RAKBANK, also known as the National Bank of Ras Al Khaimah, is one of the oldest banks in the UAE, having been founded in 1976. The bank underwent a major transformation in 2001 when it shifted focus from corporate banking to personal and business banking. RAKBANK offers a wide range of services through its 36 branches and portfolio of electronic banking solutions. It also offers Sharia-compliant personal and business banking services via its Islamic banking unit, RAKislamic.

RAKBANK was looking to overhaul its digital channels landscape so as to deliver a seamless experience for its customers across assisted and unassisted channels. Until then its channel banking solutions, although robust, were outdated and operated in silos, which restricted the bank from offering a truly digital experience to its customers. Multiple vendors were evaluated for this initiative, before the bank selected Infosys Finacle, since it offered a holistic approach to customer engagement and experience management across channels. RAKBANK chose to implement Finacle Digital Engagement Hub, a unified digital engagement solution that would empower the bank to offer a seamless and consistent banking experience across channels for its personal, corporate and business customers.

The implementation was fairly complex as it involved the merger of two heterogenous systems to Finacle’s Digital Engagement platform. This entailed moving users with two different legacy credentials from two systems and migrating them to a single seamless platform. The implementation also required RAKBANK’s processes to be reimagined and designed from scratch.

A sophisticated wrapper algorithm was developed for first-time user login to achieve a seamless user experience. Many new features, such as multiple bill payment in one click and quicker fund transfer, were also introduced.

With the deployment of an advanced digital engagement suite of solutions, RAKBANK was able to centralise channel rules and business processes to accelerate the launch of new channels as well as the rollout of new products and services across channel applications. Finacle’s solution also helped the bank enhance customer engagement by delivering consistent real-time information of sales and services across channels, thereby enabling personalisation of channel experiences by customers themselves as well as by their relationship managers.

 

It also enabled RAKBANK’s customers to navigate seamlessly across channels without losing the transaction context. The Finacle Digital Engagement Hub also offered the bank insights into customers’ channel usage and preferences and the ability to design optimal channel strategies for various segments. The new enterprise-class system of engagement offered unique benefits to both corporates as well as personal banking customers of RAKBANK.



The upgrade to an advanced digital engagement platform had a significant positive impact on the use of digital channels by customers within RAKBANK. This included:

  • 79% increase in mobile banking application users.
  • 33% increase in user logins on RAKBANK’s online platform.
  • 32% increase in user transactions through digital platforms
  • 21% growth in high-value transactions after the introduction of two-factor authentication, with transactions amounting to AED 2.9 billion within three months’ time
  • Customer queries were serviced 14% faster

Overall, the bank’s management was happy with the benefits and support provided by the Finacle team during and post the implementation. For RAKBANK this deployment marked a critical juncture in its digital transformation journey. The redesigned journeys and new straight-through processes are expected to drive usage of digital channels to reduce cost and effort at the back-end and improve user experience at the front-end.

KEY FACTS

Bank: RAKBANK

Headquarters: Ras Al Khaimah

Supplier: Infosys Finacle

Solution implemented: Finacle Digital Engagement Hub, Finacle Mobile and Internet Banking suite Deployment : On-premise

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by IBS Intelligence
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