In 2020, NBF invested in new products and services as it looked to increase efficiency, help businesses overcome Covid-19 related constraints and broaden its customer base. To date, more than 70 per cent of the bank's customers have transitioned from traditional banking to NBF's online banking platform, and in some processing areas, more than 90 per cent of transactions are now fully automated. With people increasingly showing preference to get their banking done through digital applications, NBF has been transforming its branch network in the UAE and investing in new products and services for clients. Its NBF Virtual Teller Machine (VTM) allows customers to connect one-to-one with a live teller through real-time video, allowing them to virtually complete any transaction that can be made within a branch while still receiving personalised service.
NBF also rolled out a number of products including NBF Connect, a platform designed to empower, network and help SMEs with their business challenges; eDirham Instant, a digital payment method that allows customers to securely pay for governmental fees and services; NBF klip, a robust, secure and interoperable digital cash platform that is designed to transition the UAE to a truly cashless society. More recently, the bank co-created UAE Trade Connect, a nationwide blockchain platform, with Etisalat Digital and seven other banks; this platform aims to support financial institutions combat fraud and duplication and tackle key issues in the trade finance space.
As a dedicated financial partner, NBF will continue to invest in digitalisation and innovation with an aim to provide customers with differentiated customer service that best suits their needs.
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