Dubai: Emirates NBD is one of the few leading banks in the region that started adopting digitisation much before many others in the region joined the bandwagon.
The retail banking business continued to lead the digitisation and innovation space with the recent launch of EVA [Emirates NBD Virtual Assistant], the region’s first voice-based virtual chatbot powered by artificial intelligence.
In the first quarter of this year, a paperless personal loan application programme was rolled out across branches providing easy and same day disbursement.
“Back-end digitisation has to work in parallel with front-end digitisation. Our inward and outward payments now work on straight through processing. Our DirectRemit 60-second money transfer solution is built on a proprietary host to host integration with key banking partners across the largest remittance corridors, providing instant fund credit,” said Senior Executive Vice President & Group Head — Retail Banking & Wealth Management at Emirates NBD.
Bank’s remittance volumes have quadrupled since the DirectRemit was launched. Currently available across 5 corridors, the bank plans to expand this to 10 corridors before end of the year.
The bank is also doing a lot of work in digitising KYC [know your customer] for its customers, making it more convenient to them. “We have just rolled out a solution on our ATMs where customers can update their details by simply inserting their EIDA card. Soon, we will enable customers to upload their KYC documents via their mobile phones,” said Sarkar.
The bank’s mobile banking app was recently benchmarked to be one of the top 6 in the world. The online banking platform is being revamped to become more user-friendly.
Mobile only banking
The bank recently launched Liv., the world’s first digital lifestyle bank targeting millennials. Liv. is a mobile-only proposition for digitally-minded people, learning and adapting to their individual preferences, and providing a banking platform that is intuitive and simple to use.
The bank launched the Android version to the public last week, and the iOS version is coming soon. Liv. provides a range of lifestyle benefits that range from health and fitness to music, sports and dining. More banking products like credit cards, loans and wealth management will be added to the app in coming months.
While focusing on growth in assets, margins and innovations, the bank is also making big strides in inclusive banking service. ENBD currently has 9 disability-friendly branches providing easier access and teller and ATM usability as well as disability etiquette training for staff. The bank is piloting KinTrans, a sign language translation system for people with hearing disabilities at one of its branches; and is also making available Braille currency in select branches.
Green Auto Loan
“Our work in enabling more employment for disabled persons through our Together Limitless programme is seeing a lot of success. We are also supporting sustainability with the launch of the Green Auto Loan earlier this year offering better pricing when buying an electric or hybrid car,” he said.
Sarkar believes retail banking is going through the most exciting times ever. “Rapid technological advances, the rise of fintechs, the advent of big data and advanced analytics are all coming together to enable banks to provide optimised products and superior service to customers. The undisputed winner will be the customer,” said Sarkar.
