UAE banks need to constantly evolve: Diebold

"In 2016, our aim is to ensure our customers in the Middle East remain at the forefront of the retail banking evolution and increase consumer satisfaction."

Banks in the UAE need to constantly evolve and adopt technological enhancements to meet new consumer expectations, said an expert.
Bassem Bouzid, senior vice-president and managing director for Europe, Middle East and Africa at Diebold, said stronger governance and compliance regulations; rising adoption of digital channels; changes in consumer preferences and behaviour and customer profile shift due to growing importance of Generation Y customers and SMEs are some of the changes being faced by the UAE banks.
He said Diebold is focusing to help financial institutions overcome some of these challenges this year.
"In 2016, our aim is to ensure our customers in the Middle East remain at the forefront of the retail banking evolution and increase consumer satisfaction, by evolving the form and function of their branches to a modern, efficient and consumer-centric destination," Bouzid told Khaleej Times.
The 157-year old company established in Ohio, USA, operates in more than 90 countries with the Middle East and Africa representing very important and fast growing markets. The company has been in the Middle East for over 30 years playing a leading role in the inception and evolution of ATMs in the region and are operating through a network of distribution partners. It has built a strong, direct presence in the region with its hub in Dubai that enables to support both customers and partners in the region.
"We are particularly excited to play a role in the future evolution of ATMs in Dubai, supporting the Dubai Plan 2021, which is already making a big impact on the lives of Dubai citizens. The Dubai Plan aims to enhance the provision of public services through the use of technology in order to transform Dubai into a 'Smart City'. We look forward to continuing to play a proactive role in helping banking transformations in the region," Bouzid said.
He said banks will continue to invest in new technologies to reap short- and long-term growth. By implementing the latest in banking technology, services and software, banks can streamline their operations and, in turn, improve their efficiencies. Furthermore, they will be able to keep up with their customers' needs in the growing digital environment and continue be a strong player in a competitive market, he added.
Technology and the underlying software components are key drivers of the transformation happening in retail banking. Banks are looking to identify and implement technology-based solutions to improve their processes and to enhance the consumer experience. But, in order to efficiently roll-out innovative solutions, they need to have the right software to enable the function and integration of all the new technologies. "Diebold is fully aware of the growing importance of software and value-add services in combination with state-of-the-art hardware. As a result, it has embarked on its own transformation journey with the recent acquisition of Phoenix, a leading global software company, which moves Diebold from its origins of a hardware manufacturer into a services-led, software-enabled company. 
"Our top three installed base markets to date are Saudi Arabia, Lebanon and Pakistan. The UAE is one of our focus markets as we build our direct presence in the region through our hub in Dubai. We operate in several locations in the Middle East including Kuwait, Jordan and Oman, among others," said Bouzid.
He said UAE banks look for technology innovation to elevate the consumer experience in the market while also meeting their bottom line business objectives.
"At Diebold, we aim to bridge the physical and digital worlds of cash to drive our customer's business objectives through collaborative innovation," added Bouzid. 
"Our value in the Middle East thus far is attributed to our agile delivery of high-quality and reliable technology and services, and, most importantly, our collaborative innovation with banks to help redefine the ideal branch experience for their customers. Some examples include Al Rajhi Bank in Saudi Arabia and UBS in Switzerland. We design, build, deploy and maintain financial institutions ideal in-branch banking solutions which are collaboratively developed in Diebold's EMEA Centre of Innovation," Bouzid concluded. 
Screenless ATM utilises customer's smartphone for transaction
Diebold's Janus and Irving concepts provide financial institutions the opportunity to customise and deliver personalised state-of-the-art banking experiences to their customers. The Janus concept provides interactive and intuitive access to complex transactions through self- or video-assisted service. The dual-sided self-service concept is capable of serving two consumers at the same time without compromising privacy or security. The Irving concept is a screen-less ATM concept that utilises the consumers' smartphone to initiate transactions, which allows the entire transaction to be completed in less than 10 seconds once at the Irving unit. Currently in the pilot phase, Citibank in the US has the Irving concept installed in their innovation lab.
Both concepts, Janus and Irving, will soon be available for the Middle East market in Diebold's Europe, Middle East and Africa Centre of Innovation (ECI) in Belgium where the company provides an opportunity to customers to explore innovative technology solutions, collaborate with industry experts, and experience new solutions. The concepts will also be showcased at the Money 2020 event in April in Copenhagen.
- sandhya@khaleejtimes.com