How First Abu Dhabi Bank uses cloud, mobile tech to stay competitive

First Abu Dhabi Bank (FAB) is deploying digital services and entrusting data to AWS and Azure to maintain a leading position as new players challenge traditional financial services.

yuri misnik
Yuri Misnik

Digital transformation, including adoption of cloud, artificial intelligence and blockchain technology, has opened up the financial services market to new types of providers such as fintech startups and, more recently, the big tech companies. To maintain a leadership position during the resulting disruption of the sector, First Abu Dhabi Bank (FAB) has undergone its own transformation over the past few years, rolling out a wide range of new offerings.

"One of our key focus areas is growing our digital capabilities and providing enhanced services to our customers," says Yuri Misnik, group CTO at FAB.

The bank, the largest in the UAE, was formed from a merger of  First Gulf Bank and National Bank of Abu Dhabi that was approved at the end of 2016. Two years later, FAB went live on an integrated banking platform with Temenos' T24 transaction system (now called Transact) at its core. Last year, its first full year benefiting from the new banking platform, FAB registered growth in several different areas.

By the end of 2019, FAB had a 50 percent increase in mobile registrations and engagement, compared to 2018, and recorded a four-time increase in digital transactions for services available on its mobile and browser platforms, Misnik says.

"We have also launched a fully digital account opening for some of our accounts and automated a large number of manual processes across the bank. Also, thanks to our current retail banking digital platform, we were quickly able to assist our customers with functionality and features aimed at providing financial relief during the COVID-19 pandemic," Misnik says.

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