Mastercard and Moneythor have announced their partnership, focused on bringing personalised and secure experiences to First Abu Dhabi Bank (FAB) across its digital channels.
Following this announcement, the partnership will be supporting FAB’s shift from transactional interactions to becoming a trusted financial partner for its customers.
In addition, through this collaboration, FAB’s customers will be given the possibility to see real merchant names and logos, organised spending categories, intuitive summaries of transactions, as well as improved cashflow forecasts. This will give them a deeper understanding of their money, reducing financial stress and optimising the way they stay on track with their goals and build healthier financial habits.
Bringing Deep Banking to First Abu Dhabi Bank
According to the official press release, through the process of combining Mastercard’s payments experience with Moneythor’s enrichment and personalisation technology, FAB is expected to focus on providing a mobile banking experience that is not just clearer and more engaging, but insightful as well. At the same time, both companies will prioritise making sure that the transactions, from recurring bills to everyday purchases, are presented in a way that is easy to understand and act upon, giving customers the needed context and tools to take control of their financial lives.
Moreover, Deep Banking represents an important initiative that focuses on turning complex financial data into actionable insights. With this in mind, through enriched transactions, spending insights, and cashflow forecasting, the partnership aims to help customers understand what they spent, why it matters, and what comes next, as well as giving them clarity and control over their financial journey.
Both companies are expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
