Commercial Bank of Dubai launches region’s first "Bank branch inside Facebook"
Commercial Bank of Dubai (CBD) has initiated a brand new trend in the banking services by introducing banking transactions through Facebook, the most widespread social networking website. CBD online banking customers who have a Facebook account can manage their daily banking needs by monitoring their accounts and making transactions. This initiative is the first in the region and one of only three in the world.
Releasing the new service in Dubai, CBD Chief Executive, Peter Baltussen highlighted the importance of such strategic initiatives that can be seen in the context of CBD’s drive towards the future of banking. This fits the “Innovation” roadmap of the bank with the launch earlier this year of the region’s first virtual assistant and personal financial management tool delivered for CBD online banking customers.
Baltussen stated that CBD shall continue presenting the UAE with brand new customer experiences in the digital sphere and social media. “We will do that by continuing to break ground with our innovative approach of following closely what technology has to offer and making it customer centric and relevant ensuring that CBD is where customers are.”
The UAE, with its 3.6 million Facebook users, is among the countries which seem to enjoy Facebook the most. Customer insights indicate that people check their Facebook within 15 minutes from the time they wake up and they actually check it on an average of five times per day.
“CBD recognizes that as more and more people utilise social media, customers increasingly expect banks to offer services via these platforms. Customers want convenience and be able to do banking as part of their everyday lives, when and where they want. We want to empower customers to bank where they want and provide them with the information they need – providing an advanced user experience, simplifying payments and focusing on the customer.” Baltussen added.
Frans Jan Burkens, Deputy General Manager of Personal Banking Group iterated that “Our Bank undertook significant investments in digital platforms. First it was the launch of CBD new online banking, more recently the HCT KIOSK (the Spark) with the Higher Colleges of Technology campus and now the launch of THE FACEBOOK BRANCH.”
“We believe that this initiative will enable our customers who use Facebook to carry out their daily banking transactions without having to leave the platform they enjoy spending time in. This is the first time that a UAE bank has adapted its financial services specifically for Facebook.” Burkens added.
Customers can perform a number of tasks such as checking their current and savings accounts and credit card balances without leaving Facebook. They can also pay CBD credit cards, as well as transfer money between their CBD accounts and apply for CBD products. They can also track their expenses.