Emirates NBD establishes future digital banking lab to drive smart service adoption in UAE

Emirates NBD, one of the leading banking groups in the Middle East, has announced a new initiative that aims to increase smart service adoption in the UAE.

The first of its kind in the UAE banking sector, the Emirates NBD Future Lab is a key initiative of the bank’s digital strategy that will enable and accelerate the development of next generation digital and mobile banking services in the region. The lab will act as a strategic think tank and a testing center for innovative ideas, products and services for the bank’s retail and wholesale banking customers.

“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”, Abdullah Qassem, Group Chief Operating Officer at Emirates NBD said.

According to the official release, the lab is a major step towards institutionalizing 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 multichannel transformation of its processes, products and services.

The initiative will be managed and operated by an in-house team of business and technology experts. It will focus on exploring how digital can truly impact the present and future of banking and offer a differentiated, more seamless and convenient offering to the customer; encouraging the adoption of digital products and services by enhancing their user friendliness and engagement value; and achieving operational efficiency by optimising and aligning internal processes.

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.