BrazilPwC and Commercial Bank of Dubai sign digital innovation deal
The Middle East branch of PwC has signed an agreement with the Commercial Bank of Dubai to foster greater digital innovation at the financial services and banking provider.
With over 100 branches spread across the Emirates, and almost $20 billion is assets with a net profit of $270 million in 2017, the Commercial Bank of Dubai (CBD) is one of ten largest banks in the Emirates – and listed by industry sources as the 35th largest bank in the Persian Gulf. In addition to commercial and personal banking, CBD offers services in financing and capital solutions advisory among a range of other provisions.
Founded in 1969, and with growth last year closing in on double-digits, CBD has now tapped PwC to help carry the bank into the modern era, with the two parties signing an agreement on an innovation programme which aims to make CBD ‘default digital’. A further objective of the year-long project, along with the goal to improve efficiencies and resolve other key business issues, is to assess potential collaboration opportunities with the fintech start-up sector.
PwC Middle East Partner and Financial Services Practice Leader Mehryar Ghazali said, “Technology has become an integral part of our daily lives and our agreement with CBD comes at the perfect time when we look to foster cultural innovation and embrace technology at its best. Achieving a unique banking experience is at the core of this initiative and we at PwC are proud to be part of it; and transform the way CBD's people and its customers embrace technology.”
In an effort to ensure ‘exceptional customer experience’, and with a mandate to identify new opportunity areas across all areas of business, the PwC project team will evaluate start-ups in specific business areas on the basis of ‘demos’, before then moving on to develop proof of concepts for implementation. PwC will also support CBD with building, designing and operating CBD Labs – a “corporate workspace focused on building a culture of innovation, collaboration and disruption,” with their launch set for late next month.
CBD’ CEO Bernd van Linder said: “We are delighted to have PwC Middle East as our advisors to help redefine our banking processes and enhance the customer journey. Digital transformation is a strategic priority for CBD as part of its vision to be default digital. This arrangement will enable us to drive innovation and leverage cutting-edge technologies to deliver a world class customer experience across all segments including personal, corporate and commercial businesses.”
In a recent report study on the digital maturity and evolution of the banking sector in Europe and the Middle East, which examined 248 financial institutions across 38 countries, fellow Big Four firm Deloitte classified the UAE as a ‘digital latecomer’ in line with the majority of the Middle East, with Turkey the region’s only ‘digital champion’. Meanwhile, Oliver Wyman recently argued for Dubai to be established as a banking innovation hub to aid regional financial inclusion.
