Dubai: Abu Dhabi-based LuLu Financial Holdings (LFH) will be converting its branches into customer engagement centers by 2022 as part of a digital push.
In the new hybrid format, the branches will focus on easing the onboarding process to the company’s digital payments solution - LuLu Money - and simultaneously address consumer complaints and grievances through in-person support services.
The holding company, which operates a network of 241 branches and several integrated digital payments solutions across the Middle East, the Indian sub-continent and APAC regions, further plans to open over 20 new branches this year, and ramp up its IT and compliance systems to meet the turnaround time of 15 seconds or less for transactions made to its major corridors.
“We operate 83 branches across the UAE, and will soon install digital kiosks using which consumers can conduct their cross-border payments. The pilot for the same will be launched in Q1 2022 and we will cover a major section of our network by end of the year,” said Adeeb Ahamed, Managing Director, LFH.
Ahamed added that with the gradual rollout of eKYC facility in key markets, the company aims to bridge the gap between finserv offerings and the application of technology led solutions to make payments reliable, seamless and accessible to a cross-section of society.
Fintech potential
With fintech expected to grow exponentially over the next decade and more, Ahamed added that the company will fast-track ongoing initiatives to become a ‘plug ‘n play’ enabler for fintech companies by this year.
“For an industry that is looking to grow through meaningful linkages, we will be ramping up our digital infrastructure in a way that allows easy integration with partners,” said Ahamed.
Talking about the strengthening of key corridors in 2022 through partnerships with global payments providers, Adeeb Ahamed added that collaboration was the only way forward to create meaningful financial inclusion, as the payments sector in itself is quite vast to be serviced by just a handful of dominant players.
