leadership in a dynamic technology Environments in FAB company in UAE
Technology has continued to play a critical role in society in the 21st century. The advancement in science and technology makes transactions in banking easier as well as in other financial sectors. The digital technology in the financial services sector is disruptive. It is changing the way business in the banking sector has been done for many years. The technology sill shakes off the industry and take away business from conventional financial institutions such as banks. As a matter of urgency and strategy, FAB has been at the forefront of employing technology to improve its efficiency in offering financial services. Some banks are defensive and very cautious about the digital transformation but sooner they will have to adapt it as well. The bank’s leadership also appreciates the role used by technology in fighting fraud and it has therefore invested heavily in the technology to enhance its operations and also protect its customers and assets. The bank supports technological innovation especially fintech which has a direct benefit to the industry in the future. It supports developers and innovators who have dedicated their time and energy to science and technology through funding and donations. The bank recruits skilled and talented individuals who are well acquainted with technology as a way of harnessing the right skills for its well being and progress. The investment in technology has enabled the bank to offer leading products to its clients globally in a convenient way. Thus, the bank has significantly reduced administrative processes and time. The use of technology has enabled the bank to reach out to its clients in various parts of the world through the use of ATMs and online banking. It as well partners with other financial institutions and offers its services to its clients based on other institutions’ platforms. For example, the bank’s client can make use of VISA, Master card, among other debit and credit cards to access funds in their accounts. The clients can also make cashless shopping with their debit and credit cards. They do not have to carry cash for shopping. Don't use plagiarised sources.Get your custom essay just from $11/page
Talent acquisition has been one of the strategies used by the bank to ensure that it has the right human capital to take to the next level especially with respect to advancement in science and technology ((FAB, 2017). Talent mobilization is one of the five strategic pillars used by the bank. The bank has its eye focused on acquiring the right talent and skilled human capital that will drive its transformation forward. The current transformation in the banking sector involves a shift from manual processes to automatic processes. The corporate leadership of the bank has therefore found it prudent to harness the right talent for the job. Having good human capital policies will act as a magnet to acquire better global talent and thus provide its services in the best way possible. The transformation process from manual-based operations to online-based operations require the bank to have the right human capital that is well versed with technology. The bank has driven the agenda through astringent and a well-choreographed talent acquisition process to ensure that it recruits the best candidates for the job.
The other pillar which serves as a strategic role for the bank is mobile-centric digitization. The pillar is meant to transform the experience of its customers and make it is as efficient and convenient as possible. Mobile-centric digitization involves empowering clients to access their funds using mobile gadgets such as mobile phones (FAB, 2017). Thus, the customer can make deposits or withdrawals from their account from any location and at the palm of their hand. The experience has revolutionized the banking sector such that most of the operations and services such as the telling services are no longer demanded a significant number of people.
The new technologies bring forth new business opportunities to the bank. The opportunities are so many such that the banks are confused about which ones to take and which ones to leave. The best thing as a bank is to change the existing business model to accommodate technology and this has been the case with FAB (Al-Qudah, 2017). Technology is very helpful to the bank because it facilitates operations across its 19 branches in five continents. Transactions in all the banks are done on a real-time basis and this is very important to global businesses.
Having accommodated technology and innovation in its banking model, FAB has been able to move beyond the traditional core mandate of the bank. It now taps deeper in unexplored opportunities in its existing and non-existing customers (Bhyer and Lee, 2019). One of the ways the bank has managed to achieve is by harnessing its client’s data to facilitate it meets their personal needs with ease and convenience. The bank can learn about their spending habits and complement them through the provision of credit and also make investments that are compatible with the tastes and priorities of their clients. Through artificial intelligence, the bank will be able to continually improve on its services and products thus provide superior banking services.
In other cases, the bank can provide extended services such as accounts receivable and payable management, cash-flow analysis, accounting, and factoring to small and medium enterprises (SME) who are their customers (Martins and Khanna, 2019). Through mobile digitization, the bank can partner with nonbanking agencies to provide services such as bill payments to their retail customers (FAB, 2017).
FAB has also explored digital banking. Through the platform, it provides banking services online. Digital banking reduces banking risks and enhances customer service, convenience, and efficiency in making banking transactions (Martins and Khanna, 2019). It has enabled clients to make deposits, transfer funds, withdraw funds, apply for loans without visiting the bank’s premises. Digital banking has made the lives of the consumer easier. It is the future of banking.
The use of technology has also facilitated the sustainability of the bank in the unforeseeable future. It is able to quickly grasp and implement new technology in the market which may be of use to the bank. Technology aids in identifying and managing business opportunities and risks in this era of cybercrime and money laundering. Having the right technology secures its reputation, assets and client’s wealth thus contributing towards its sustainability (FAB, 2017).
By making use of digital technology in banking, FAB has been able to disrupt the banking model in the UAE. It has placed it ahead of its competitors who are yet to fully adopt technology in their operations. Digital technology in banking has accelerated the bank’s growth both locally and globally. It is able to connect with its customers conveniently through social media, mobile, and online banking, as well as the bank’s website. As a result, it is enjoying dominance in the region. It is labeled as the most advanced corporate bank due to its unique leverage position.
Al-Qudah, A.A., 2017. The Factors that Affecting the Consumers’ Continuing to Use Internet Services in the Banking Industry: Empirical Evidence from Abu Dhabi, UAE. Modern Applied Science, 11(4).
Bhyer, S. and Lee, S., 2019. Banking the Unbanked and Underbanked: RegTech as an Enabler for Financial Inclusion. The RegTech Book.
FAB. 2017. Corporate Sustainability Report 2017. Retrieved from https://www.bankfab.com/en-ae/about-fab/sustainability/reports
Martins, H., & Khanna, S. 2019. Six digital growth strategies for banks. Retrieved from https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/six-digital-growth-strategies-for-banks