Emirates NBD commits $272mln for digital transformation

The bank’s management has increased investments to affirm its credentials as the region’s leader in digital banking.

  
The Emirates NBD head office building is seen on Baniyas Road in Deira November 19, 2012.

The Emirates NBD head office building is seen on Baniyas Road in Deira November 19, 2012.

REUTERS/Jumana El-Heloueh

Wednesday, Jul 19, 2017

Dubai: Emirates NBD (ENBD) one of the leading banks in the region, on Wednesday said it is committing Dh1 billion for the digital transformation of the bank over the next three years.

The bank had announced Dh500 million investments in digital banking initiatives last year which is being spent on a number of digital initiatives. The bank’s management has increased investments to affirm its credentials as the region’s leader in digital banking.

ENBD recently revamped its online banking platform including the launch of FaceBanking, a video banking facility that allows eligible customers to talk to an adviser at any time for assistance or sign up for a new loan instantly.

Retail Banking & Wealth Management (RBWM) delivered a strong performance for the first half of 2017 with total income of Dh3.29 billion, up 9 per cent year-on-year while consolidating its digital banking leadership.

RBWM’s liability book continued to grow faster than the market, increasing by Dh11 billion during the first half of 2017. The online banking platform now provides a rich user interface, intuitive widgets to track finances and a digital store for new product applications including FaceBanking offering video banking facilities.

“Last year we announced a major investment in our digital platform and we are pleased to unveil the next revamp of our award winning online portal which includes FaceBanking that will empower customers to talk to an adviser over a video call at a time and place of their choosing. We plan to continue our digital transformation program with a planned investment of Dh1 billion over the next three years,” said Shayne Nelson, Group Chief Executive Officer of Emirates NBD.

Earlier in the year, the Bank launched Liv., the UAE’s first digital bank targeted at millennials. The new proposition has been well received with new account opening ramping up rapidly to about 20 per cent of total acquisition for the division.

A paperless Personal Loan programme that was rolled out across branches and on tablets gained traction, contributing to 15 per cent of sales. The bank launched, for the first time, Al Etihad Credit Bureau credit score based loan approvals.

By Babu Das Augustine Banking Editor

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