Technology and society are advancing at an unprecedented pace, making businesses the age of digital Darwinism. In the immediate future, banks need to transform themselves with new thinking, completely different management concepts and innovative business models.

Digital banking has been rapidly gaining ground since the outbreak and its aftermath – new technologies and products are expected to continue to improve options for customers. The transition to digital, which began before the outbreak at Fujarah National Bank, is now accelerating and making digital the preferred choice for consumers.

The rise of digital banking

As part of the digital strategy, which has been in place since 2015, the bank’s technological improvements have already led to lower transaction costs, automation and optimization, and a significant increase in online banking. In addition, customers engage in a wide range of day-to-day banking activities, such as applying for and receiving credit cards or paying bills through online banking channels.

In a region where banks are often proud of the size of their branch networks, customers are growing into digital marketing / online banking. To date, more than 86 percent of remittances have now been launched through NBF online banking channels, and more than 70 percent of the bank’s customers have moved from traditional branch visits to online banking. In some processing areas, more than 90 percent of transactions are now fully automated.

Fujaira National Bank is also transforming its branch in the United Arab Emirates and investing in new products and services for its customers. The Bank’s Virtual Taylor Machine (VTM) allows customers to connect directly to any one-to-one transaction via real-time video when receiving a personalized service. Branch deposits have fallen to 45.6 percent due to digital pressure, up from 65 percent in the first nine months of last year.

Digital payments and e-wallets

As much of the world changed online due to Covid-19, the Bank In 2020, it released a number of new products. It has reached a major milestone in the UAE’s financial future by enabling people-to-person payments via mobile phones. Depending on the construction, the project is expected to save 60-70 percent of the cash. Clip release is expected to accelerate the use of digital solutions in exchange for cash and open up resources to other banks. The United Arab Emirates (UAE) is leading the way in becoming a non-profit society as the UAE looks to the future.

In addition, the NFF was an instant part of the digital payment system, which allows customers to securely pay for government payments and services while driving a cashless community initiative.

Bati also took part in the launch of the UAE’s blockchain platform, a joint venture between Etisalat Digital and seven other banks. This forum aims to fight fraud and duplication and support financial institutions to address key issues in the business finance space. The solution is one of the key steps to achieve financial and financial stability, efficiency and resilience in the financial system and is in line with the UAE government’s vision for future technologies such as blockchain that will stimulate economic growth.

NFF recently launched NBFX. Expansion of the Bank’s digital offerings, providing digital experience to their customers to meet their treasury requirements, is available to 24/5 regular and Shariah-based bank customers.

Supporting SMEs

According to the Ministry of Economy in December 2019, SMEs are the backbone of the UAE economy, contributing 52 percent of the country’s gross domestic product. SME place as part of the vision of being an election partner for businesses across the Emirate.

To support SMEs and support their growth and recovery, NBF has developed a new creative platform in collaboration with SMEs called NBF CONNECT. The Community Forum serves as a one-stop shop for SME members, which includes access to a collection of services and solutions as well as knowledge sharing skills.

The forum provides members with unique features tailored to their specific needs. A collection of SME services such as HR services, legal aid, e-commerce and market management to meet the business needs of the SMMA community. NFF Communications is an important part of the ecosystem as part of the business ecosystem of leading partners such as Etisalat and Visa in collaboration with NBF to develop SMEs with the right tools and support them to move forward on their journey.

The digital growth of the bank and the significant improvement of the online banking NBF recently marked the launch of the MEA Finance Bank Technology Technology Award 2021 – a remarkable achievement for the region’s first bank. Improve centralized certified internet banking platform, customer experience and security with advanced features.

DNFF’s ongoing investment in digital design and innovation ensures that the Bank has a unique customer service and cost efficiency and at the same time creates new sources of business growth for the future.

Updated – September 26, 2021, 5:00 p.m.