Emirates NBD, FGB win Celent Model Bank Awards
Two banks in the Middle East, Emirates NBD and FGB have been awarded Celent Model Bank Awards. Celent is a research and consulting firm focused on the application of information technology in the global financial services industry and is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies.
The FGB Connected Corporate Banking initiative, won the 2017 award for Corporate Digital Platform. Celent said its service offers an integrated, digital experience for its transaction banking clients and that FGB is the first bank in the Middle East to offer an omnichannel integrated transaction banking solution that includes Islamic Banking capabilities.
"This initiative was a major undertaking that has seen FGB reinvent its entire approach to corporate banking, transforming back end systems and processes and revolutionizing client-facing capabilities," said Susan Feinberg, Senior Analyst of Celent's Banking practice.
Emirates NBD together with India’s ICICI Bank received the 2017 Award for Most Promising Proof of Concept. The two banks piloted trade finance and remittances transactions across the UAE-India corridor, one of the busiest corridors for both banks, using distributed ledger [blockchain] technology.
"With this project, Emirates NBD became the first bank in UAE and ICICI Bank, the first bank in India, to pilot a blockchain-based network for financial services," said Patricia Hines, Senior Analyst in Celent's Banking practice. "This blockchain network model is least disruptive to existing systems and processes in banks. This approach reduces complexity as it allows banks to integrate blockchain powered networks seamlessly into their current architecture."