GEC NEWS WIREEmirates NBD, a leading bank in the region, announced a planned end-to-end digital transformation of its Transaction Banking platform. The transformation is part of the banking group’s AED 1 Billion commitment to digitise operations, products and services, enhancing its proposition to corporate clients and retail customers. Supported by transaction banking and technology specialist Intellect Design Arena Limited’s Intellect Global Transaction Banking iGTB, the planned project is aimed at strengthening Emirates NBD Transaction Banking’s market. It will cover the bank’s operations across trade corridors in the UAE, Saudi Arabia, Egypt, India, Singapore and the United Kingdom.
Emirates NBD’s investment in a new digital platform will strengthen the bank’s position as the country’s market leader in Transaction Banking. The project integrates iGTB’s Digital Transaction Banking platform powered by an integrated front-end omni-channel CBX portal to deliver a seamless user experience to Emirates NBD’s corporate clients.
The new platform will offer clients the ability to view, monitor and control their working capital needs across cash management, trade and FX enabling easy, informed and on-the-go decision making with one-click efficiency in addition to fully integrated back-end product processors across all lines of business.
The UAE’s leading position as the vital hub connecting Asia and Africa with the west combined with a reported increase in trade volumes by UAE businesses this year have led to a significant growth in the country’s transaction banking sector. Emirates NBD is the only UAE-based bank with physical presence across important trade corridors from the Middle East and North Africa across to Asia and the United Kingdom.
The planned platform will enable Emirates NBD Transaction Banking clients anywhere in the world cross-channel accessibility, irrespective of the country they operate in. As at 31st December 2018, total assets were AED 500.3 Billion, equivalent to approx. $136 Billion.
Commenting on the planned transformation, Sumit Aggarwal, EVP and Group Head, Transaction Banking Services, Emirates NBD, said: ” iGTB’s in-depth domain knowledge and expertise made it our partner of choice to create a best-in-class digital Transaction Banking platform that will strengthen our capability to respond to evolving business needs. Clients are at the centre of our digital transformation journey and we believe this platform will enhance our proposition and enable us to deliver seamless user journeys and access to all aspects of working capital management with enhanced visibility and data analytics.”
Manish Maakan, CEO, iGTB, said: “This significant deal, with our 29th DTB client, reiterates our market leadership in the Middle East, with iGTB being the preferred go-to digital transformation partner for the transaction banking space. Our unwavering design-driven culture puts banks and businesses at the centre of everything we do. This not only creates desire and establishes trust with banks, but also results in a distinct advantage for them. We are delighted to support Emirates NBD’s digital transformation journey, especially given the Middle East’s strong position as a hub for global trade.”
K Srinivasan, President, APAC, South Asia, Middle East and Africa, Intellect Design Arena, added: “Transaction banking has been an industry dominated by global banks. Intellect has been empowering banks in the Middle East to launch and commercialise the transaction banking business in an integrated way and to gain significant market share. This is highlighted by this announcement of another signature deal.”
Key takeaways
Strategy
- Emirates NBD is the only UAE bank with physical presence across Middle East, North Africa, Asia, United Kingdom.
Cash
- The project strengthens Emirates NBD transaction market covering UAE, Saudi Arabia, Egypt, India, Singapore, United Kingdom.
- The project integrates iGTB’s Digital Transaction Banking platform and integrated front-end omni-channel CBX .
- The platform will offer clients ability to view, monitor and control working capital needs across cash management, trade, FX.
