The National Bank of Iraq (NBI) is revolutionizing the banking experience for its customers with an advanced mobile banking application created in collaboration with Codebase Technologies, using their state-of-the-art Digibanc platform. This strategic initiative provides NBI’s customers with seamless, secure, and user-friendly access to a comprehensive range of financial services through their handheld device.
Ayman Abu Dhaim, CEO of the National Bank of Iraq, commented: “Our new mobile banking app represents our unwavering commitment to our customers and our forward-looking vision for the banking sector in Iraq. Our goal is to significantly improve financial experiences in the country and provide industry-leading digital banking services.”
The Iraqi banking sector, predominantly cash-based, has faced challenges in digital transformation. According to IPSOS research, 88% of adults in Iraq receive their income in cash, with only 1% through bank transfers. As of early 2024, Iraq has seen significant digital growth, with 36.22 million internet users, representing an internet penetration rate of 78.7% of the total population. Against this backdrop, NBI’s new mobile banking app is bridging the gap, promoting digital financial experiences, literacy and inclusion.
The newly launched app has already seen a substantial uptake, with more than 100,000 users already adopting the platform. The app has already achieved more than 43% retention rate, indicating high levels of customer satisfaction and ongoing engagement. This reflects the app’s intuitive design and robust functionality, which meets the evolving needs of modern banking customers in Iraq. Leveraging Codebase Technologies’ award-winning Digibanc platform, the mobile banking application ensures a secure, scalable, and user-friendly digital banking experience.
Digibanc’s pre-built feature-based components facilitated a swift market launch, enabling NBI to offer its customers the latest in digital banking technology, quickly and efficiently. The mobile banking revamp was run concurrently to National Bank of Iraq’s core banking system upgrade with minimal impact on the the launch timeline, underscoring the flexible and seamless architecture of Digibanc.
Tamer Mauge, Managing Director – MENA at Codebase Technologies, commented: “As the technology partner, we are proud to support the National Bank of Iraq’s digital transformation journey. This project underscores the importance of collaborative efforts and showcases the flexibility of our Digibanc platform in integrating seamlessly within complex banking infrastructures.”
Customer preferences in the Iraqi banking sector are increasingly shifting towards digital experiences that offer convenience, security, and personalization. The new mobile banking app addresses these preferences, providing features such as instant account access, real-time transaction monitoring, and personalized financial insights. This initiative aligns with global trends in banking, where digital channels are becoming the primary touchpoints for customer interactions.
National Bank of Iraq is positioned as a leader and contributor to Iraq’s bright digital future, driven by significant advancements in its financial sector. The Central Bank of Iraq recently announced the issuance of digital bank licenses, marking a pivotal step towards modernizing the country’s banking landscape. This move is expected to foster financial inclusion, enhance customer experience, and stimulate economic growth by leveraging cutting-edge digital technologies. With these licenses, Iraq is set to embrace a new era of digital banking, paving the way for innovative financial services and a more connected, efficient economy.
