National Bank of Fujairah invests in innovative cloud-based data platform
Partnership with Snowflake enables the bank to unlock the full value of its data
Dubai – 8 May 2024: National Bank of Fujairah (NBF) has partnered with Snowflake to use its cloud-based data platform, enabling the bank to extract better insights and reports from its data. The collaboration is a part of NBF’s journey to define its data strategy and become a data-driven organisation.
NBF’s data vision is to unlock the full value of data as a critical, strategic asset, and it continues to invest in various technological advancements in data storage, computing and analytics.
With its vision grounded in embedding data governance and management foundations, enabling effective sourcing, storage and provisioning of data, and value creation through data analytics, NBF created a central data lake in the cloud in August 2023. Following this, in December 2023, NBF chose Snowflake as its data platform, utilising the platform to accelerate its data and digitalisation strategy and improve data analytics.
In recognition of the successful use of its cloud-based data platform to improve data analytics, NBF won the award for Best Use Case of Data Analytics at the 7th Middle East Banking AI & Analytics Summit & Awards 2024.
This is the latest in a long line of industry awards, reflecting the bank’s success in continually seeking to enhance the products and solutions it offers its customers, leveraging digitalisation where it brings benefit to the customer experience. Only last month, NBF was voted Best Domestic Trade Finance Service – UAE in the Euromoney Trade Finance Survey.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’ah compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB / A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 14 across the UAE.
For further information, please contact:
Strategic Marketing and Communications Department
E-mail: CorpComm@nbf.ae and nbf@fourcommunications.com
Telephone: +971 4 507 8351 and +971 4 507 8576