Personal Banking provides individual customers with a comprehensive range of financial products and services that help them manage all of their financial needs. Whether it is a transaction account or deposit product that helps customers save, a loan or credit card, the Personal Banking Division provides innovative, value added products and services to customers through various channels.

Credit Cards

RAKBANK spearheaded the credit card revolution in the UAE market by being the first bank to offer FREE credit cards for life with the lowest rate of interest and a host of value added services. RAKBANK has strategically positioned its card products through in depth market research and providing unique features according to market demands. Today, RAKBANK is considered one of the market leaders in credit cards.

Auto Loans

Auto Loans provide customers with a range of auto financing options and services. RAKauto Loan is one of the market’s leading products. RAKBANK’s success is owed to maintaining a customer friendly and flexible, yet strong and acceptable policy towards lending and risk. There are a number of auto loan centers provide a personal service to both new and existing customer requirements.

Wealth Management

Wealth Management provides premiere banking services for high net worth individuals. It is a one stop shop that offers customers an entire range of bespoke banking products and services.

Wealth Management are responsible for:

• Al Momiaz
• RAKselect
• RAKnri
• Private Banking

The key differentiators of Wealth Management are:

• Customised solutions to suit individual needs
• Undivided personal attention
• Superior service
• Complete suite of financial products and services to match every requirement, with preferential rates for premium customers
• Confidentiality of information
• Undivided personal attention

RAKBANK’s Sales division has three units dedicated to new customer acquisitions:

• Direct Sales: Our field sales team
• Phone Banking: Our customer service team and first point of contact for all customer needs and queries.
• Telesales: Our team dedicated to new customer acquisitions and telemarketing promotions.

Credit is responsible for formulating credit policies and evaluating, processing and approving all retail asset products and proposals. RAKBANK has a centralised credit processing unit for branches and direct sales to provide better control and streamlined processing. Collections comprise both tele-collection and recovery units. The primary function of these units is to reduce, control and manage delinquencies across all asset products.

Projects and eChannels are RAKBANK’s technology enablers, providing the interface between IT and the business. The objective is to deliver efficient, accurate and error free technological solutions that help the bank achieve customer satisfaction and make it a leader in implementing the latest in banking technology solutions. Some of the eChannel initiatives are Electronic Deposit Machines (EDMs), Automated Teller Machines (ATMs), Interactive Voice Response (IVR) and Small Services Banking.

Service Quality is responsible for maintaining excellence in service standards provided to our customers. This is managed through induction, orientation and reinforcement training of employees and conducting periodic quality checks and mystery shopping exercises amongst employees.

One of the main distribution channels for RAKBANK’s products and services are through its branches. The current network comprises a number of branches spread throughout the UAE with 25 branches in the South region (Dubai, Abu Dhabi, Al Ain, Sharjah, Ajman Kalba and Khorfakkan) and 7 in the North region (Nakheel, Ras Al Khaimah Town, Manei, Rams, Shaam, Al Dhaith and Badr). As part of RAKBANK’s expansion strategy the concept of kiosk banking has been introduced and this is proving to be a pivotal channel for the bank’s activities with increased visibility and enhanced geographical spread.

Marketing is responsible for three key areas:

• Brand Management:  Managing RAKBANK’s brand identity, including brand perception, exposure and recall for the bank overall and its individual products and services
• Product Development: By consistently monitoring the market environment, Marketing ensures that new products and services are in line with market and customer requirements and launched according to the bank’s overall strategy
• Media Planning: Ensures that various media are used effectively with public relations campaigns to support the brand, products and services.

Commercial Banking supports corporate entities in meeting their banking requirements to ensure smooth operations of their business activities. Generally, the services offered acts as a ‘cash flow bridge’ for entities across different business sectors. Presently, RAKBANK’s preferred business is to provide finance for short term, working capital and trade related requirements of corporate entities.

Additionally, Commercial Banking extends Term Loans to assist various businesses and investors in large development projects such as the building of a factory, warehouse or commercial building.

Small & Medium Enterprise (SME)

The SME team is focused on providing financial services to small and medium enterprises, and offers customers a range of products and services specifically tailored to meet their fund based and non fund based requirements.

Treasury

Treasury is the custodian of RAKBANK’s liquidity and effectively manages the Foreign Exchange and money market positions of the bank. Providing the bank and it’s customers with a wide range of services that include Foreign Exchange spot and forward transactions and structured treasury products, Treasury acts in an advisory capacity and also offers hedges for exchange rate exposures and creates market related structures for customers seeking higher yields on their deposits

Operations is responsible for management of operational support to RAKBANK. There are three divisions: Compliance, Operations and I.T.

• Compliance: Responsible for Risk Management, monitoring Anti Money Laundering and ensuring internal governance and operational procedures are effectively controlled
• Operations: Responsible for business continuity planning and managing the entire RAKBANK property portfolio, Operations also comprises Credit and Central Operations functions managing ‘back office’ processing and supporting all banking functions offered to customers
• I.T.: Responsible for managing, developing and supporting the bank’s I.T. infrastructure and systems used by the business to provide customers with superior banking services

RAKBANK’s Human Resources supports various business divisions within the bank with the strategic and practical implementation of design, delivery and support in managing RAKBANK’s human assets in the areas of recruitment, employee relations, management and staff development, reward management and organisational design.

Finance is responsible for maintaining an accurate record of all financial transactions and for planning, forecasting, budgeting and performance measurement against various KPI’s and peer comparison benchmarks. Ensuring compliance with International Financial Reporting Standards and Central Bank guidelines, Finance also liaises with external auditors, ratings agencies and the Capital Markets Authority.

Administration is the custodian of RAKBANK’s assets and responsible for central purchasing and inventory management.

Acting as an independent control assessment and assurance unit, Internal Audit assists members of the bank to carry out their responsibilities effectively. Providing RAKBANK’s Management, Board, Divisions and Departments with analysis, assessments, recommendations, advice and information, Internal Audit examines the effectiveness and adequacy of the bank’s internal control and quality of performance in carrying out assigned responsibilities.

Public Relations and Corporate Communications are responsible for handling the planned and sustained effort to establish and maintain goodwill and understanding between RAKBANK and the public. It involves the management of all communications and relationships within the bank, and between the bank and external audiences. The main goal is to develop a deserved reputation for RAKBANK which is based on performance.