Emirates NBD has established the Emirates NBD Future Lab, a key initiative of its digital strategy that will enable and accelerate the development of next generation digital and mobile banking services with the aim to increase smart service adoption in the UAE.
The first of its kind in the UAE banking sector, the lab will act as a strategic think tank in addition to being a testing centre for innovative ideas, products and services for the bank’s retail and wholesale banking customers. Managed and operated by an in-house team of business and technology experts, Emirates NBD Future Lab will focus on three specific areas:
- Digital first: To explore how digital can truly impact the present and future of banking and offer a differentiated, more seamless and convenient offering to the customer.
- Self-service: To encourage the adoption of digital products and services by enhancing their user friendliness and engagement value.
- Process innovation: To achieve operational efficiency by optimising and aligning internal processes.
Commenting on the announcement, Abdullah Qassem, Group Chief Operating Officer at Emirates NBD said: “Emirates NBD Future Lab will be the foundation of all that we innovate, create and test in our digitisation process. Housed with a team of innovators and technical experts, the lab’s key goals will focus on developing personalised consumer-centric offerings that will seamlessly integrate with our advisory services. The lab will essentially be the home of innovation at Emirate NBD and undoubtedly cement our position as the region’s digital leader in banking.”
In its first year, Emirates NBD Future Lab will collaborate with existing partners and clients in the private and public sector as well as identify Fintech innovators to create pioneering concepts for prototyping. Key project areas will include future banking solutions to shape the experience of the UAE’s banking customers incorporating ideas driven by technology and influenced by current and future market trends.
The bank has always had a deep-rooted culture of innovation and several of the bank’s most successful launches can be attributed to this forward-thinking ethos. For instance, mePay, a peer to peer mobile funds transfer service, social banking, Emirates NBD Fitness Account, ‘Like to Donate’ Facebook app and Emirates NBD Pay were all crowd-sourced via in-house innovation programmes across staff levels. The lab is a major step toward institutionalising the culture of innovation and is aligned with Emirates NBD’s recent AED 500 million commitment over the next three years to further digital innovation and the multi-channel transformation of its processes, products and services.