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Raising the bar in its journey to digitisation

Raising the bar in its journey to digitisation
Newer technology allows safe, secure transactions and banking experiences.

Blockchain technology, digital banking applications as well as robotics process automation (RPA) have been focal points in NBF's digital strategy

Published: Thu 5 Sep 2019, 11:13 AM

Last updated: Thu 5 Sep 2019, 1:24 PM

New technologies in banking are transforming the financial sector, and the traditional banking landscape is set to rapidly change in the next few years. Companies and financial institutions are navigating a fast-paced and shifting technological environment with one goal in mind: to enhance the customer experience.
In an ever-evolving climate, maintaining convenience, efficiency, and security is imperative for a successful end-user experience.
As a dedicated financial partner, NBF strives to create experience-led solutions that aim to provide customers with a seamless experience that best suits their needs.
Its segmented approach allows it to better understand the needs of both retail and corporate and as such, design banking experiences that cater to their requirements.
With customers being at the forefront of NBF's innovation efforts, the bank is rolling out various initiatives that will substantially elevate the customers' digital experience.
Blockchain technology, digital banking applications as well as robotics process automation (RPA) have been focal points in NBF's digital strategy.
With the mass spreading of Blockchain technology, NBF is utilising the benefits of RippleNet to provide frictionless experience for sending and receiving money globally and is working with other banks to implement Ripple in 2019.
With regards to digital banking applications and services, NBF will be among the first national banks to go live with Emirates Digital Wallet 'klip', which is set to remove cash usage from UAE's economy by providing every person in the UAE with access to a convenient, safe, and efficient way of making payments digitally.
NBF is also part of the UAE Trade Connect, a nation-wide trade finance platform for banks to address the risk of double-financing and other risks.
Moreover, the bank will soon become part of Marco Polo Network, which provides an open enterprise software platform for trade and working capital finance to banks and corporates that allows for the seamless and secure exchange of data and assets between all participants.
The bank has also embarked upon an initiative to develop predictive analytic capabilities for greater product and services personalisation.
While these experience-led innovations are enhancing the end-user experience, they also come at a price of increased likelihood of fraud and security threats.
As consumers are predominantly looking for convenience and efficiency, they are also seeking safe and secure channels for all their digital transactions.
As such, NBF has implemented a risk-based Intelligent Adaptive Authentication system that applies a precise level of security for each unique customer interaction. No more, no less. Intelligent Adaptive Authentication offers a truly friction-appropriate approach which ensures the best possible user experience. 
Finally, partnering with the region's finest Fintech hubs is a strong step that brings value from an outside perimeter of excellence.
Such partnerships and the direct collaboration with Fintech startups ensure a new way to build product and services and that best practices and standards are implemented to bring NBF's customers the best-in-class innovations.

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