Dubai – Mubasher: Emirates NBD Group CEO Shayne Nelson said that the bank was planning to invest around AED 1 billion in digitising the bank’s services over the next three years, The National reported on Sunday.

Speaking about several aspects of the digitisation process, the top official noted that many UAE banks were investing in the digital arena and highlighted the smaller banks should consider entering into mergers and acquisitions (M&A) to compete with their larger counterparts.

He further commented that the investment in the digital sphere is likely to result in lay-offs, indicating banks like Dubai-based Mashreq is also planning to invest in artificial intelligence.

Mashreq will shed 4,000 employees from its workforce in the next 12 months as the bank’s investment in digital services and artificial intelligence have reduced its reliance on human resources, Mashreq CEO Abdul Aziz Al Ghurair told The National last week.

“From the industry’s perspective, we will see a shift in the jobs away from processing into areas like advisory. We will see different types of jobs evolve but we will lose some processing jobs and there’s no doubt about that,” Nelson told the newspaper.

Around 92% of Emirates NBD’s transactions go through its digital platforms, the top official revealed, noting that the bank was planning to invest around AED 1 billion in digital services.

“We are pulling down the number of people in branches because the transaction volumes are dropping. People don’t want to go to branches,” Emirates NBD Group CEO stated, noting that the UAE economy remains “very heavy on cash and cheques.”

“In the medium term there will still be a place for branches but they will be significantly electronic and self-serviced with emphasis on advisory services,” The National said, citing Nelson as saying.