Best domestic private bank: Ahli United Bank
Ahli United Bank wins the award for Bahrain’s best domestic private bank in recognition of its strong business performance and investment in digital solutions and investment research services.
The private bank experienced strong growth despite a challenging macroeconomic environment. In the year to the end of September 2023, the bank’s operating income grew 10.7% to $71.5 million, while deposits rose 19% to $4.72 billion.
On the digital front, the bank made investments focused on enhancing the customer experience through the development of a digital portal. This portal unified various customer service touchpoints into a single, comprehensive channel.
Other innovations include a new online portal, providing a holistic view of investment portfolios, and new mobile banking features, such as instant credit card activation and digital account opening for brokerage services. The bank also improved its risk management by integrating a modern fraud-management system and integrated machine-learning tools to better understand customer behaviour.
Notably, the bank established a strategic partnership with asset manager Principal Global.