5 November 2024, Tue |
9:37 AM
First Abu Dhabi Bank (FAB) has announced a partnership with IBM Consulting to aid the bank’s ongoing digital transformation journey. IBM will work with FAB to improve its digital platforms in a hybrid cloud environment in order to provide customers with a more seamless digital experience.
As part of this agreement, IBM Consulting will provide FAB with deep industry expertise in banking, hybrid cloud, and application modernization to help the bank develop new products and digital services more quickly. IBM’s team of experts will collaborate with FAB to modernize existing applications and improve FAB’s customers’ digital footprint.
FAB has undergone a transformation in recent years with the goal of putting the bank at the forefront of the industry by digitizing retail banking products and services. Today, the bank has launched a wide range of new digital banking offerings to meet customers’ digital needs, positioning the bank for future growth and ongoing agility.
Srinivasan Sampath, Acting Group Chief Technology Officer – First Abu Dhabi Bank commented: “As we accelerate into the future of banking, we need to leverage the latest innovations to underpin our ongoing digital transformation efforts to meet our customers’ increasing digital needs. IBM has been essential in our services’ delivery for the past years, and this agreement maintains our relationship to allow us to continue innovating and transforming the way we interact with our customers.”
During the pandemic, the digitalization of the UAE’s financial services sector accelerated, as consumers increasingly relied on the convenience of mobile apps to access their banking services. Banks are now focusing on modernizing their applications and creating cloud-native development environments in response to rapidly changing customer behaviors and expectations in an increasingly digital world. According to the IBM Institute for Business Value (IBV), 71% of UAE banks have realized significant or substantial value from modernizing business processes and applications.
Christian Noll, the Managing Partner for IBM Consulting in the Middle East and Africa commented: “IBM is bringing its leading edge capabilities, deep industry experience and leadership in financial services, and understanding of the specific regulatory compliance, security and resiliency needs for the banking industry to help FAB transform and bring innovative experiences to its customers. We are proud to be on this digital transformation journey with FAB, an innovation leader in the banking industry in the UAE.”
Embracing end-to-end digitization as a means of driving innovation was one of several top banking industry imperatives outlined in IBM Institute for Business Value’s 2022 Global Outlook for Banking and Financial Markets. For additional insights and solutions, visit www.ibm.com/financial-services.
