Financial services, like many other sectors, are in the middle of a digital revolution where customer engagement models and back office practices are being turned upside down. Abu Dhabi Islamic Bank (ADIB) recognised the time was right to conduct its own digital transformation strategy (DTS) and engaged McKinsey to analyse the procurement lifecycle and offer process improvements.
With the strategy, the bank planned to attract significant numbers of new customers to the bank, retain existing customers and improve their experience, increase retail banking and enhance services for corporate customers. Procurement had to ensure cutting edge technology was in place, such as access to real-time data to enable agile and informed decision-making during the DTS. The team also embedded comprehensive analytics to promote data-driven decision-making and consolidated legacy technology to create an end-to-end perspective via a flexible and pay-per-use cloud model.
In the first nine months of the DTS, procurement reported savings in excess of AED 20 million, with a further saving of AED 30 million expected for the full year 2019.