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DIB banks heavily on IT to expand consumer banking

Speaking to Khaleej Times yesterday, Taha Nuaman, Manager, Dubai Islamic Bank, Shaikh Zayed Road Branch said: “We are expanding our retail delivery channels through innovative technology solutions. This is the quickest and cost effective way to reach the new population centres in the city such as the Jumeirah Beach residence project, Emaar's new residential and retail projects and a host of new properties being developed in the city.”

The bank is working on three new initiatives such as Electronic Branches; New Generation ATMs that can be substituted for a branch and the E-Murahaba online financing.

The Electronic Branch will have minimum number of staff, in most cases managed by a lone staff. The new generation ATM machines can handle cash withdrawals and deposits with instant debit and credit facilities while the account opening and electronic transactions could be done from the internet kiosks attached to the electronic branches. “Initially the new electronic branches will be located around the new developments in Dubai later the net work will be expanded throughout the country,” he added.

The new electronic branches are expected to be highly cost effective as the operating costs are expected to be lower. The new generation of ATM machines which DIB has started to roll out are capable of accepting cash deposits and other banking services including utility bill payments.

DIB has already begun providing the E-Murabaha online financing. The Shariah-compliant Web-based service receive online applications 24 hours a day. The service promises an immediate response and offers preferential profit rates. By opting for E-Murabaha, DIB's customers avoid the need to visit their branch yet still complete their transactions. The service reduces the time and resources taken up in evaluating and processing Murabaha applications, thus cutting costs allowing surpluses to be used to develop and enhance the service.

The E-Murabaha customer interface is built using state-of-the-art web technology. It is integrated with various communication channels such as e-mail, SMS, and Fax.

DIB plans to offer this service through hand held devices including PDAs and mobile phones. DIB had a major presence at the Gitex where it unveiled its new retail banking strategy based on new technology and innovative technology solutions.