The Commercial Bank of Dubai (CBD) is getting ready to launch a mobile app-based digital bank for its clients in a bid to change the relationship between the bank and its customers, according to a report from Computer Weekly.
Expected to launch early next year, the digital bank will be known as CBD NOW, which is intended to target Millennials, the generation of people who tend to carry out their day-to-day activities via their phones.
According to a British Banking Association [PDF] report, in 2015 there were 11 million logins to banking apps each day compared to 4.3 million logins to Internet banking through bank websites. The number of mobile banking apps in 2015 rose by 25 percent to 13.5 million from 2014 figures.
Murray Sims, general manager personal banking group at CBD, said:
CBD NOW will redefine what a bank should be. It is built around customers and offers a unique experience that is simple, smart and safe, whereby everything can be done by smartphone.
The Commercial Bank of Dubai, however, is not