Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been recognised for its extraordinary response in supporting its customers during Covid-19 and for its digital banking services, by winning the “Outstanding Crisis Finance Innovations 2021” Award for the Middle East region at Global Finance Magazine’s Annual Innovators Awards 2021.
Now running in its 9th year, the annual Innovators Awards recognises entities that regularly identify new paths and design new tools in finance. For the first time this year, the awards sought out financial services providers which were able to identify digital solutions in response to the Covid-19 pandemic.
ADIB was recognised for its incredible and innovative response, which involved enhancements on the ADIB mobile app, including the launch of the “Express Finance” service which provides qualifying customers with instant access to personal finance, as well as additional functionality that allows customers to virtually apply for covered cards or update their personal information without having to visit the branch. To ensure convenient, seamless and uninterrupted banking services to customers, ADIB launched a remote sales platform allowing customers to interact with ADIB and apply for personal finance, covered cards, takaful, and other banking products without having to leave their homes. The Bank also partnered with Apple Pay and Huawei allowing customers to make safe and contactless payments. To support social distancing measures, ADIB provided digital booking service enabling customers to schedule their branch visits ahead of time through the ADIB online banking platform.
Philip King, Group Head of Retail Banking at ADIB, said: “The Covid-19 pandemic spurred a significant acceleration in technological transformation across all industries, including banking. It has prompted a fundamental shift in customer behaviour marked by an increased preference for remote and contactless banking experience. Nowadays, digitization of banking services has become a necessary advancement to help banks fuel new growth opportunities and unlock greater value for customers.
“However, to retain customer loyalty and attract new customers, banks need to reimagine their approach in delivering a holistic and a personalized banking experience. ADIB recognises the need to deliver distinctive and personalized banking services for its customers. The bank leveraged data analytics to track and analyse the evolving financial behaviours of its customers through the newly launched Analytics Center of Excellence, which uses smart analytical models, AI, and big data to generate operational insights and recommendations. Through the data and insights gathered from ACE, ADIB aims to develop more tailored solutions and products that will drive further value for customers.”
ADIB recorded a surge in demand for its digital banking services. In the past year, nearly 78% of ADIB’s retail customers have used digital channels. 99% of retail financial transactions, including payments and fund transfers, as well as 93% of non-financial services, including personal information updates, were conducted digitally. These recent enhancements to ADIB’s digital channels have continued to attract new users, and the bank has seen a 23% increase in new users compared to last year.
© Press Release 2021
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