National Bank of Iraq uses the Backbase Platform to gain first-mover advantage

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.

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.