Number Of New Accounts Soars At Abu Dhabi Commercial Bank
The number of new bank accounts processed by Abu Dhabi Commercial Bank PJSC (‘ADCB’) rose by 43 per cent to date in 2012 compared with the same period last year, latest figures reveal.
ADCB, a key business partner in Dubai Outsource Zone (DOZ), has enjoyed an increase in new account activity following the success of its ‘Free Banking’ initiative in which the bank removed charges on personal, current and saving accounts.
The growth has been supported by the introduction of a ‘shared services’ model in which many of ADCB’s key processes have been centralized and streamlined. The model has supported the increase in new bank accounts by improving processing time and decreasing rejection rates.
Jerry Möllenkramer, Group Chief Operating Officer at ADCB, said: “The shared services model along with productivity management has allowed us to absorb the entire volume of the additional 43 per cent capacity without the need to hire any new staff. ADCB is committed towards achieving operational efficiency across its banking services, the concept of shared services is all about adding agility, capacity and quality to the process.”
Speaking to the benefits of a shared services model, Möllenkramer said: “In response to regional growth demands, ADCB acquired a location that would accommodate call centers, collections and other facilities. The shared services entity was set up at DOZ which delivered the competitive pricing and benefits of a free zone model.
“There is substantial value to extract from what we have created similar to global majors such as Citibank and General Electric. This could be a source of revenue in the future,” he continued.
The international credit rating agency Capital Intelligence affirmed ADCB’s Financial Strength Rating of A-, marking one of the most successful periods in the bank’s history.
Malek Al Malek, Managing Director of Dubai Internet City and Dubai Outsource Zone said: “ADCB’s significant growth is a testament to the bank’s ethos of offering innovative products and unparalleled service. Our latest report, Outsourcing Opportunities in the MENA Region, commissioned in partnership with Frost & Sullivan, shows that financial services account for one of the greatest proportions of outsourcing utilization in the MENA region, which is set to reach 23% by 2016. DOZ, through our provision of comprehensive purpose built infrastructure, and our long term strategic partnership is proud to be part of ADCB’s evolution in the region.”
Established in June 2004, and launched in 2007, DOZ was initiated by Dubai Internet City to cater to the growing market demands of the outsourcing industry. Companies set up in DOZ can experience an environment that attracts different elements of the value chain from banking and finance, insurance, IT, legal to airlines and hospitality. In addition to ADCB, DOZ is home to many of the leading UAE local banks, including Mashreq, Arab Bank, Habib Bank and Dunia Finance.
Emirate: Abu Dhabi
Date: Dec 4, 2012
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