Central Bank Of The UAE Launches Innovation Labs To Tackle ‘Customer Happiness’ In Banking & Financial Services Sector

As part of ‘UAE Innovation Month’ and in partnership with the Prime Minister’s Office, the Central Bank of the UAE (CBUAE) has launched the UAE’s first Innovation ‘Happython’ for Banking & Financial Services. The Happython is taking place over two days (1^st March / 8^th March) and aims to find innovative ways to increase customer happiness in the Banking & Financial sectors by enhancing the customer journey.

The Happython brings together banking and financial services professionals, academics, customers, students and researchers to collaborate intensively in order to create an innovative solution for the identified challenges in the sector.

CBUAE has identified six areas which will be addressed during the Happython and each area will have a dedicated ‘lab’. Specifically the labs will address: the availability and integration of data, fraud awareness, competitiveness of banks services, preparing the financial sector for future competencies, cashless economy and fintech through a series of structured ‘ideation’ sessions.

On day one (1^st   March) each of the six lab’s mapped the customer journey for its area and pinpointed key opportunities for innovation. On the second day (8^th March) the leadership panel including Her Excellency Ohoud Al Roumi, Minister of State for Happiness and H.E. Mubarak Rashed Al Mansoori, UAE Central Bank Governor will vote for the three most impactful ideas on the Customer Happiness journey and have made a commitment for these ideas to be implemented in 2018 -2019.