FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, announced the commencement of the 2018 edition of its accelerator programme, in partnership with Accenture. The second edition received an overwhelming response of over 300 applications that were created from all around the world, of which 22 finalists were selected.
The accelerator programme consists of a 12-week curriculum in which a group of selected finalists work closely with financial institutions and other stakeholders to create innovative and forward-looking solutions that aim to address the evolving needs of the region’s financial services [...]
Key milestone in bank’s AED 1 billion IT transformation
Emirates NBD, a leading bank in the region and market leader in banking innovation, has announced that it has launched its own private cloud platform. It is the first bank in the region to implement a private cloud platform that leverages similar technologies to cloud-native companies, marking a major milestone in the Emirates NBD Group’s ongoing AED 1 billion IT transformation.
Through its new private cloud technology, the bank’s IT platforms and applications will benefit through enhanced cost efficiencies as well as higher security, resilience, flexibility, insight and quality control. Emirates NBD’s future [...]
Citibank Ranks Highest in Hong Kong Retail Banking Customer Satisfaction
With more than half (57%) of customers now ready to embrace virtual banking with their main financial institution, banks need to rethink their strategy in order to meet the changing needs of their customers, according to the inaugural J.D. Power 2018 Hong Kong Retail Banking Satisfaction Study.
Although the study finds that 71% of customers have used online banking (via PC) to interact with their main bank in the last 12 months, only 30% have used mobile banking, which is significantly lower than the 78% in mainland China, 43% in Australia, and 41% in Singapore. Nevertheless, it is clear that [...]
Despite the high penetration of digital banking in Australia, when customers have a problem, they still prefer the personal touch, according to the J.D. Power 2017 Australia Retail Banking Satisfaction StudySM.
In the past 12 months, 89% of banking customers have used a digital channel to interact with their primary bank. However, customers still prefer to visit the branch or call a bank representative when they have a problem (86%) or question (73%). This is also the case for digitally savvy Millennials, with 85% preferring to speak to a person when they have a problem and 66% when they have a question.
“With most customers choosing to raise a problem or question with [...]
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, one of the region’s leading banks, today rang the market-opening bell to celebrate the listing of a 750 million US dollar conventional bond on Nasdaq Dubai, the region’s international financial exchange.
The issuance underlines Emirates NBD’s commitment to further growth and expansion, building on recent developments that include increasing its international branch presence, enhancing its digital strategy and investing further in core businesses. Emirates NBD recently announced net profit reached AED 6.17 billion in the first nine months of 2017, up 15% from the same period in 2016.
Emirates NBD’s Pepper has now learnt to speak Arabic! The artificial intelligence (AI) powered humanoid robot, brought to the UAE by Emirates NBD last year, has been widely popular due to his novel proposition and charming personality, and will now also cater to the bank’s Arabic-speaking customers.
Adding a fun element to the banking experience, the bilingual Pepper will continue to interact with customers at the bank’s Jumeirah Emirates Towers and Dubai Mall branches and provide assistance with issuing branch queueing tokens, presenting information about products and services in an engaging manner and obtaining customer feedback through a happiness meter.
“Pepper has [...]
IDC Financial Insights’ recently completed benchmarking of the maturity of Asia/Pacific banks (excluding Japan) confirms that more than 80% of these banks are still in early stages of the maturity model — the ad hoc and opportunistic stages. These banks are lagging behind their global peers when it comes to strengthening experience excellence for their products and services.
The symptoms of this deficiency are varied, ranging from their inability to keep pace with the changing needs and requirements of their demanding customers to how the current business and IT digital initiatives are disconnected and poorly aligned. To be sure, most of these banks are attempting to [...]
HSBC, the world’s leading trade finance bank, is working with IBM to develop a cognitive intelligence solution combining optical character recognition with advanced robotics to make global trade safer and more efficient for thousands of businesses.
The new solution uses IBM’s advanced analytics technology, including intelligent segmentation and text analytics, to identify, digitise and extract key data within these documents before feeding it into the bank’s transaction processing systems; boosting accuracy whilst freeing up staff for more value-adding activities.
“The average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 [...]