First Abu Dhabi Bank (FAB) is transitioning to be a digital pioneer in the Middle East through innovative and unique products and services:
First Abu Dhabi Bank (FAB), the largest bank in the UAE and formed after the merger of First Gulf Bank and National Bank of Abu Dhabi in 2016, has been in the thick of massive transformation for the past few years, mainly aimed at digitizing retail banking products and services. The bank now has a wide range of unique offerings to meet the digital needs of the millennial customers. The transformation, basically adoption of cloud, artificial intelligence, and blockchain technology, has also brought in fintechs to collaborate with the bank.
The key focus area for the bank in the transformation has been to offer enhanced services to the customers. Just 2 years after the merger, the bank went live on an integrated banking platform with Temenos’ T24 transaction system Transact as its core. In about a year, it recorded a 50% increase in mobile registrations and engagement, and a four-time increase in digital transactions for services available on its mobile and browser platforms.
The bank has operationalized a fully digital account opening process for some of its accounts and automated a large number of manual processes. Also, corporates wanting to open current accounts can now do so in seconds through a mobile banking app. In addition, the bank’s PayIt mobile wallet has been attracting more number of customers.
TIE-UP WITH IBM
The bank has recently concluded an arrangement with IBM Consulting to speed up and support its ongoing digital transformation journey. In terms of this arrangement, IBM is working to enhance the bank’s digital platforms in a hybrid cloud environment aiming to deliver a seamless digital experience to the customers. The bank expects that the collaboration will help it to have an end-to-end digitization, which in turn will help it drive innovation.
FAB has taken up an ambitious blockchain initiative, which, besides offering added security and transparency associated with the use of distributed ledger, is also expected to provide meaningful cost savings and faster transaction processing. It now has a nationwide blockchain trade finance platform, launched in partnership with Etisalat. The platform offers digitized trade finance services via the UAE Trade Connect, which will essentially eliminate double financing and invoice fraud. The project also leverages AI, ML, and robotics.
MAGNATI – PAYMENTS BUSINESS
The bank has converted its payments business into a fully owned and operational subsidiary and given it a brand name Magnati. The new platform is giving clients the opportunity to grow their core businesses by monetizing data and using next generation technologies like APIs along with AI and ML to deliver better experiences and increased efficiency. The Magnati platform also provides improved capabilities to partner with fintechs on product and service innovation.
INNOVATIVE MERCHANT PORTAL
FAB has also developed a new AI-powered portal to deliver advanced analytics to merchants. Called Al-Futtaim, the merchant portal provides spend momentum and revenue forecasting, customer segmentation, and analysis and facilitates the launching of campaigns based on key insights. The tools also provide insights into potential loss analysis and customer loyalty analysis. These features are in addition to an interactive, configurable performance dashboard that empowers the clients to slice and dice the data from consolidated level to a transactional level.
The bank has introduced a state-of-the-art authentication on FAB Mobile and Online Banking that lets the bank’s systems know it is the genuine customer who is accessing the account. The new intelligent authentication uses an advanced technology to recognize the account holder, and once established, the customer can approve all future transactions with a single, unique swipe.
PROMOTING DIGITAL BANK
FAB is a partner in Wio, UAE’s new digital banking platform that is set up by ADQ, an Abu Dhabi-based investment and holding company. Wio just received in-principle approval from the Central Bank of the UAE to operate. It is offering customers in the UAE a fully digital banking choice with tailored products and services to meet their lifestyles and needs. The total invested capital in Wio is AED 2.3 billion. ADQ and Alpha Dhabi, another investment holding company in the Middle East, together own 65% in the venture, while. Telecom major Etisalat has a 25% stake and FAB 10%.
FAB has created a state-of-the-art branch in Cairo, which offers a Head Office experience to the customers. At the branch, there are digital touchpoints, interactive terminals and personal device integration processes that create a paperless banking environment. The core of the solution developed by the bank’s collaborator Scala, is an interactive digital signage that effectively engages bank clients and demonstrates the future-forward ethos of the FAB brand. Uniquely, the solution provides a call-back option for any products or services the customers are interested in using the in-bank screens. While they wait for their in-person appointments, customers can be served relevant bank information through screens smartly located within the branch premises.
This article has been compiled based on publicly available information on the web, particularly the bank’s own website.