National Bank of Ras Al-Khaimah and Infosys Finacle awarded the Best Digital Transformation Initiative, Application or Programme in the Middle East at The Asian Banker Financial Technology Innovation Middle East and Africa Awards Programme 2019
- RakBank implemented a new digital banking platform for an integrated and seamless customer experience across digital channels
- The system facilitated the bank to offer innovative services and instant overseas remittances with biometric based customer on-boarding in three minutes.
- The system increased digital logins by 25%, digital transactions by 27% and mobile banking application logins by 110%.
Dubai March 21st 2019–National Bank of Ras Al-Khaimah (RakBank) and Infosys Finacle were awarded the Best Digital Transformation Initiative, Application or Programme in the Middle East at The Asian Banker Financial Technology Innovation Middle East and Africa Awards Programme 2019.The awards ceremony was held in conjunction with The Excellence in Retail Financial Services Convention 2019at Conrad Dubai, U.A.E on March 21st 2019.
RakBank implemented a new digital banking platform for an integrated and seamless customer experience across digital channels
RAKBANK implemented a new digital banking solution enabled by Finacle Digital Engagement Hub towards a seamless and consistent banking experience across digital channels. The bank was facing challenges in customer experience due to disparate systems across channels, different user interface and lack of uniformity andoutdated legacy mobile banking application.The bank revamped the digital channels with comprehensive new features with centralised channel rules enabling it to launch new channels and products faster. The customers can now navigate seamlessly across channels without losing the transaction context.
The system facilitated the bank to offer innovative services and instant overseas remittances with biometric based customer on-boarding in three minutes.
The implementation entailed integration across 20 systems with over 100 host interfaces. It now offers a unified experience across channels customers, same login credentials across channels, ability to pay multiple bills in one click, live chats and to use the mobile App to withdraw money from ATMs. The bank implemented RakMoney Transfer for instant remittance to India and Philippines wherein using digital technologies such as biometric authentication, optical character recognition (OCR) and ID picture verification, the bank is able to open account within three minutes.
The system increased digital logins by 25%, digital transactions by 27% and mobile banking application logins by 110%.
Following the implementation the bank witnessed a 25% increase in user-logins on digital channels, 27% increase in user transactions through digital platform and over 110% increase in mobile banking logins.The system also has embedded analytics with automated dashboards that provide behavioural history of customers across mobile and online channels
The Asian Banker Middle East and Africa Awards Programme is refereed by prominent global bankers, IT consultants and academics, and is the most prestigious of its kind in West Africa. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website iswww.theasianbanker.com
You may visit the Financial Technology Innovation Middle East and Africa Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157080239284804
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker