Social Banking Arrives in Dubai with App Launch

March 13, 2015

8:00 am

Prototype Interactive, an agency specializing in full-cycle digital solutions development has just launched an innovative Facebook social banking app for Commercial Bank of Dubai.

The new app allows users to get instant access to check their bank accounts online, pay credit card bills, transfer money between accounts including your social connections on Facebook and track expense via integrated  ‘Eye on the Expenses’ service – a neatly designed visual data of all the transactions conducted with your card.

“The app’s main aim is to provide users with a fast, secure and convenient way to perform day to day banking tasks such as paying a bill or checking their balance directly from the social network. It will save the users time on visiting the bank in person and reduce the hustle often associated with performing bank operations via complicated online banking interfaces.” – says Alexander Rauser, CEO of Prototype Interactive.

The new Facebook Branch app stands for better customer experience by focusing on a few main parameters:

  • Usability: users can transfer funds to friends and family with two clicks via mobile devices. Make secure online purchases and pay various types of bills including mortgage and loans directly from the app.
  • Personalized experience: address all your inquires directly to the banks page and get instant replies. Receive special promotions and unique product offers custom tailored according to your profile data.
  • Security: All the transactions are strictly private and will not be displayed anywhere in public. Facebook has no access to authentications or transactions that take place via this app. Each activity goes through secured server at the Commercial Bank of Dubai. To gain access to finance data or send a transaction, users are required to validate their action with a one-time password sent on their mobile phone, registered with CBD.

“CBD recognizes that as more and more people utilize 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.” – says Peter Baltussen, Chief Executive of Commercial Bank of Dubai.

The UAE has over 3.6 million of Facebook users with Dubai having around 2,310,797 Facebook users (64% of total users in UAE). The vast majority of users are young adults  between the ages of 22-30 who are estimated to access Facebook at least 5 times a day within 15 min after the time they wake up.

Commercial Bank of Dubai is the first one in the region to offer Facebook banking services and the 4th in the world after similar products developed by ICICI Bank of India, CaixaBank of Spain and Commonwealth Bank of Australia, making Commercial Bank of Dubai the first one to join the social banking bandwagon in the Middle East.

 

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Dianna is a former ESL teacher and World Teach volunteer, currently living in France. She's slightly addicted to apps and viral media trends and helps different companies with product localization and content strategies. You can tweet her at @dilabrien

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