The National Bank of Bahrain (NBB) was awarded the Best Retail Bank in Bahrain at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 in recognition of its strides in exclusive retail services and digital transformation. Following the success of its revamped digital banking app last year, NBB successfully attracted new customers and was able to migrate thousands of users to the new app.
In line with the bank’s promise to being ‘Closer to You’, NBB has undergone a digital transformation journey with its new retail banking app offering its customers digital on-boarding with facilitated account registration and state-of-the-art services. With a variety of services at hand, NBB witnessed a 40% increase in the app’s base as a result of its product line-up and new features like Apply Pay, virtual cards and enhanced security. NBB’s flagship savings scheme, Al Watani Savings, underwent a revamp with attractive year-long prizes encouraging a culture of saving amongst its customer base.
With the support of in-branch ambassadors to help customers understand the new functions accessible via the new banking app and the provision of revamped branches with more Automated & Interactive Teller Machines (A/ITMs) and bulk Cash Deposit Machines (CDMs), NBB ensures that the customer is always well catered for and supported in their uptake of digital services. Customers also have access to electronic e-Wallet cash withdrawal facilities and ATM vans to serve remote communities.
A new strategy focusing on innovation and digital adoption fosters the release of new products. Some examples at NBB include:
Solar loans via partnerships with local organizations that provide a platform to buy panels.
Auto loans with special rates for hybrid / electric vehicles.
Home finance & equity loans, including Mazaya and joint social housing finances.
Educational loans: preferential rates for kindergarten up to higher education are available in conjunction with a number of established learning institutes in the Kingdom of Bahrain.
Al Watani Savings: NBB’s flagship savings scheme was revamped with attractive year-long cash prizes to reward those who are saving and encourage more people to leave their deposits with the bank.
Digital banking is the emphasis at NBB, while digital adoption has grown by 40%, plus:
Retail digital banking acquired 40% of new-to-bank retail customers in 2021.
Digital also supported the increase of the banks average account opening by +23% in YE2021 in comparison to the YE2020.
Digital has acquired +22% of new-to-bank deposits in 2021.
Some of the new features on the digital banking app unveiled last year include Apple Pay, plus:
Instant credit & debit card issuance: thanks to the new digital services available, which also support smoother account opening options via the aforementioned digital on-boarding capabilities.
Enhanced security: on customer cards thanks to dynamic transaction authentication via the use of one-time passwords (OTPs) and profile updates with address, email, mobile, passport and other details now becoming easily admittable powering on-boarding and dynamic checks.
Virtual cards: with tokenization technology and near-field communication (NFC) users can tap and pay with their smartphone, or their physical card if they haven’t gone fully virtual yet. Expired smart cards can be easily updated now as well
The upgrades at NBB include two Platinum MasterCard products for the bank’s premium and prestige clients, alongside personal cards with NFC contactless functionality, and Visa elite Infinite premium equivalents with the Visa Signature security feature also available. The majority of transactions recorded at NBB are now online or mobile based in nature. The bank is well set to meet this challenge and benefit from it via various refreshed reward programs with local retail partners, especially in regard to the SaveWave child and youth account. This will ensure the next generation of customers are on board to take advantage of the next generation of services that are being developed at NBB.