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Abu Dhabi Commercial Bank (ADCB) was named the 'Best Retail Bank in the UAE' for the sixth year by The Asian Banker. The bank received the award at The Asian Banker's International Excellence in Retail Financial Services 2014 Awards ceremony, held in conjunction with the region's most prestigious retail banking event, the Excellence in Retail Financial Services Convention. The ceremony was held at the Shangri-La Hotel, Sydney, Australia.
On the occasion, Arup Mukhopadhyay, Executive Vice President and Head of Consumer Banking at ADCB, said 'We are honored to receive this award for the sixth year. This prestigious award emphasizes ADCB's success in raising the benchmark for retail banking in the region and acknowledges the array on initiatives implemented to enhance customer experience and shareholder value. We look forward to building on this success in 2014 and beyond.'
ADCB's core strategy of 'Customer Centricity' has remained unchanged over the years and has helped build a sustainable and profitable business. ADCB embraced new customer oriented business measures like Net Promoter Score (NPS) and Customer Life Time Value (CLV) in 2013. The central philosophy was based on listening to what customers are saying about their experiences with ADCB, and then act accordingly on this information, to drive meaningful improvements in business performance. The performance was also characterized by advancement in digital technology and growing significance of alternate channels - 90% of ADCB's retail financial transactions were conducted by customers through electronic channels.
In 2013, ADCB adopted a new brand identity (Money Can't Buy Ambition) to celebrate the idea that the aspirations and actions of ambitious people makes great things happen and that money is just a facilitator. The new positioning is warmer, friendlier and in line with ADCB's strategy to differentiate itself on the basis of customer experience. ADCB also identified 'operational excellence' as an important catalyst to deliver the customer centric experience, and established a new shared services company 'ITMAM'. Bank-wide operational support activities were consolidated to improve responsiveness and agility, to deliver an improved and differentiated customer experience.
About ADCB:
ADCB was formed in 1985 and as at 31 March 2014 employed over 4,500 people from 57 nationalities, serving over 542,000 retail customers and more than 41,000 corporate and SME clients in 50 branches, 3 pay offices and 2 branches in India, 1 branch in Jersey and a representative office in London. As at 31 March 2014, ADCB's total assets were AED 186 bn.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 March 2014, ADCB's market capitalisation was AED 38 bn.
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