entire car buying and selling process entirely online, as well as meeting after-sales needs. “Not just ADIB customers, we hope to bring in more for their next car purchase through Turbo,” King said. “This is how we envision getting into this ecosystem – and any new ones we will create in the future. “
If non-ADIB users end up buying, this opens up the possibility for the bank to offer financing for the transaction to a new set of potential customers.
Aggressive with digital
In recent months, ADIB has been a pioneer in digital movements. He pioneered facial recognition to open an account from “anywhere,” then had an app-based platform to extend the reach of banking to 8-18 year olds, “of course, under the guidance of their own. parents, ”King said. “It’s also an attempt to raise financial awareness at a much younger age.