Commercial Bank of Dubai: a truly ‘default digital’ bank

Mis à jour : nov. 12

By Trusted Magazine editorial team.

2020 has witnessed a tremendous increase in digitization, largely spurred by the COVID-19 pandemic. Commercial Bank of Dubai too has capitalized on this trend, with a record increase in digital adoption by its customers. With more than 90% of CBD banking transactions fully digital, the bank is well on its digital transformation journey.

CBD launched its revolutionary CBD Digi account in the midst of the pandemic this year and has seen already seen a massive uptake in the few months since launch. The Digi account offers customers the opportunity to open an account instantly in just 10 clicks ( purportedly amongst the shortest account opening journeys in the world) with no paperwork, by simply downloading the cbd mobile app and only requires an Emirates ID ( the UAE national Identity card). The account is targeted at millennials and low income consumers, a segment which has been ignored by banks in the UAE for long, by offering a zero balance account, with no minimum balance or salary transfer requirements. The account also offers 2 FREE international remittances per month and exciting monthly prizes to customers in addition to welcome gifts, free ATM withdrawals, airport lounge access and a host of other benefits. The CBD Digi account also has a great Member get Member referral program for customers to refer friends and family and get rewards.

The Digi on-boarding experience has also been extended to Credit Cards, and customers can also instantly get a credit card using the CBD mobile app. CBD Digi Loans, offering instant Personal Loans directly credited to the customers account are next on the agenda and will be launched in a few months.

The digitization journey applies beyond the on-boarding journey to the entire customer lifecycle with the bank. With new enhanced features and functionality, the CBD Mobile app virtually offers the entire bank and its services to customers on their palm, without having to step out of the comfort of their home or office.

Through CBD Mobile customers can;

  • Apply for a Credit card, supplementary card...

  • Update personal details such as Emirates ID

  • Apply for and instantly avail 0% EPP, Balance transfer from other credit cards...

  • Instantly pay bills

  • Get Instant transactional and service notifications

  • Enjoy dining discounts and much more

As part of its information security strategy, Commercial Bank of Dubai has enhanced its level of security for its data along with its banking transactions. Leveraging various cutting-edge data encryption technology to guarantee the security of banking operations, making the following secure features through Mobile Banking available for its customers;

  • A personalised activation/registration process with a user ID, a unique password and a debit card PIN code;

  • A secure login process using CBD Online Banking credentials;

  • A multi-level control throughout the use of the application.

In line with its roadmap, the bank has invested in leading-edge technologies to offer a seamless banking experience to its customers. According to a latest report published by the bank, more than 90% of payment transactions were made via digital channels and 98% of cash deposits were made via smart ATMs. In addition to its award- winning cash management solution, CBD recently launched a card-free cash withdrawals facility for its customers meaning they no longer need to visit a bank branch to make a cash withdrawal.

CBD’s digital banking capabilities have received widespread industry praise, most recently winning “Best Mobile Banking App” and “Best in Lending” at the Global Finance 2020 World’s Best Digital Bank Awards. CBD was also awarded with "Banking Transformers Award" by Trusted Advisors Group, “Best Digital Service” Award in the special jury prize category at the Arab Digital Banking Excellence Awards 2019, “Most Innovative Digital Bank Award” by the International Finance Magazine (IFM) in 2019, “Most innovative card of the year’ at the 2019 Seamless Awards, ‘Best Digital Bank” at New Age Banking Awards, 2019 and “Best Digital Transformation services” award at the 2019 Banker Middle East awards.


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© 2020 Trusted Magazine (by Trusted Advisors Group)