Commercial Bank of Dubai and PwC sign agreement to foster digital innovation
Source: PwC , Author: Posted by BI-ME staff
Posted: Mon September 24, 2018 12:45 pm

UAE. Commercial Bank of Dubai (CBD) and PwC Middle East, recently signed an agreement on an innovation programme that will help the bank in its objective to become default digital and in providing an exceptional customer experience by collaborating with FinTech startups, and effectively leveraging emerging technology as a tool.

The agreement was signed by Dr. Bernd van Linder, Chief Executive Officer of CBD, and Mehryar Ghazali, Partner and Financial Services Practice Leader at PwC Middle East, during a ceremony held recently in Dubai, in the presence of senior management from both organizations.

During the yearlong initiative, CBD will look to solve key business problems, improve efficiency, and identify new opportunity areas across all areas of business. The project team will evaluate startups in specific business areas on the basis of 'demos' and develop proof of concepts ('POCs') for implementation. Leveraging the expertise of PwC, CBD will ensure that an all-inclusive culture of innovation and disruption is fostered throughout the bank.

Mehryar Ghazali, Partner and Financial Services Practice Leader at PwC Middle East, 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." 

Speaking on the significance of this agreement, Dr. 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."

As part of the project, PwC will support CBD build, design and operate CBD Labs – a corporate workspace focused on building a culture of innovation, collaboration and disruption. The CBD Labs will launch in late October.

About Commercial Bank of Dubai:
Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is fully owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD).

Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services. 

About PwC:
At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services.

Established in the Middle East for 40 years, PwC has 22 offices across 12 countries in the region with around 4,500 people. (www.pwc.com/me).

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

©2018 PwC. All rights reserved

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 19, 2018
UAE. Artificial Intelligence basically makes it possible for machines to learn from neuro experiences, adjust outputs and perform human-like tasks, it could be thought of as the simulation of human intelligence.
date:Posted: October 18, 2018
UAE. A study on the cost of residential real estate versus the GDP per capita in key city hubs globally reveals that Dubai offers one of the most attractive value propositions for investors.
date:Posted: October 17, 2018
UAE. GITEX - Day 3 highlights: AI is the next big opportunity for cities; Cognitive solutions that leverage AI algorithms to make decisions like a human brain; Saudi Accelerator Day gets underway at GITEX Future Stars; A stark warning to customer-focused industries in the tech age: evolve or die.
dhgate