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ONE thing you can bank on, banks across the island have been pushing ahead with their digital strategies and services in a bid to attract tech-savvy customers and keep existing ones on board the high-tech train on innovation.
NBB this week announced details of its strategy for its digital transformation, which centres on better meeting the fast-evolving needs of customers and modernising every aspect of its banking experience through the strengthening of its digital capabilities.
Commenting on the bank’s digital ambitions, Jean-Christophe Durand, CEO of NBB, said, “Already the kingdom’s largest commercial bank, this exciting transformation will further extend NBB’s market leadership to the digital sector where we aim to establish the Bank as Bahrain’s digital leader and one of the best in the region.
“We have now established a clear roadmap for our digital journey focusing on making banking easier and more responsive to customer needs while also supporting efforts to diversify revenues, enhance efficiency, better manage operational risk and, ultimately, deliver on targeted growth in line with our new strategy.”
Comprised of several important components, including comprehensive developments in services, operations and human resources, the transformation agenda prioritises the swift actioning of customer-focused enhancements.
To be completed before the end of this year, these include the reorganisation of the branch network and development of a template for the ‘branch of the future’, substantial upgrading of ATMs, and launch of a native mobile banking app, plus the upgrading of its business online banking.
NBB aims for 80 per cent of all transactions to be processed digitally and 20 per cent of new products and services to be sold online to customers. While branches will be the most beneficiaries by the digital strategy implementation, they will remain an ‘important channel’ particularly for relationship management and the close connections NBB aims to maintain and further build with its customers.
Success in the bank’s digital journey also requires close collaboration with other parties that are working to develop Bahrain’s digital ecosystem and, particularly, those seeking to introduce relevant, new financial technologies (FinTech).
To this end, NBB, as reported in FinTech Focus, has joined Bahrain FinTech Bay as a founding partner and the bank’s chief strategy officer, Yaser Alsharifi, was recently appointed as the chairman of the hub’s advisory board and a member of its executive board.
Supporting NBB in the development of its digital transformation strategy and its implementation, alongside in-house IT and banking teams, are international consultants, Roland Berger.
