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Wed 11 Oct 2006 04:00 AM

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Emirates Bank readies latest e-banking solutions

Emirates Bank is gearing up for Gitex 2006, where it looks poised to demonstrate yet more innovative online banking solutions.

Emirates Bank is gearing up for Gitex 2006, where it looks poised to demonstrate yet more innovative online banking solutions.

The banking group has built a reputation of excellence as regards its wide range of online services for its customers, from consumer banking all the way to large corporate customers. Its solutions are not limited to the internet, but allow customers to receive SMS text alerts of major transactions – all offered through Emirates Bank’s advanced online infrastructure systems.

Last year’s Gitex event saw the bank showing off its online trading system, one of the first regional financial institutions to offer such a service. Emirates Bank developed the solution in response to customer demand; traders wanted to be able to access their portfolios from any location, and eliminate the delay which can arise from telephone trading systems.

Emirates International Brokerage (EIB), the share-trading arm of the banking group, brought in the TradeNet system from KnowledgeNet, a Saudi software company specialising in brokerage systems, which has been running at Arab National Bank (ANB), and Emirates Bank International, in the Kingdom of Saudi Arabia for four years.

The TradeNet product provides a link between a customer’s account and the brokerage system, allowing direct allocation of funds to share deals. It also provides more comprehensive options for customers to keep track of their portfolios and allows much faster transaction times; with this system in place, EIB was then able to develop an online interface for share trading.

“We expect to achieve a return on our investment very quickly,” Hamoud Abdulla Al Yasi, general manager of EIB, said at last year’s Gitex event. “This new system will be much more efficient and we will be able to process a lot more transactions, both through the telephone brokerage and the online brokerage. We will continue to offer our customers the telephone brokerage service, so those who prefer to use it will not be disadvantaged.”

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