MENA Newswire: Bank ABC, MENA’s leading international bank, wins the ‘Best Bank for Digital Solutions in Bahrain’ award at the Euromoney Awards for Excellence 2022. This award stands testament to the Bank’s pioneering digital solutions that have radically transformed client experience and distinguished its offering from its peers. The awards ceremony was held in Dubai on 23rd June 2022 and attended by CEOs and C-suite financial industry executives from across the MENA region.
Bank ABC Deputy Group CEO, Sael Al Waary
Commenting on this prestigious recognition, Bank ABC Deputy Group CEO, Sael Al Waary, said: “We are proud to be recognized as a digital solutions leader by one of the most esteemed awards in the global banking industry. This significant win reflects our unwavering commitment to delivering seamless state-of-the-art wholesale and consumer banking experiences, with clients and their ever-evolving needs at the heart of our proposition.
“As we build our ‘bank of the future,’ we aim to continually design and co-create simple, flexible and integrated products and services for our clients. This award attests to the transformative impact of the innovative digital solutions we have deployed to date. I sincerely thank Euromoney for this distinction and the Bank ABC team for their dedication and endeavors towards progressing our digital transformation agenda,” added Mr. Al Waary.
Commenting on Bank ABC’s digital achievements, Euromoney Researcher, Aylin Junga, said: “Bank ABC has been at the forefront in deploying cutting edge, customer centric digital innovations across the full scope of its portfolio. It continued to make tangible improvements to its digital mobile-only retail bank, ila, including ‘Hassala’ – a digital saving pot, ‘Jamiyah’ – a collaborative saving tool and “Transfer by Mobile Number” – a service facilitating payments without IBAN. The bank also collaborated with various stakeholders and Central Bank of Bahrain to pilot a flagship digital currency payment product. The bank’s digital innovations on the corporate banking front have been equally impressive and include a digital onboarding service for corporates and financial institutions, modernization of its supply chain finance and an introduction of a new FX trading platform.”
During the past year, Bank ABC accelerated the digital transformation of its Wholesale Bank (WB) to deliver an unparalleled digital-first corporate banking experience, starting with Global Transaction Banking and eventually across all its WB and treasury products. Notable digital deployments include the launch of the region’s first end-to-end digital onboarding service in August 2021, which has remarkably reduced account opening time to less than 8 hours. The Bank also launched a state-of-the-art Supply Chain Finance Platform, which significantly enhances back-end operational efficiencies and boasts a feature-rich user friendly customer interface.
Established in 1992, Euromoney Awards for Excellence is renowned as the “awards that matter to the banks and bankers who matter”. This year, Euromoney received a record number of submissions from banks as part of its regional and country awards programme which covers more than 50 regional awards and best bank awards in 100 countries.