Bank ABC's 'ABC Labs' named as one of the World's Best Financial Innovation Labs by Global Finance

The international banking group was honoured by world's leading tech and finance experts, for its 'Top Innovations in Finance' and as one of 'World's Best Financial Innovation Labs.'

MANAMA, Bahrain, June 7, 2023 /PRNewswire/ -- Bank ABC has won two distinguished awards at Global Finance's much-coveted The Innovators Awards -2023. The Bank's innovation and digitisation centre, ABC Labs, has been named as one of "the World's Best Financial Innovation Labs", a recognition given to leading financial innovation labs that are driving the digital revolution in the global banking industry. With its ground-breaking initiatives and a forward-thinking, agile innovation approach, ABC Labs was commended for driving transformative change in the region and beyond.

ABC Labs, led by Bank ABC's Group Innovation function, was launched in 2019 and operates from a cutting-edge facility, with state-of-the-art digital tools. The Labs run an extensive and unique enterprise-wide innovation programme aimed at disrupting traditional banking models. The ABC Labs team closely collaborates with customers, regulators, technology providers, financial institutions and fintech's across the Bank's global footprint to foster growth and transformation within the industry and broader economy.

Bank ABC has also been presented with the 'Top Innovations in Finance' award, an accolade that underscores the Bank's outstanding Digital Transformation Programme which delivers an unparalleled, personalised banking experience to corporates and individuals.

The Bank's ongoing digital transformation journey is dedicated to building a digitally-empowered, sustainable 'bank of the future'. Guided by an agile, Cloud-first digital innovation strategy, the multi-year initiative is designed to drive further operational efficiencies, disrupt legacy banking models and systems, and enable the Bank to achieve digital leadership by truly transforming the way banking services are delivered to its customers.

Bank ABC'S Group CEO, Mr. Sael Al Waary said: "Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honoured and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives."