RETAIL BANKING
Better for the change Retail banking is the publicly visible aspect of the digitization of banking and financial services, with the changes it brings experienced by millions of customers every day. Amit Malhotra, General Manager of the Personal Banking Group at Commercial Bank of Dubai, answers questions from MEA Finance about what is currently shaping retail banking and what can be expected from it in the future
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s retail bank, what was your most influencing experience of 2020?
I t h i n k , C OV I D -1 9 a n d the resultant drive towards digital transformation has been the most influencing experience for most organisations and not just banks in 2020. However, at CBD, we had embarked on the Digital transformation journey well before the current crisis. The ongoing pandemic crisis has helped accelerate the demand for digital banking and even customers who have traditionally been cautious in terms of digital adoption, have now started to realise the benefits of digital banking. In 2020, CBD launched several new digital products including the CBD Digi Account and instant virtual debit and credit cards. Through our Digital products we have put the bank in the palms of the customers as it enables them to open a CBD account instantly, get a new credit card or even get a loan for emergency cash in just a few minutes using only their Emirates ID. Positioned as ‘the UAE’s Most Rewarding Digital Account’, the CBD Digi account offer customers a host of free banking services including free remittances with best in market exchange rates, free ATM withdrawals across CBD ATM network and
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a free cheque book, as well as an option to open up to 11 multi-currency accounts, including a Gold account. What’s more, customers do not need to maintain any minimum balance or transfer their salaries to open the account.
How will 2020 shape the direction of regional retail banking and finance in 2021? 2020 has helped in accelerating digital transformation but in order to leverage this opportunity for greater competitive advantage, banks will need to continue
combined with AI and machine learning. This will help in providing real time personalized website banners, tailored push notifications, relevant financial recommendations and offers.
What is your key customer demographic for 2021 and why? Since its inception, CBD has been a bank, by and for family-owned businesses across all the Emirates in the UAE. Traditionally CBD has a strong franchise in institutional and corporate banking, but we are increasingly using that
WE WILL STILL NEED BRANCHES FOR MORE COMPLEX TRANSACTIONS AND SERVICES AND WHERE HUMAN INTERACTION IS REQUIRED. to innovate and adopt an agile approach to simplify processes to create better digital customer experiences at par with the likes of Amazon, Google and Apple. Predictive personalization will also be a key digital transformation trend for success in 2021, using data and analytics
Banking and Finance news in the MEA market
strength to expand in retail banking and banking for SMEs as well. All of our customer segments are our top priority and we constantly try to understand their needs and fulfill them through innovative financial products and services. However, in line with the
