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Dubai Islamic Bank Partners with IBM to Leverage Data Analytics and AI for Personalized Banking

Key Insights and Signals – Banking & Financial Services
Partnerships
Dubai Islamic Bank selects IBM as a partner for their data transformation journey
The company aims to accelerate its data transformation journey and establish a strong data foundation. The partnership includes building a customer journey analytics engine and AI and machine learning models for tailored consumer offers and better digital services. Read More>>
American India Foundation and MoneyGram launch financial literacy program for youth
MoneyGram and American India Foundation have partnered to expand AIF’s Financial Literacy Program in Hyderabad, Telangana. The initiative aims to educate and empower 2000 high school students and 80 teachers from under-resourced junior colleges, promoting financial awareness and management skills. Read More>>
DIFC Innovation Hub partners with Dubai Islamic Bank to launch the 7th edition of AccelerateHER
AccelerateHER is a program aimed at empowering the next generation of women financial services professionals through mentorship, workshops, and networking opportunities. Read More>>
Deal
Meghna Bank signs deal with Mutual Trust Bank
MeghnaPay clients may use Mutual Trust Bank’s payment gateway to add money using VISA, Mastercard, and UnionPay cards, improving digital payment ease in Bangladesh. Read More>>
Centre Setup and Expansion
Comerica announces expanded office location in Fort Lauderdale, Florida
Comerica Bank expands its Fort Lauderdale office at Plaza 100, accommodating over 30 colleagues from various business lines. The state-of-the-art facility strengthens Comerica’s growth and commitment to Florida and the Southeast region. Read More>>
BankDhofar expands branch network in South Al Sharqiya Governorate
They opened three new branches in Sur, Al Ashkhara, and Masirah. This expansion aims to bring the bank closer to customers and enhance their banking experience. Read More>>
Executive Movements
JG Wentworth names Kim Banks as Chief Accounting Officer
Banks will manage accounting and finance under CFO Dwight Perry. He has over 20 years of financial services expertise with worldwide publicly listed and privately held organizations. Read More>>
Bank ABC makes two senior appointments
Ian McCallum has been appointed as Group’s Chief Sustainability Officer, emphasizing the bank’s commitment to ESG. Ehab AlMaskati, with 18 years of experience at Bank ABC, is the new Group Head of Human Resources, responsible for driving the bank’s HR strategy. Read More>>
Layoff
Citigroup to slash 50 more jobs three months after mass layoffs
Citigroup Inc. will eliminate 30 investment banking and 20 corporate banking employees in London and its worldwide foreign-exchange market monitoring unit. The bank blames market factors for the layoffs. These layoffs reflect Wall Street’s investment banks’ market problems. Read More>>
Standard Chartered will reduce 100 employees globally to cut costs by USD 1 Bn
The company will cut jobs in Singapore, Hong Kong, and London, joining the recent banking job losses. While the final number is yet to be determined, the bank may lay off more than 100 middle-office and managing director workers. Read More>>
Financial and Market Activity
FY24 to be a golden year for Punjab National Bank
The bank’s multi-pronged approach leverages synergies and capabilities to boost operational efficiency and growth. Q4 FY23 saw the greatest post-amalgamation profit of USD 27 Bn, powered by a 20.2% YoY net interest income rise. Read More>>
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Latest Industry Insights from Draup Braindesk
Superior Banking Experience Solutions
  • The PNC Financial Services Group focuses on expanding digital platforms and aims to leverage technology to innovate and enhance products, services, security, and processes. 
  • By introducing a new on-demand pay solution, PNC Financial Services Group aims to enhance the customer experience and provide consumers. With financing options 
  • Through the renovation of the Visibility Center, PNC Financial Services Inc. focuses on providing access to rehabilitation, healthcare, and social services, particularly for individuals residing in low- to moderate-income areas. 
  • The PNC Financial Services Group aims to triple the already expansive network, providing customers with significantly greater surcharge-free access to cash. 
  • They launch Houston’s First Mobile Branch, PNC Claim Predictor, and a Mobile Branch program in Atlanta, emphasizing community impact and accessibility.
Advanced Financial Services
  • The PNC Financial Services Group aims to seamlessly integrate treasury management services directly into the clients’ existing Enterprise Resource Planning systems, providing an embedded banking experience. 
  • The PNC Financial Services Group aims to deliver products, solutions, and resources focused on advancing the financial wellness of emerging minority businesses by launching a new Minority Business Development Group. 
  • Service Providers with rich expertise in these areas would be apt to serve PNC Financial Services Group.

Key Funding Alert

National Australia Bank: NAB backs new indigenous impact investment fund 
NAB will provide New Harvest’s Indigenous Impact Investment Fund with USD 10 million. The fund improves agriculture by investing in Indigenous enterprises and traditional proprietors. Commercializing Indigenous Australian assets will provide employment, training, and financial stability. NAB will invest if the fund obtains $51 million from other investors and secures loan funding. Read More>>

Start-up Spotlight 

Company – Griffin
Total Funding – USD 41 Mn
Griffin is a banking-as-a-service provider that helps companies build and launch financial services products. Its platform is an OS for embedded finance, an all-in-one solution that will break down barriers to entry for fintech by reducing cost, time to market, and the hassles of securing a banking partner. The platform also enables global brands with complex payment needs to enhance the customer experience with embedded finance. Read More>>

Latest Reports Published in Draup
Hodge Bank Account Intelligence Report
Hodge Bank wants to establish a digital banking platform employing IoT and Robotic Process Automation to allow customers to upload financial information and sign loan agreements from home or work at their leisure. Read More>>
Discover Financial Services, Inc. Account Intelligence Report
Discover focuses on Click to Pay, a digital wallet offering an easy and secure online checkout experience. Read More>>
ServiceNow Inc. Account Intelligence Report
ServiceNow Developed ServiceNow Generative AI Controller for seamless integration on the Now Platform to unlock more efficient self-service and work experiences. Read More>>
Here’s what’s new on our Sales Intelligence Platform
Introducing Outsourced Workloads and Tech Stack Developer filters in Universe
  • Effortlessly filter companies based on their outsourcing engagements using the new Outsourced Workloads filter in Universe
  • Filter Accounts in Universe based on the Tech stack they use that is developed by specific developer companies.
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