Forget going to the bank in Dubai - just log on to Facebook

UAE residents now have the option of making bank transactions – from the comfort of their Facebook page. No really. A Dubai-based bank has joined a select few banks in the word that allow users to operate their bank accounts from their Facebook accounts.

Commercial Bank of Dubai (CBD) has introduced banking transactions through Facebook, the most popular social networking website in the country and across the world.

This is how it works: CBD online banking customers who have a Facebook account can manage their daily banking needs by monitoring their accounts and making transactions. The bank claims that this initiative is the first in the region, and one of only few in the world.

Turkey’s DenizBank, News Zealand’s ASB and very recently India’s ICICI are among handful of other banks that offer the option of transacting money through their customers’ Facebook accounts.

As Emirates 24|7 had reported in April this year, reports maintained that Facebook was gearing itself to provide financial services in the form of remittances and electronic money. While CBD’s ‘bank branch inside Facebook doesn’t yet allow remitting money overseas, it does offer a number of other options.

Read: You may soon remit money via Facebook 

In a media statement, CBD said its customers are now able to check their current and savings accounts and credit card balances without leaving Facebook. They can also make payments towards their CBD credit cards outstandings, as well as transfer money between their CBD accounts and apply for CBD products. They can also track their expenses.

Releasing the new service in Dubai, CBD Chief Executive, Peter Baltussen highlighted the importance of such strategic initiatives. The bank had earlier this year launched the region’s first virtual assistant and personal financial management tool.

The UAE, with its 3.6 million Facebook users, is among the countries where residents enjoy Facebook the most. Customer insights indicate that people check their Facebook within 15 minutes from the time they wake up and they actually check it on an average of five times per day.

“CBD recognises that as more and more people utilise 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. We want to empower customers to bank where they want and provide them with the information they need – providing an advanced user experience, simplifying payments and focusing on the customer,” said Baltussen.

“We believe that this initiative will enable our customers who use Facebook to carry out their daily banking transactions without having to leave the platform they enjoy spending time in. This is the first time that a UAE bank has adapted its financial services specifically for Facebook,” added Frans Jan Burkens, Deputy General Manager of Personal Banking Group, CBD.