Commercial Bank of Dubai to launch digital-only bank
Who’s first?
Commercial Bank of Dubai (CBD), will launch ‘CBD NOW’ next year, which it claims to be the nation’s “first” digital-only bank targeting millennials and “digitally connected” customers.
However, two other banks in the region have also said the same thing.
As Banking Technology reported in June, Emirates NBD is planning to launch the UAE’s “first” digital bank targeted at millennials. The new bank is part of its three-year AED 500 million ($136 million) strategy to improve its processes, products and services.
While in October, Banking Technology reported that Abu Dhabi Islamic Bank (ADIB) partnered with Fidor Bank to launch the region’s first “community-based digital bank”.
Back to CBD’s first or third launch, depends on your view.
Walter Lironi, general manager digital transformation at CBD, says its research shows that “digitally connected customers” want an experience “whereby everything can be done via smartphone”.
The bank says it will also soon announce its CBD NOW “co-founders” programme that involves customers providing input. Customers can assist during the piloting phase to influence product development and refinements before rolling out the brand to the public.
