Through our partnership with the National Bank of Bahrain, NBB vowed to take their motto “Closer to you” to a whole new level by setting a significant benchmark in the region’s financial sector by becoming the first Bank in Bahrain and the Middle East and North Africa to launch Open Banking solutions.
The Open Banking services developed by TG is being rolled out in phases, with Account aggregation being the first. Initially, NBB’s customers will be able to view and track their finances across all their accounts. Financial transactions and fully-fledged services will be enabled as a follow up stage.
Through spearheading the development of Open Banking, NBB is adopting a consumer centric strategy whose main aim is to the serve and deliver value to the customer. Users now are able to have a holistic view of their financials across all accounts, through what’s now being coined as “Open APIs” customers are empowered to manage their finances through a seamless experience.
With the customer at the heart of this partnership, users can not only track their money across accounts but are also offered AI powered tools and algorithms that help them categorize and automate their spending.
According to Yaser Alsharifi, NBB’s Chief Strategy Officer “Allowing customers to get a full view of their finances in one place is an important step in making banking more accessible and convenient for customers and an achievement towards our digital offering”.
“This is a proud moment for NBB as we lead the industry into the future of banking. Today, we have taken a giant leap into the next wave of innovation in the digital economy, setting a solid foundation for the nationwide implementation of Open Banking and further supporting the government’s vision to strengthen Bahrain’s positioning as a global Fintech Hub” stated Jean-Christophe Durand, Chief Executive Officer of NBB.