Abu Dhabi – Mubasher: The United Arab Bank, listed on the Abu Dhabi Securities Exchange (ADX), has teamed up with the UK Finastra with the signing of a transformative deal that covers offering services to retail and corporate customers.

Finastra’s Fusion Corporate Channels and Fusion Cash Management products were chosen by the UAE bank to enhance and boost its corporate offering and help attract more customers.

Finastra’s core banking solution, the latest version of Fusion Equation, is going to be upgraded to offer an improved digital experience to its retail customers, according to a press release on Thursday.

Generating additional revenue streams is forecast from these solutions which will help the United Arab Bank become more competitive.

CEO at United Arab Bank, Ahmad Abu Eideh, commented on this announcement, saying “United Arab Bank is working on delivering this level of service to all its clients – both retail and corporate. By investing in agile technologies like Finastra’s, we’re making sure our business is more attractive and more competitive in the long run.” 

Meanwhile, Serge Tohme, Finastra’s managing director, MENA and Turkey highlighted, “The Middle East, and the UAE specifically, is seeing a sharp rise in the number of neobanks and challengers that are offering services to retail and corporate customers alike. It’s crucial that traditional banks reinvent themselves and the customer experience to remain relevant.”