Emirates NBD is one of the largest banking group in the Middle East. The bank is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.

Here is how Emirates NBD leveraged market forces as building blocks to achieve a comprehensive vision for transforming into a truly digital organization.

 

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A core platform is the central nervous system of a bank’s operations. Combine a core migration with a merger of two large financial institutions, and the challenge becomes exponentially greater. This was where Emirates Bank International (EBI) and the National Bank of Dubai (NBD) found themselves in 2007, when, by government mandate, the banks were required to merge business lines and form one institution. Emirates NBD was born out of this merger.

With Infosys Finacle, Emirates NBD set a model for how a core migration and a merger can vastly improve business operation, and how a new core environment can drive growth for the future. The Emirates NBD core migration and merger, in itself, was a resounding victory:

  • Consolidated view of the customer relationships, enhancing customer service delivery across all channels, dampening customer complaint volumes

  • Time to market for new products dropped from 3 – 4 months to only 6–7 days

  • Cost savings of US$5 million annually, due to the consolidation of business processes and applications

  • More than 600 processes were reduced to just 325

  • End of day (EOD) processes for the bank now take only 4-4.5 hours, down from 10 hours

Emirates NBD core transformation recognized as a Celent Model Bank 2012

A core platform is the central nervous system of a bank’s operations. Combine a core migration with a merger of two large nancial institutions, and the challenge becomes exponentially greater. This was where Emirates Bank International (EBI) and the National Bank of Dubai (NBD) found themselves in 2007, when, by government mandate, the banks were required to merge business lines and form one institution. Emirates NBD was born out of this merger.

With Infosys Finacle, Emirates NBD set a model for how a core migration and a merger can vastly improve business operation, and how a new core environment can drive growth for the future. The Emirates NBD core migration and merger, in itself, was a resounding victory:

  • Consolidated view of the customer relationships, enhancing customer service delivery across all channels, dampening customer complaint volumes

  • Time to market for new products dropped from 3 – 4 months to only 6–7 days

  • Cost savings of US$5 million annually, due to the consolidation of business processes and applications

  • More than 600 processes were reduced to just 325

  • End of day (EOD) processes for the bank now take only 4-4.5 hours, down from 10 hours

Emirates NBD core transformation recognized as a Celent Model Bank 2012

Finacle has been the solution of choice for the group’s organic expansion into countries like Saudi Arabia, London, Singapore, Egypt and India. When the Emirates NBD Group acquired BNP Paribas Egypt as part of their growth strategy, they decided to upgrade all legacy systems in line with the unified business and technology standards of the group with Finacle Universal Banking Solution.

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Emirates NBD had a vision to empower corporate users with an aggregated and unified view of their accounts shared across the bank’s five legal banking entities. Leveraging Finacle’s Liquidity
Management Solution, Emirates NBD has able to enjoy the below

Outcomes:

  • First bank in ME to offer a multi-bank, multi-currency corporate liquidity management solution with a front-end solution

  • Provide control and unified view to corporate customers, with better cash visibility

  • Secure a greater footprint in corporate relationships & increased penetration

  • Expected ROI through charges/revenue on oat earned by bank using the liquidity management solution on corporates of around 7 times the invested amount in the first year

  • Additional charges earned by allowing SWIFT transactions between the ENBD instances will add to the profit Emirates NBD and Infosys Finacle won the Asian Banker Technology Implementation Award for Best Treasury Management Project in the Middle East

More recently, UAE’s 2.4 million millennials are turning to nontraditional financial service providers to fulfill their needs because the traditional banks are unable to meet them. Emirates NBD looked to leverage the opportunities in such a market with the world’s first lifestyle digital bank for millennials, called Liv.

A number of solutions, vendors and Fintech firms, such as Infosys Finacle, R/GA, Farabi, Gemalto, Alphadog and the Emirates Identity Authority were involved in creating Liv.

Outcomes:

  • The user base for Liv. has grown at the rate of 110 percent every month since launch.

  • This accounts for 24% of the customers acquired for the group in just 4 months. 61% are new to bank customers.

  • Onboarding is instant, digital, secure and fully
    compliant to regulations.

  • The app store is highly rated and customers have expressed
    strong anity for the brand.

  • Liv’s customer acquisition cost is 20% compared to that of a
    traditional bank and product development cost is just 10-15%.

 

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Emirates NBD had established its Future Lab to accelerate development of innovative banking services. The bank began exploring blockchain, recognizing that the technology was picking up speed in the financial services space. Partnering with ICICI Bank and Infosys Finacle, Emirates NBD became the first bank in UAE to pilot the launch of blockchain network for international remittances and trade finance.

Emirates NBD and ICICI Bank won the Celent Model Bank Award 2017 for the Best Pilot Project leveraging Finacle Payments Connect

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