Commercial Bank of Dubai to launch digital-only bank

By Finextra

Commercial Bank of Dubai is to launch a digital-only bank, dubbed CBD NOW, targeting millennials and tech-savvy customers in the UAE.

The new bank, which will open in early 2017, will enable customers to conduct all of their financial affairs via a smartphone. The proposition is being developed with the support of a ‘co-founders’ programme, featuring input from beta-testers to influence product development and refinements before rolling out the brand to the public.

Walter Lironi, general manager digital transformation, says: “There is no bigger convenience than bringing the branch to the palm of our customer’s hand. Our research shows that digitally connected customers want a banking experience that is simple, smart and safe, whereby everything can be done via smartphone.”

The announcement follows the launch of a series of initiatives in June under the banner CBD nEXT, a multiyear digital transformation programme initiated by the bank.

First appeared at Finextra