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DIB is getting into the digital banking space through the new app. Image Credit: Virendra Saklani/Gulf News

Dubai: Dubai Islamic Bank (DIB) has launched its digital banking app that targets customers across all its key markets. The digital banking platform, initially launched in the UAE, targets digital ‘migrants’ born between 1960–1994, digital ‘natives’ (born between 1995-2010) and those born in the digital age (2010 and later).

“We target a wider spectrum of digitally savvy customers who we call a ‘connected generation’,” Dr. Adnan Chilwan, Group CEO at Dubai Islamic Bank. “Our target audience consist of all those who are in the millennial age and millennial mindset, making our digital offering one of the most inclusive and simple digital banking offering.”

Rabbit will initially offer some of the more basic banking services ranging from account opening, fund transfers and payment solutions with the scope for adding credit and debit card services in the near future. The app is open to all UAE residents.

“Our objective is to simplify banking services through this app by making it customer-friendly, agile and transparent,” said Dr. Chilwan.

Dr. Adnan Chilwan, Group CEO, DIB
“We are not planning to push products on this offering, rather would create and innovate products that customers want,” said Dr. Chilwan.

Overseas markets

DIB - with its wide global footprint extending to Indonesia, Pakistan, Kenya and other East African markets -plans to roll out Rabbit across all these markets subject to regulatory approvals. “Many of our overseas markets have larger population, giving our new digital offerings a much larger market potential,” Dr. Chilwan said.

DIB, with a network of 68 branches in the UAE, has no plans to reduce the branches as it adopts more digital solutions. While digitalisation will continue to pick up pace in the future, the CEO said the current level of branch network is optimum for the level of operations the bank has.

Dr. Chilwan said the sector’s and full-year 2021 financial performance will be far better than the prior year. “Timely support from the central bank and governments have helped both banks and businesses to efficiently manage potential adverse impact of the pandemic,” he said.