Emirates NBD Group transforms institutional banking business using RISQ | financial institutions
About Emirates NBD
Emirates NBD, the leading banking group in the Middle East, was formed in 2007 as the result of a merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD). Emirates NBD’s vision is to be globally recognized as the most valued financial services provider based in the Middle East. As of 31st December 2016, total assets were USD 121.9 billion. The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, and the United Kingdom and has representative offices in India, China and Indonesia.
Emirates NBD has an ambitious growth plan to extend its group-wide institutional banking business and improve operational efficiency – mainly in interbank lending and lending to non-banking sectors (supranationals, insurances, and international corporates). Thus, Emirates NBD was looking for an ‘all-in-one’ solution to not only improve operational efficiency but also be smart, mobile, capable of drastically simplifying daily workload and, most importantly, able to give senior management a transparent and holistic view of the business.
How RISQ solved the problem
RISQ post-implementation benefits
There was no visibility of the credit pipeline and the time to process completion was unknown.
It was difficult to find any data (facility, commitment, static data) quickly and follow up on urgent matters.
A ‘Google-like’ smart search finds facilities and commitments even if entered incorrectly or partially. An action can then be taken in a single click from the search result. Users are guided by an urgency-based task list.
Users can find any data in a matter of seconds and immediately execute a related action. The ‘to-do’ list helps users focus on urgent tasks, leading to faster credit decisions.
The communication among departments and approvers was un-recorded and unstructured, delaying decisions.
A ‘newsfeed-like’ communication channel, linked to facilities and commitments, allows users to communicate on related matters and add relevant missing data. This communication is also stored.
The ‘bounce-back’ rate is reduced because applications do not have to be rejected because of missing data. Communication is centralised and any system user can be included via a ‘Twitter-like’ handle.
Management reporting was poor.
Streamlined, accurate and consistent management reporting makes the preparation of this data effortless and provides senior management with daily updates without adding to staff workload.
Senior approvers could not view or approve facilities/commitments whilst travelling or otherwise out-of-office, thereby delaying credit decisions.