Finastra announced today, during Finastra Universe Dubai, that it has signed a transformative deal with United Arab Bank, a UAE-based bank that offers services to retail and corporate customers.
The bank has selected Finastra’s Fusion Corporate Channels and Fusion Cash Management products to strengthen its corporate offering and help attract more customers. It is also upgrading to the latest version of Fusion Equation, Finastra’s core banking solution, to offer an improved digital experience to its retail customers. The solutions will help the bank become more competitive, streamline internal processes and, in turn, generate additional revenue streams.
Ahmad Abu Eideh, CEO at United Arab Bank said, “Customer expectations have changed drastically over the past few years and banking customers are no different. They expect their bank to offer a digital experience similar to the ones they are seeing in other areas of their lives. United Arab Bank is working on delivering this level of service to all its clients - both retail and corporate. By investing in agile technologies like Finastra’s, we’re making sure our business is more attractive and more competitive in the long run.”
Fusion Corporate Channels and Fusion Cash Management will provide a much improved, functionality-rich experience for corporate users and treasurers to effectively manage cashflows, unifying trade, supply chain finance, cash, lending and treasury services for corporate clients. The solutions will be integrated with Fusion Equation under a single portal, providing better services and improving the entire customer experience. The upgrade and integration will be managed through Fusion Advance, Finastra’s dedicated upgrade management program, powered by Finastra Global Services.
Serge Tohme, Managing Director, MENA and Turkey at Finastra said, “The Middle East, and the UAE specifically, is seeing a sharp rise in the number of neobanks and challengers that are offering services to retail and corporate customers alike. It’s crucial that traditional banks reinvent themselves and the customer experience to remain relevant. For this, they need applications that are agile so that they can adapt quickly in line with changing trends and regulations. Our solutions will enable banks like United Arab Bank to offer enhanced services to all their customers, helping them become more competitive and increase their market share.”