Any new platform must allow NBI to meet current market needs while consistently introducing innovations. With Iraq being a constantly evolving market, NBI wants to maintain its position as the leading technology-driven bank, and one that is at the forefront of new offerings that embrace a customer-focused approach. In order to remain agile, NBI will dispose of legacy layers and processes, streamlining its system for optimal impact and delivery.
NBI Chief Executive Officer Ayman Abu Dhaim said:
“Providing value to the customer is a key driver for this project, and through our partnership with Backbase, who offer superior functionality and strong Identity and Access Management (IAM) capabilities through their Digital Banking Platform, we will be able to supply the market with continuous innovative offerings at a fast pace. To achieve this goal, we need systems that will support us, making it the optimal time to put the right infrastructure in place and race ahead of the competition. We must be fast, flexible and agile and the Backbase platform will get us there.”
An ambitious timeline has been set for the project, which incorporates all of the bank’s business lines and all its branches throughout the country. Retail and institutional banking platforms will be digitized and upgraded, all on the Backbase digital platform, and a full stack implementation will be achieved, incorporating Backbase CXS 6, DBS and Entitlements. Backbase Identity (IAM) will provide a suite of user management capabilities and enterprise-level access control.
According to Backbase CEO Jouk Pleiter:
“Fortified with renewed power and flexibility, NBI is setting itself up to power ahead of the local competition. The Backbase Digital Banking Platform has proven itself in other markets and has been chosen by NBI to support its digital-first ambitions.”
Backbase will deliver the minimum viable product and provide support from inception to implementation. NBI is driving innovation and development within its customer base and its region. This forward-thinking bank has managed to secure its future while bringing customers the benefits of tomorrow’s banking industry.
The National Bank of Iraq (NBI) was founded in 1995, offering comprehensive banking services to individuals and businesses in Iraq. In 2005, Capital Bank of Jordan acquired majority shares in the bank, allowing NBI to evolve its business offerings, strengthen its global footprint, and promote financial inclusion across the country. The bank operates a modern core banking system to support its growth and customer services. Today, NBI has 12 branches in all major cities in Iraq.
With its extensive network of correspondent banks, Capital Bank stands as NBI’s gateway to world economies, facilitating internal and external remittances, granting lines of credit, as well as offering trade finance services. In addition, NBI can trade on behalf of clients in Jordan and international markets through Capital Investments, Capital Bank’s investment arm present in Jordan and the Dubai International Financial Center (DIFC), as well as offer trading services in the Baghdad Stock Exchange through its wholly owned subsidiary, Wahat Al-Nakheel.
Backbase are the creators of the Backbase Omni-Channel Banking Platform, a state-of-the-art digital banking software solution that unifies data and functionality from traditional core systems and new fintech players into a seamless digital customer experience. The company believes that superior digital experiences are essential to stay relevant, and their software enables financials to rapidly grow their digital business.
More than 100 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints. The customer base includes HSBC, ABN AMRO, Barclays, CheBanca!, Fidelity, HDFC, Hiscox, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.
Industry analysts Gartner, Forrester and Ovum recognize Backbase as an industry leader in terms of omni-channel banking platform capabilities. Forrester named Backbase a leader in the Forrester Wave for Omni-Channel Banking and Ovum nominates Backbase as the market leading provider of next-generation digital channel banking platforms.