Since banking services become more digital, it has become very important for banks all over the world to build digital transformation, implement more intelligent systems and include their operations.
To reveal how banks are adapted to keep pace with the world that is increasingly driven by technology, Miguel Rio TintoHead of the Digital Information and Information Group in Emirates NBDBreaking the important opportunities and challenges for banks that start digital transformation trips.
Before the bank attends the third edition of Dubai Fintech SummitThe first event focused on the Fintech future and the financing it organizes International Financial Center in Dubai ((DIFCRio-Tinto explains how the UAE NBD adopts emerging technologies, including artificial intelligence and Blockchain, with a final goal that is to provide a built-in banking experience in consumer daily life.
Reshaving the core of banks: beyond digital channels
Since the CIO and CDO NBD group, Rio-Tinto has a unique perspective about the future of banking services. Talk to Fintech timesHe explains how the next wave of digital transformation in banking services can reshape the essence of financial institutions.
“The first wave of digital transformation focused on access – breaking customer services through mobile phone applications and online platforms. But the next wave deepens much more. It relates to re -imagining the core of banks – how the bank works, standards and adaptation – not only its factions.
“We integrate banking into daily life by updating from the inside out. In the UAE NBD, we build platforms in the original actual time that supports built -in financing and open banking services. These are basic transformations that allow us to become more flexible, smart and equip the ecosystem.
“The future of banks exceeds a customer interacting through the screen. It relates to becoming part of the customer’s world, and provides perceived, pre -emptive and safe services. Either through banking partnerships as a service or service of Amnesty International that directs financial decisions, we are moving towards a completely connected and fully integrated experience in daily life.”
“Digital is no longer about access. It has become the basis for how banks work.”
Emerging technology: high risk opportunities
The noise surrounding AI and Blockchain and quantum computing continues to grow, for a good reason. All of these emerging technologies are of great potential, as Rio Tinto explained, but they also pose new risks.
“These technologies open new possibilities in the financial services industry. Amnesty International is already transforming how we work in the UAE NBD – from intelligence documents in financing trade to pre -emptive trade, and we use smart customer models.
“Blockchain offers opportunities in areas such as distinctive assets and actual time leveling, especially in private markets. We actively explore how efficiency and transparency can improve in private markets. However, the pace of adoption depends on the rapid development of legal and regulatory frameworks.
“Quantum computing, although it is still emerging, on our radar. We have already started integrating post -quarter encryption standards to ensure our systems remain safe with the development of these technologies.
“As with any emerging technology, governance remains necessary. Our focus is on responsible adoption – insurance transparency, alleviating bias in models, and continuously reviewing results to maintain confidence and control. For this reason we have created an artificial intelligence governance framework to ensure that innovation is responsible and in line with our values.”
“Artificial intelligence is no longer just an experience. It is an integrated ability through our structure.”
Cloud strategy: trenches lessons
As the UAE NBD continues on its cloud trip, Rio-Tinto breaks the lessons that Dubai-based bank has learned to date.
“Today, 100 percent of our work burdens work on a mixed cloud environment, combining special and public cloud infrastructure. This strategic approach gives us flexibility in innovation on a large scale while ensuring that the privacy of strict data and regulatory requirements.
“Our mixed model allows us to put the correct work burdens in appropriate environments – improving performance, compliance and lightness of commercial movement. It gives us the flexibility and flexibility we need to support the modern digital bank.
“What really distinguishes our journey is the strength of our inner ability. We have built a culture led by engineering that enable us to update platforms, reduce old dependency, and quickly adapt to emerging technologies.”
“Cloud Unlocks Scale and Speed, but the real light movement comes from the correct internal capacity building.”
Excessive character for privacy: confidence equation
It is not surprising, that consumers’ expectations revolve around a character. But the importance of the balancing technological innovation, data privacy and trust is still important, especially for the likes of the Emirates NBD.
“Customization should go beyond traditional marketing. It must feel natural, not interference,” explains Rio Tinto. “In the UAE NBD, we included” privacy according to the design “in the structure of our digital experiences. For example, we have Wealth application Federal learning – AII that analyzes trends without exporting initial data.
“We also give customers” data dashboard “to control what is shared. These tools allow them to decide how to use their information, and we saw that this openness increases confidence. When customers understand how their data improves their experience, such as discovering fraud faster, they choose a more comfortable engagement with our services.
“All this is integrated into the broader ecosystem for digital banking services that we created. From actual time updates to self -directed trading and smooth credit on the plane, our experiences are designed to be customary, safe and respectful for customer options.”
“The best customization looks like intuition, not storming.”
2030 Bank: More than money
With artificial intelligence and other technologies already arising greatly in the face of the banking industry around the world, will banks like the UAE NBD “banks” remain in the future? Can you develop into something much wider? To find out, we asked Rio Tinto.
“Bank of the Future is preparing to develop beyond the traditional role of the financial institution. We move on to be product providers until they become integrated platforms that support each aspect of our customers’ life.
“By 2030, banking services will be smart and compact. This will happen automatically, and in the background, whether it means providing immediate financing when going out or improving the wealth portfolio based on the actual time of life. He will feel the treatment less and semi -trial.
“In Emirates NBD, we build the basis for this now. We are investing in smart platforms, open application programming interface, advanced artificial intelligence decisions. Our goal is to make financial services intuitive, fast response and deeply integrated into the customer’s life.
But the “bank” mark will remain – because confidence is immortal. What are the changes we make: not through branches but through invisible and smart ecosystems. ”
“By 2030, banks will be a smart environmental system – available and always integrated into daily life.”
