Central Bank of the UAE Launches Innovation Labs to tackle ‘Customer Happiness’ in Banking & Financial Services Sector

As part of ‘UAE Innovation Month’ and in partnership with the Prime Minister’s Office, the Central Bank of the UAE (CBUAE) has launched the UAE’s first Innovation ‘Happython’ for Banking & Financial Services. The Happython is taking place over two days (1st March / 8th March) and aims to find innovative ways to increase customer happiness in the Banking & Financial sectors by enhancing the customer journey.

The Happython brings together banking and financial services professionals, academics, customers, students and researchers to collaborate intensively in order to create an innovative solution for the identified challenges in the sector.

CBUAE has identified six areas which will be addressed during the Happython and each area will have a dedicated ‘lab’. Specifically the labs will address: the availability and integration of data, fraud awareness, competitiveness of banks services, preparing the financial sector for future competencies, cashless economy and fintech through a series of structured ‘ideation’ sessions.

On day one (1st   March) each of the six lab’s mapped the customer journey for its area and pinpointed key opportunities for innovation. On the second day (8th March) the leadership panel including Her Excellency Ohoud Al Roumi, Minister of State for Happiness and H.E. Mubarak Rashed Al Mansoori, UAE Central Bank Governor will vote for the three most impactful ideas on the Customer Happiness journey and have made a commitment for these ideas to be implemented in 2018 -2019.

H.E. Mubarak Rashed Al Mansoori, UAE Central Bank Governor said: “The CBUAE Happython brings together a diverse group of individuals and specialists who bring a range of perspectives; the Labs will open up ways to leverage their intelligence and working knowledge as professionals to stimulate creative solutions. Our aim is to elevate the customer experience and raise the standard of services provided by the financial services sector and believe constant innovation is crucial in achieving competitiveness, improving performance, and upgrading the banking and financial services sector in the UAE. ”

The Happython Innovation labs were developed as part of UAE Innovation Month and the national Happiness Program, which aims to contribute to strengthening the country's position as a global hub for innovation, enhance the development of innovative ideas and capabilities, and creates a widespread culture of innovation

UAE Innovation Month is one of the largest innovation festivals in the world and a consolidated effort by government, the private sector and individuals to help create a widespread culture of innovation in the UAE.