RAKBANK was recently announced the winner of two awards at The Asian Banker’s first annual Middle East and Africa 2014 awards ceremony when it was recognized for the Best Internet Banking Initiative in the Middle East for Click and Collect online account opening, and Best Core Banking Implementation in the Middle East for successfully merging, with its technology partners Oracle and Infosys, two different core systems.
RAKBANK’s Click and Collect, which was behind the Bank’s award for Best Internet Banking Initiative, gives existing and new customers the convenience of opening their RAKBANK accounts on www.rakbank.ae through a completely online interface. Just 48 working hours after filling out an online application, Click & Collect ensures that customers can visit a UAE branch of their choice anytime within a month to pick up their welcome that includes their debit card, PIN, cheque book, and Online and Mobile Banking details all at once. Currently, Click and Collect contributes 20% of the Bank’s new individual account acquisitions and is part of the Bank’s wider portfolio for innovative online solutions.
RAKBANK was also selected for the Best Core Banking Implementation award as the first bank in the region to successfully merge two different core systems together. When the Bank introduced RAKBANK AMAL’s Islamic Banking unit on Oracle Flexcube core banking system, it combined it with its conventional core banking system from Infosys’s Finacle to create a single customer profile across both systems. Over 33 surround systems were involved and were integrated with Flexcube and all existing Finacle channels were integrated to the Islamic Core Banking platform including Mobile Banking, ATM, Online Banking, IVR, and Card Management system. AMAL was able to go live in one weekend with no disturbance to the existing customer base.
“These awards are a testament to the Bank’s continuous effort to remain innovative and competent,” said Peter England, RAKBANK Chief Executive Officer. “The successful merger of our core banking system underlines our commitment to adopt efficient internal structures, while products like Click and Collect highlight the importance we place on convenience in the customer’s banking experience,” he added.
The Asian Banker awards program is designed to identify emerging best practices as well as to identify implementation goals and challenges from which other banks and vendors can learn. It is also designed to populate The Asian Banker’s vendor selection program with benchmarks and realistic goals that other banks taking the same path can set themselves. This program uses the same criteria and stringent evaluation process as The Asian Banker Technology Implementation Awards presented during the annual summit and focuses solely on the achievements in the Middle East and Africa banking industry. Winners are selected by a panel of advisors, industry leaders, practitioners, and academics based on in-depth submissions that exhibit new concepts, new technologies, and creative thinking.
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