Cbd.ae website wins at UAE WEB Awards

Many researchers expect rapid growth in customers using online banking products and services. The challenge for banks is to make sure the savings from Internet banking technology more than offset the costs and risks associated with conducting business in cyberspace.

One reason why online banking has not outpaced growth in internet use generally may be what industry analysts dub the trust gap. "Trust is a big factor in choosing to bank online and then sticking" said Mahmoud Hadi, General manager, Systems & Operations. "Some industry analysts predict that online banking sites will have trouble attracting new customers because of the trust gap between internet users who are experienced with online financial transactions and those who are not."

A 2005 report by Consumer WebWatch found that internet users who have used an e-commerce or financial management site are more trusting of online banking sites, automatic bill pay sites, credit history sites, and others. And internet users who have bought items online are more likely to say they have a lot of trust in online banking sites.

"Marketing strategies will vary as banks seek to expand their markets and employ lower cost delivery channels," said Badr Soueidan, Executive Manager, Marketing of Commercial Bank of Dubai. The bank's fully transactional website (www.cbd.ae) recently won at the UAE Web Awards in the financial services category. "We at Commercial Bank of Dubai believe that internet banking presents us with a viable blueprint for banking of the future and we must encourage our customers' trust towards online banking as it saves them both time and money."

The site has been designed by Partnership Advertising's Digital Division. Commenting on the win, Nishat Syed, Manager, Partnership Digital said: "This was an exciting project and our team had to balance several critical factors while designing it. Issues such as easy navigation, adherence to the CBD brand look and feel, online security and convenience needed equal attention to execute a world class product."

Speaking about the brief for the site, Areej Al Yousuf, Senior Officer, Marketing of Commercial bank of Dubai said: "We had to ensure that our Internet banking business was a good fit with the institution's strategic business direction and customer demographics. We conducted a needs analysis to help us determine what products and services should be a part of our Internet banking business. This will now be an on-going process so that the bank remains current with Internet banking technology, products, and services."

The UAE Web Awards were initiated with the objective of providing an avenue for creative expression for web developers and web designers in the UAE. Recognized as a great accolade, the award ceremony was held in Al Bustan Rotana Hotel, Dubai, in front of a packed audience of dignitaries, industry professionals and media.