The new hi tech Emirates NBD branch at Emirates Towers. The futuristic banking space showcases an array of realistic, and in many cases, already functional digital solutions. Image Credit: A.K Kallouche/Gulf News

Dubai: Emirates NBD (ENBD) one of the leading banks in the region said on Wednesday it is committing Dh1 billion for "digital transformation" 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 advisor 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.

User interface

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 advisor 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,” 

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.

Paperless Personal Loan

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. 

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD, said: “Our digital banking leadership, along with our solid financial and operating performance, were once again recognised in this year’s Euromoney Awards for Excellence when Emirates NBD was awarded ‘Best Digital Bank in the Middle East’ and ‘Best Bank in the UAE’.

"We are also piloting a digital sign language platform for people with hearing disabilities.”