· RAKBANK developed customer-centric remittance product RAKMoneyTransfer
· The bank ensured their long-term sustainability by expanding RAKMoneyTransfer to other countries
· RAKMoneyTransfer is showing strong growth indicators
Dubai — RAKBANK recently received the Remittance Product of the Year for 2017 at The Asian Banker’s Middle East and Africa Regional Awards Programme 2017. The awards ceremony was held in conjunction with the Future of Finance 2017 Middle East and Africa Convention, held at The Ritz Carlton, DIFC, on April 20th 2017.
RAKBANK developed a customer-centric remittance product – RAKMoneyTransfer
RAKMoneyTransfer was developed due to the recognition of the need to meet customer demand for a remittance platform that can offer low-cost, secure, and instant receipt of funds.. Competitive rates, real-time transaction, tracking and confirmation status are distinguishing features of the product that reflect the customer-oriented focus of the service.
The bank ensured their long-term sustainability by expanding RAKMoneyTransfer to other countries
RAKBANK has expanded the remittance service to other countries, giving customers more options while ensuring the long-term sustainability of the business. At present, RAKMoneyTransfer has been launched in 29 banks in India and in Cebuana Lhuillier in Philippines, Nepal, Sri Lanka and Pakistan. RAKBANK plans to further expand their remittance service to Bangladesh.
RAKMoneyTransfer is showing strong growth indicators
The success of RAKMoneyTransfer is reflected on some of the growth indicators – 600% transaction growth, 280% volume growth and 460% growth in customer base over 2016. Customer satisfaction is noted at a high 83% and indicates the customer’s acknowledgement of the quality and features of the service.
About 70 senior bankers from award-winning banks in the Middle East and Africa attended the Middle East and Africa Regional Awards Programme 2017, which recognises banks’ efforts in bringing superior products and services to their customers. The awards programme, administered by The Asian Banker and refereed by prominent global bankers, consultants, and academics, is the most prestigious of its kind.
A stringent three-month evaluation process based on a balanced and transparent scorecard determines the winners of The Asian Banker International Excellence in Retail Financial Services Awards, and the positions of various retail banks in the region is attached.
About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
© Press Release 2017
