2018 BAI Global Innovation Award Finalist
Innovative Accelerator or Incubator
Emirates NBD – UAE
Emirates NBD 3D Open Innovation Boost
Since 2012, ENBD has launched significant financial innovations and reached a huge penetration in its innovative service capabilities. Today, 56 percent of ENBD customers are active digital customers and 92 percent of all transactions are done outside of branches. ENBD believes this success results from digitization and our dedication to innovation development thus we now aim for sustainability and continuity in innovation.
In this regard, Emirates NBD established three initiatives for the innovation program to encourage both internal and external innovation. The first dimension is the innovation triggering idea program, The EDGE, second dimension is the incubator and accelerator of the EDGE program which is the FUTURE LAB, and third dimension is opening up the bank’s innovations to the world with OPEN APIs to innovate together with partners. This collaborative and inclusive approach is unique in ENBD showing the future vision and dedication to innovation by the entire company to achieve solid results.
This three-dimensional approach has been designed to improve three key areas by:
- Diffusing innovation culture by encouraging everyone in Emirates NBD group to participate
- Accelerate the innovative projects in terms of the pace while ensuring the quality
- Sustaining profitable innovation with incremental process improvements, disruptive new ideas and radical game changers
To trigger innovative solutions and encourage all employees to participate in innovation, we initiated EDGE Innovation program open to all ENBD subsidiaries internationally. Value-added solutions submitted by employees are being evaluated by Innovation Champions jury.
After solutions are selected, design and prototyping starts in the Future Lab and our newly launched Digital Office, which is an incubation and acceleration hub dedicated to innovation. The lab acts as a strategic think tank and committed to solve problems with innovative approach. Managed and operated by an in-house team of business and technology experts, it involves engaging and co-creating with universities, fintech startups and partners and manages fintech hangouts with dedicated programs.
Solution ideas become revenue generating products in Future Lab where we are running multiple projects and innovative ideas are running to production.
Lastly, we have launched the Open API platform to enable integration with partners which will complete our open banking ecosystem.