Following this announcement, the strategic investment has its objective set on strengthening the overall synergies from partnerships by combining the Bank’s digital services and expertise with the technological solutions and the efficiency of fintech companies and businesses.
The investment was made by Emirates NBD’s Innovation Fund, the financial institution’s venture fund. Its corporate venture capital is set to provide the Group with the possibility to make investments in tech startups and companies, for further improving and developing its digital strategy. The Innovation Fund’s plan is to invest in a large range of stages of growth, depending on the companies fit for the Group.
Komgo is set to use this investment in order to develop new tech solutions that will be leveraged to accelerate the overall business processes, as well as meet the needs, preferences, and demands of the industry and customers.
UAE-based banking group Emirates NBD had multiple partnerships and launches in the last couple of months, covering different regions around the world.
In July 2023, the banking group announced the launch of its upgraded WhatsApp banking product, designed to offer more accessibility and security to its customers. The WhatsApp banking service was set to allow clients to avail of 15 everyday banking solutions on the go, in a secure, simple, and efficient manner. The upgraded features included the possibility to generate credit card mini statements, check account balances, temporary block and unblock cards, as well as place new cheque-book requests.
Non-customers were enabled to subscribe to the WhatsApp banking application and to benefit from the newly added features, such as finding branch and ATM locations or viewing the latest Forex rates. Users were also provided with a sigh-and-share capability for PDFs and images, in addition to the queries regarding the bank’s tools and services or the direct agent access for uncovered solutions. Following this launch, Emirates NBD also introduced a secure transition of customer intent, from Phone Banking to the WhatsApp application, via an integrated omnichannel procedure.
Earlier in the same month, the Emirates NBD announced its plan to leverage the capabilities and offerings of generative AI in order to improve its tools’ productivity. The group aimed to optimise productivity across various business functions that were supported by Microsoft while also fostering new opportunities for improvement, efficiency, and client experience within the banking industry. The three main initiatives that were made aimed to offer advancements in software development, customer engagement, as well as collaboration and partnership.
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