UAE-based lender United Arab Bank has teamed up with Finastra to support digital transformation and drive growth.

Under the collaboration, United Arab Bank will upgrade to the latest version of Fusion Equation, Finastra’s core banking solution.

The lender has also selected Finastra’s Fusion Corporate Channels and Fusion Cash Management products to bolster corporate offering.

All these solutions will be integrated under a single portal.

Finastra upgrade management program Fusion Advance will carry out the software upgrade and integration of solutions.

With this transformation, United Arab Bank seeks to streamline internal processes and support its growth. The move is also expected to help the lender explore additional revenue-earning channels.

United Arab Bank CEO Ahmad Abu Eideh said: “Customer expectations have changed drastically over the past few years and banking customers are no different.

“They expect their bank to offer a digital experience similar to the ones they are seeing in other areas of their lives.

“United Arab Bank is working on delivering this level of service to all its clients – both retail and corporate.”

Finastra managing director of MENA and Turkey Serge Tohme said: “The Middle East, and the UAE specifically, is seeing a sharp rise in the number of neobanks and challengers that are offering services to retail and corporate customers alike.

“It’s crucial that traditional banks reinvent themselves and the customer experience to remain relevant. For this, they need applications that are agile so that they can adapt quickly in line with changing trends and regulations.”

Last month, Seattle Bank selected Finastra’s core banking platform Fusion Phoenix to improve operations.