United Arab Bank partners with 4most to enhance Etihad Credit Bureau reporting

Working together with specialist consultancy firm 4most, United Arab Bank (UAB) has been able to improve the way it reports data to Etihad Credit Bureau (ECB).

Founded in 1975 and operating six branches throughout the UAE, United Arab Bank offers a wide range of wholesale banking, retail banking, treasury & financial markets, as well as Shari’ah compliant products, services and solutions to clients.

Following a project delivered in conjunction with 4most, United Arab Bank more efficiently delivers daily data submissions to ECB, assuring up-to-date and reliable ECB credit scores for its customers.

With ECB data shared across financial institutions in UAE and its Data Correction Tool enabling instant updates to the data, United Arab Bank is now ensuring its customers have up to date credit scores and credit reports, that helps all financial institutions in UAE make informed lending decisions possible. As a result, borrowers – whether individuals, SMEs or large corporates – can better access funding opportunities tailored to their current financial positions.

Commenting on the milestone, Ahmad Shraim, Head of IT Applications Support and Development at United Arab Bank, said: “At United Arab Bank, we’re always striving for automated solutions. Being one of the first banks in the country to implement the ECB's Data Correction Tool via Gateway is a proud achievement for us.”

“By prioritising customer awareness and striving for better data quality scores, United Arab Bank demonstrates its unwavering commitment to delivering a market leading offering.”

Based on the latest data available, Etihad Credit Bureau stores records of 18 million individuals and businesses, 20 million credit facilities and nearly 28 million IBANs in their database. Accurate credit score reporting enables the seamless extension of credit to individuals, corporates and SMEs, ultimately driving growth and improving business and lives across the region.

Notably, in its reporting United Arab Bank achieves an ECB Data Quality Score of 98%. Ramadan Shaaban, Data Management and Analytics Manager at United Arab Bank, noted the important role that 4most played in delivering the project.

“4most’s expertise in technical solutions, combined with their knowledge of credit risk, ensured the timely submission and successful transmission of credit, cheques, and income data into the ECB. Having worked closely on the project, it’s rewarding to see our collaboration delivering positive results as we look to provide a comprehensive service for our customers.”

Nicoleta Remmlinger, Director at 4most, commented: “Leveraging credit bureau data and credit scores in internal scorecard development is a powerful way to ensure holistic credit risk assessment. Supporting United Arab Bank in this journey was a first step in our long-term partnership. We were delighted to be able to share our experience in data infrastructure, credit risk and analytics, resulting in positive customer outcomes.”