First-of-its-kind instant credit card issuance programme recognized by Celent Model Bank Awards 2018 and used for global case study
[Dubai, United Arab Emirates, April 29, 2018]: Majid Al Futtaim Finance, the financial arm of Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, under the Najm brand, announced today that it has won an international award for technological innovation within the financial services sector.
The company was internationally recognized at the Celent Model Bank Awards 2018, winning the ‘Best Lending Product’ award for its instant credit card issuance programme. The ceremony took place in Boston, Massachusetts, and awarded financial institutions from across the world for best practices of technology usage critical to success in the industry.
Aligned with the UAE’s overall innovation mandate and Vision 2021 to move the country towards a cashless society, Najm’s instant credit card issuance programme allows prospective card members to walk into a Carrefour Hypermarket and within 15 minutes have a Najm Credit Card. From their very first transaction, and with no category restrictions, they can begin earning cashback rewards on everything, everywhere, and benefit from in-store offers.
Commenting on the awards, Chief Executive Officer of Majid Al Futtaim Finance, Rasool Hujair, said: “We are honoured to be recognized on the world-stage for offering a first-class customer experience through our digital developments. Najm remains steadfast in its commitment to deliver simple, convenient and secure products and services, and this award is testament to our willingness to challenge the status quo and be the first to introduce unique propositions to the market.”
Najm’s instant credit card issuance programme was developed into a case study by Celent, a research, advisory, and consulting firm focused on financial services technology, and part of the Oliver Wyman Group. The introduction of the robust lending solution, which is the first-of-its-kind to be implemented in the UAE, is a blueprint for other financial services firms to launch it successfully.
“The value proposition of the instant issuance programme is that customers get their card instore and on-demand, and can begin using it immediately. The freedom to purchase any items, which they would have otherwise had to delay, feeds into peoples’ growing needs for a speedy and convenient experience, and we are delighted to share this initiative’s success with other financial institutions across the world,” added Hujair.
Craig S. Focardi, Senior Analyst at Celent, said: “The Model Bank Awards recognize how banks are using technology to change the face of banking. These financial institutions should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Majid Al Futtaim Finance clearly demonstrated this.
”Providing instant credit, a cashless payment mechanism, and digital rewards tracking delights new customers, enables payment for other Majid Al Futtaim products, and builds immediate loyalty for the Najm brand.”
Instant Issuance is facilitated through Najm sales agents at dedicated Najm customer service desks in 17 Carrefour Hypermarkets across the UAE, with plans to expand this service to more locations throughout the year.