As businesses respond to the UAE’s #StayHome directives, Emirates NBD’s Corporate Banking division reports that over 70% of its corporate client base are digitally active on its award-winning digital platform, smartBUSINESS and smartTRADE portal.
Corporate Banking has witnessed a significant 60% month-on-month increase in digital on-boarding volumes as new and existing transaction banking clients opt for digital channels for their ongoing cash management and trade finance requirements. The bank further reports that 96% of the Corporate Banking division’s payment volumes are now processed through its digital channels with smartBUSINESS payments, smartTrade services and ICCS Collect (remote cheque deposit) being the top three services availed by clients.
A front-runner in digital banking innovation, Emirates NBD recently received international recognition for its ‘Transformation in Transaction Banking’ from leading international experts in financial services technology, Celent Research. Analysts at New York-based Celent declared Emirates NBD the winner of its 2020 Model Bank award for Transaction Banking transformation, commending the bank on its usage of modern technological architecture and co-creation on innovation to improve client experience and increase operational efficiency.
The bank recently enhanced its smartTRADE portal introducing a smartCOLLECTION service that enables clients to request processing of Export Collections entirely online. The new service is part of the bank’s overall commitment to continue supporting businesses with safe and ongoing operations during the ongoing COVID-19 situation.
Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking at Emirates NBD, said, “We firmly believe that digital innovation has to bring demonstrable business benefits to our clients by supporting their objectives and bringing greater efficiencies to their operations. We are honoured to be recognized by a prestigious international industry expert such as Celent for our efforts and commitment to be the transaction banking partner of choice to businesses in the UAE.
“The UAE is a key international trade hub and it is encouraging to see UAE companies focused on business continuity as they respond to the ongoing market dynamics around COVID-19 by migrating to digital ways of conducting business. We pledge to continue to support their plans and ambitions as we continue delivering on our promise of superior client service,” added Al Qassim.
Emirates NBD’s Transaction Banking division offers a comprehensive suite of products and advisory services to support working capital requirements and maximise business opportunities, enabling the bank to capitalise on the UAE’s status as a global trade hub and the growing demand for trade finance solutions in the region.