Emirates NBD (ENBD) has announced it is committing AED1 billion ($272 million) for the bank’s digital transformation strategy over the next three years.
The bank had announced a AED500 million investment in digital banking initiatives last year, but the management has increased investments to spearhead its vision to become the region’s leader in digital banking.
ENBD recently revamped its online banking platform with the launch of FaceBanking, a video banking facility that allows eligible customers to talk to an adviser at any time, as well as request a loan instantly.
The Retail Banking and Wealth Management (RBWM) department delivered a strong performance for the first half of 2017 with total income of AED3.29 billion, up 9 per cent year-on-year while consolidating its digital banking leadership. RBWM’s liability book also continued to grow faster than the market, increasing by AED11 billion during the first half of 2017.
“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,” said Shayne Nelson, Group Chief Executive Officer of Emirates NBD. “We plan to continue our digital transformation programme with a planned investment of AED1 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 reportedly been well received, with new account openings rapidly reaching approximately 20 per cent of total acquisition for the division.
A paperless personal loan programme was also rolled out across branches and on tablets, and has contributed to 15 per cent of sales to date.
