4most partners with United Arab Bank to excel Etihad Credit Bureau data reporting

We are excited to share that we’ve partnered with United Arab Bank (UAB) to facilitate accurate data reporting to Etihad Credit Bureau (ECB).

By combining our expertise in credit bureau submissions with its own, UAB continues to deliver daily data submissions to ECB, since ECB’s inception, assuring up-to-date and reliable ECB credit scores for its customers, and recently achieving an ECB Data Quality Score of 98%. This has been possible via systems, processes and standard operating procedures’ upgrade with respect to the data reporting.

With ECB data shared across financial institutions in UAE and its Data Correction Tool enabling instant updates to the data, UAB is ensuring its customers have up to date credit scores and credit reports, that helps all financial institutions in UAE make the most informed lending decisions possible. As a result borrowers – whether individuals, SMEs or large corporates – can better access funding opportunities tailored to their current financial positions.

As of Q3 2024, ECB stores records of 18 million individuals and businesses, 20 million credit facilities and nearly 28 million IBANs in their database. Accurate credit score reporting enables the seamless extension of credit to individuals, corporates and SMEs, ultimately driving growth and improving lives across the region.*

Founded in 1975 and operating six branches throughout the UAE, UAB is one of the 112 information providers sharing up-to-date credit information with the ECB daily.

It has become the bank of choice among major corporate clientele in the UAE, growing its retail customer base and harbouring ambitions for further expansion. The bank continues to strive for even better results by ensuring consistent processes driven KYC activities between new and historical customers, leading to accurate and complete data reporting to ECB

Nicoleta Remmlinger, Director, UAE, at 4most, commented:

“Leveraging credit bureau data and credit scores in internal scorecard development is a powerful way to ensure holistic credit risk assessment. Supporting United Arab Bank in this journey was a first step in our long-term partnership. We were delighted to be able to share our experience in data infrastructure, credit risk and analytics, resulting in positive customer outcomes.”

Ramadan Shaaban, Data Management and Analytics Manager at United Arab Bank, noted:

“4most’s expertise in technical solutions, combined with their knowledge of credit risk, ensured the timely submission and successful transmission of credit, cheques, and income data into the ECB. Having worked closely on the project, it’s rewarding to see our collaboration delivering positive results as we look to provide a comprehensive service for our customers.”

Ahmad Shraim, Head of IT Applications Support and Development at United Arab Bank, added:

“At United Arab Bank (UAB) we’re always striving for automated solutions. Being one of the first banks in the country to implement the ECB’s Data Correction Tool via Gateway is a proud achievement for us and we’re grateful for 4most’s support in helping us reach this significant milestone. Our partnership with 4most highlights the importance of accurate data reporting to the ECB and the benefits of leveraging expertise in credit risk and analytics to ensure holistic credit risk assessment. By prioritising customer awareness and striving for better data quality scores, United Arab Bank (UAB) demonstrates its unwavering commitment to delivering a market leading offering.”