Commercial Bank of Dubai cooperates with Visa in the area of credit and debit cards, core data assets and insights, and marketing initiatives.
The financial institution and the giant of the payment industry have published a joint press release, which notes that the interaction is part of an exclusive multi-year strategic partnership agreement on credit and debit cards and is aimed at further accelerating digital payment transactions in the United Arab Emirates (UAE).
Bernd van Linder, CEO of Commercial Bank of Dubai, says that the landscape of the financial sector is gradually changing amid technological breakthroughs and the emergence of new players. Also in this context, it was noted that the impact factor on the mentioned process is the expectations of customers demonstrating changes.
Separately, Bernd van Linder said that cooperation with the giant of the payment industry will help the financial institution develop new business models and provide consumers with more personalized offers.
This partnership provides for the establishment of a Centre of Excellence powered by Visa Consulting and Analytics (VCA). The relevant information is contained in the press release. The partnership will use core data assets and insights to address business challenges and offer personalized solutions to customers.
In the marketing area, the financial institution and the payment industry giant will work together to improve the quality of digital customer service, sponsor events such as the Olympic Games, and offer flexible payment options directly through point-of-sale (POS) terminals and comprehensive benefits.
Salima Gutieva, vice president and country manager for UAE at Visa, says that Commercial Bank of Dubai will be able to use the industry-leading data and analytical capabilities of the payment industry giant to further promote innovation with personalized experiences for Visa cardholders. It was also noted that the mentioned company hopes to bring value to local retailers and contribute to the efforts of the UAE government to develop the digital economy.
In the specified country, there is a high percentage of Click-and-Mortar shoppers. In this case, it means consumers who use both digital tools and physical locations to maximize their shopping experiences. According to the results of a special study, it was found that in the UAE, 89% of retail customers leverage virtual tools when browsing goods in physical stores.
Emaar Properties PJSC, a real estate developer, has become another Abu Dhabi movement towards innovative solutions. The mentioned firm has implemented a Visa and Mashreq virtual card solution to facilitate the digitization and automation of its B2B payments. By adding the mentioned solution through a direct enterprise resource planning (ERP) system integration, the vendor will enhance its payment efficiencies and its working capital. Ahmed Al Matrooshi of Emaar Properties said that the company commits to embracing innovative technologies that not only streamline its operations but also strengthen its relationships with suppliers.
As we have reported earlier, Visa Launches AI-Powered Fraud Detection Service in UK.
