ADIB partners with IBM to drive digital transformation of banking services
By Leandra Monteiro
Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution, announced its collaboration with IBM to accelerate its transition to become a digital first Islamic bank, using IBM hybrid cloud solutions based on Red Hat OpenShift. The transformation goes with the bank’s digital transformation strategy which leverages big data, analytics, and Artificial Intelligence (AI) to deliver operational and financial benefits.
A recent study by IBM revealed that over the past two years, the bank’s customers have made a decisive pivot from internet to mobile banking as their channel of choice. Moreover, of the customers who use ADIB’s mobile apps, 60% can be classified as heavy users, often logging in multiple times per day.
According to media reports, Mamoun T. Alhomssey, Chief Information Officer at ADIB said, “Providing an exceptional customer experience is the top priority at ADIB and the ultimate objective of our digital transformation strategy. As we continue to upgrade and enhance our operations, the bank will benefit from IBM’s hybrid cloud solutions that enable faster processes that can increase productivity and performance while also strengthening our security. The main benefits to IBM’s cloud systems are that they enable the bank to operate with greater efficiency and serve customers more effectively. In a fast-changing world, this will allow us to meet evolving customer needs in a quicker and smarter way.”
According to media reports, Hossam Seif El-Din, General Manager of IBM in the Middle East and Pakistan, added, “Financial institutions are one of the cornerstones of society. However, to keep pace with challenging times and constantly changing customer demands, they need to modernise. Our collaboration with ADIB is evidence that hybrid cloud strategies are core to digital transformation journeys and an enabler of revolutionised business models.”
This partnership will enable ADIB will be able to provide its users with numerous financial microservices through its vast ecosystem of partners and FinTechs, allowing customers to use the bank’s digital platform as a one-stop-shop for all their financial needs.
Prior to embarking on this new phase in its digital transformation journey, ADIB already shared a strong relationship with IBM. Its core IT systems are designed as a service-oriented architecture built on IBM middleware, and its risk management teams have been using IBM Algorithmics® software for risk analytics for several years.
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