CBD record exceptionally high levels of digital adoption across its wholesale banking segment

Dubai, 19 July 2020: Commercial Bank of Dubai, one of the leading financial institutions in the UAE, has recorded exceptionally high levels of digital adoption across its wholesale banking customers by the end of the second quarter of 2020. Almost 90% of CBD wholesale banking transactions are now being performed digitally.

In line with the bank’s ‘default digital’ strategy, the bank has invested in cutting-edge technologies to provide a seamless banking experience to its customers. The bank’s state of the art corporate online banking platform, iBusiness, allows customers to perform a wide range of transactions such as cross border and domestic remittances, liquidity management and payroll payments.

Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said: “We are proud to facilitate exceptionally high levels of digital adoption among wholesale banking customers, which have traditionally been cautious in terms of digital adoption. However, many corporates have now started to realise the benefits of online banking, and corporates who were initially reluctant to move to digital are now actively migrating. The ongoing COVID-19 crisis has also significantly accelerated the demand for digital banking channels that offer safe, convenient, seamless and uninterrupted banking services. We are determined to build on this momentum and will continue to improve our overall banking experience to remain the bank of choice for customers in the UAE.”

More than 90% of CBD wholesale banking customer payments were performed through digital channels and 98% of cash deposits were made through smart cash deposit machines. Adding to its award winning cash management solution, CBD had launched cardless cash withdrawal for its customers where an amount of AED 40,000 can be withdrawn through digital channels, without having to visit any bank branch.

Hassan Al Redha, General Manager, International & Transaction Banking, Commercial Bank of Dubai, said, “As technology continues to transform the payments and cash management landscape, CBD continue to innovate and explore new digital solutions to meet the evolving cash management needs of our customers.”

Commercial Bank of Dubai is recognized as one of the leading banks in the UAE in cash management solutions and has always been at the forefront in bringing banking innovations to the market. CBD was recognized with the “Best Cash Management Bank Award in the UAE for 2019” from Global Banking and Finance Review, “Excellence in Payments” by the Finnovex Awards, “Best Cash Management in the UAE” Award, by Banker Middle East in 2017, 2018 and 2019, “Best Payments Bank in the UAE” and “Best ERP integration Application” in 2019, by The Asian Banker and the “Best Online Cash Management Award” by Global Finance.