Working with Backbase the digital-first banking software leader, the bank now offers leading digital services that were previously unavailable in the region.
The first stage of National Bank of Iraq’s digital upgrade is now complete. Backbase was selected due to the capabilities of the Backbase Digital-First Banking Platform, which offered both sophisticated technology, and the ability to scale and adapt with changing needs. Agility was also key to this project’s success, a key tenant of Backbase’s digital transformation method. So Backbase helped coach the bank’s teams on agile best practices, allowing them to better serve their customers and capitalize on the platform’s capabilities.
Ayman Abu Duhaim, CEO of the National Bank of Iraq, commented on the partnership:
“We wanted the best for our customers now, but it was very important to find the right partner who would help us scale over time. It wasn’t just about the platform but we equally wanted a platform that enables us to continue adding value to our customers in a seamless manner.
The project consisted of four separate tracks that went live in just one year. This was also the first time a bank has launched over cloud in Iraq. This success is a testament to the dedication of the teams at both companies. But the implementation partner, Bring Global, also deserves credit. Backbase recently awarded them Regional Partner of the Year due to their success on this project, as well as with Capital Bank of Jordan.
Jouk Pleiter, CEO at Backbase, adds:
“We’re thrilled to work with the National Bank of Iraq on the first cloud launch in the region. The scope of the project and the time frame also proves what we always tell our clients: being agile is the most efficient and effective way to work.”
Backbase and National Bank of Iraq will continue to work side-by-side, ensuring that the bank’s customers continue to have the best products and services in the years to come.
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.
The Backbase Digital-First Banking Platform powers seamless customer experiences, unifying data and functionality from core banking systems and innovative fintech partners. The company believes it is vital that banks evolve and maintain superior digital experiences in order to retain privileged control of the customer relationship, drive efficiency, stave off new competition and continue to grow.
More than 100 large financials around the world have benefitted from Backbase’s omni-channel, Digital-First Banking Platform, including ABN AMRO, Barclays, CheBanca!, Fidelity, HDFC, Hiscox, HSBC, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.
Industry analysts continue to recognize Backbase’s position. Backbase was named a Leader in the Forrester Wave™: Digital Banking Engagement Platforms, Q3 2019. The 2019 Ovum Decision Matrix lists Backbase as the Ultimate Digital Banking Platform Market Leader.