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Online & Mobile Banking

Dubai bank to introduce a mobile app-based bank in 2017

Tuesday 29 November 2016 | 12:01 PM CET

Commercial Bank of Dubai (CBD) has announced plans to roll out in 2017 a mobile app-based bank to target digital-savvy citizens of the United Arab Emirates (UAE).

The digital-only bank will be known as CDB NOW and will be based on a customer’s mobile phone set to change the relationship between bank and customer. Furthermore, the bank is built around customers and offers a unique experience that is simple, smart and safe, targeting the generation known as Millennials, who carry out much of their daily activity through a smartphone.

Mobile banking is being used more than any other form of online banking. For example, in the UK, which has a more mature digital banking economy, the British Bankers Association recently revealed research showing that there were 11 million log-ins to banking apps every day in 2015, compared with 4.3 million log-ins to internet banking through bank websites, according to Computer Weekly.

Furthermore, according to a recent report from FinTech Week, only 0.1% of global financial technology (fintech) investment originates from the Middle East. However, these organisations are behind their western equivalents in fintech, there are signs of acceleration of its adoption in the UAE.

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