System upgrade disrupts online and mobile services for Emirates NBD customers

Emirates NBD customers have been unable to access their accounts online for more than two days, with the Dubai-based bank blaming the disruption on "teething issues" after launching a system upgrade in the early hours of Friday morning.

Customers were able to withdraw money from ATMs at some branches despite system glitches.

"Emirates NBD is currently upgrading its core banking system to provide a better and safer banking experience for our customers. We have encountered some teething issues and sincerely regret the delay and apologise for the inconvenience to our customers. Our teams have identified the issues and are working hard to resolve these at the earliest," a bank representative told The National.

At the time of writing, Emirates NBD’s website and mobile app were still inaccessible, leaving frustrated customers unable to pay their bills online or remit money.

The bank notified customers last week that it would be implementing a system upgrade on August 7 from 2am to 11am, and that services including its mobile and online banking, chat and voice banking, cash/cheque deposit machines and interactive teller machines would not be available.

The bank updated the notification on Friday night in a post on its Twitter account, saying: "We are rolling out a set of upgrades to our systems on Friday 7th August from 2 am to 3 am Saturday 8th August."

Customers were told they could continue using their debit and credit cards at retail outlets, for online purchases and to withdraw money.

However, customers have expressed their frustration on social media, with many saying the delay is unacceptable and they faced late fees for payments.

“Our branches are operational and available to service customer banking needs. We would like to thank our customers for their patience as we work to restore uninterrupted online and mobile banking services that should be available soon,” the bank's representative added.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

How to apply for a drone permit

Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request

What are the regulations?

Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less

System upgrade disrupts online and mobile services for Emirates NBD customers

Account holders have been unable to access services at branches, on the bank’s website and mobile app since Friday

How to apply for a drone permit

What are the regulations?