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In the words of Raheel Ahmed, Group Chief Executive Officer of RAKBANK, “We continue to make strong progress in implementing our new strategy to build a ‘digital bank with a human touch.’ At the same time, we consistently pivot the culture and mindset of our company to being ‘customer first’ in everything we do.” These words exemplify the bank’s commitment to embracing technology while putting its customers’ needs at the forefront of its operations.
A Growing Customer Base and Support for Home Loans
In the first half of the year, RAKBANK witnessed a remarkable 5% year-on-year growth in its active customer base. Moreover, the bank supported over 900 customers with home loans during this period. This growth is a testament to RAKBANK’s reputation as the “go-to” SME bank in the UAE, offering personalized solutions to budding entrepreneurs and small businesses.
Empowering Businesses with Accounts and Loans
RAKBANK opened a staggering 7,800 accounts for budding entrepreneurs and small businesses, demonstrating its dedication to fostering business growth in the UAE. Additionally, the bank disbursed over AED 1 billion in business loans, providing essential financial support to the entrepreneurial ecosystem.
Establishing a Strong Wholesale Banking Business
As part of its strategic expansion, RAKBANK’s wholesale banking business is now firmly established, catering to the diverse needs of corporate clients. With a focus on building long-term partnerships, the bank continues to grow its clientele.
Building Trust with Existing Customers and Increasing Deposits
Existing customers of RAKBANK continue to show increased trust and engagement with the bank. In H1, deposits grew by an impressive 19% year-on-year, with robust growth in operating accounts. This growth reflects the bank’s ability to deliver reliable and efficient banking solutions.
Accelerating Digital Transformation
In line with its vision to become a digital bank with a human touch, RAKBANK is at the forefront of digital transformation. Card spends surged by 20% year-on-year, and digital banking was accessed over 21 million times in H1, showcasing the bank’s user-friendly digital interface.
Advancing Financial Inclusion and Green Financing Solutions
RAKBANK’s commitment to society and the environment is deeply ingrained in its DNA. The bank actively promotes financial inclusion, ensuring that diverse communities have access to financial services. Moreover, the bank has partnered with Honeywell to reduce electricity consumption by 20% in the next 12 months, aligning with the UAE’s vision for Net Zero by 2050.
Cautious Optimism in the Face of Global Challenges
While the UAE economy demonstrates positive momentum and growth, RAKBANK remains cautious about the global macro environment. The bank acknowledges the potential impact of rising interest rates and inflation on its customers and keeps a vigilant eye on economic fluctuations.
Embracing Innovation: Launching Transformational Initiatives
RAKBANK enters the second half of 2023 with great excitement as it prepares to launch a range of transformational initiatives in the market. These initiatives embody the bank’s relentless commitment to innovation, ensuring that it meets the evolving needs of its customers.
Frequently Asked Questions
FAQ 1: What is RAKBANK’s focus for the future?
RAKBANK’s primary focus for the future is to become a “digital bank with a human touch.” It aims to embrace technological advancements while maintaining a customer-centric approach in all its operations.
FAQ 2: How did RAKBANK support SMEs and entrepreneurs in the UAE?
In H1, RAKBANK opened 7,800 accounts for budding entrepreneurs and small businesses. Additionally, the bank disbursed over AED 1 billion in business loans, empowering these businesses to thrive in a competitive landscape.
FAQ 3: What sets RAKBANK apart in the banking industry?
RAKBANK’s dedication to building strong customer relationships and providing innovative digital solutions sets it apart. The bank’s emphasis on financial inclusion and green financing further underscores its commitment to societal and environmental well-being.
FAQ 4: How does RAKBANK promote financial inclusion?
RAKBANK actively promotes financial inclusion by offering accessible banking solutions to diverse communities. It strives to ensure that all segments of society have access to essential financial services.
FAQ 5: What initiatives is RAKBANK launching in the market?
RAKBANK is gearing up to launch a range of transformational initiatives in the market. These initiatives will exemplify the bank’s dedication to innovation and its commitment to meeting the evolving needs of its customers.
FAQ 6: How is RAKBANK contributing to environmental sustainability?
In alignment with the UAE’s vision for Net Zero by 2050, RAKBANK has partnered with Honeywell to reduce its electricity consumption by 20% in the next 12 months. This commitment reflects the bank’s efforts to contribute positively to the environment.
Conclusion
Under the leadership of Raheel Ahmed, Group Chief Executive Officer, RAKBANK has embarked on a visionary journey to become a digital bank with a human touch. With a growing customer base, robust digital infrastructure, and a commitment to financial inclusion and sustainability, the bank continues to make significant strides in the UAE’s banking landscape. RAKBANK’s dedication to its customers and society as a whole showcases its expertise, authority, and trust as a leading financial institution.
