Accenture (NYSE: ACN) has signed a strategic agreement with the Commercial Bank of Dubai (CBD) in order to drive its technology transformation program and “further enhance its banking services to personal and business customers.”
Accenture will set up “a development center of excellence (COE) to optimize CBD’s IT platforms and incorporate best-in-class technologies to enhance the customer experience.”
The COE, powered by hyper automation and generative AI solutions, “will augment CBD’s IT efficiency and productivity across the software development lifecycle to world-class levels.”
Ali Imran, chief operating officer, CBD, said:
“At CBD, we are focused on leveraging our DNA of innovation to augment user experiences with digital platforms. This agreement will further accelerate our digital aspirations to operate more effectively and deliver tailored services to our customers using the next generation of emerging technologies.”
Accenture will provide CBD “with high-quality resources, best practices developed over decades of similar programs and an unwavering commitment to value realization to collaborate seamlessly with its team.”
David Parker, global Financial Services industry practices chair, Accenture, said:
“The banking industry is changing profoundly and banks, more than anything, need to innovate at speed and scale. Technologies like AI and cloud can help enormously to improve the agility, resilience and operational efficiency that give them a true competitive advantage. Our collaboration with CBD will draw on the full breadth of Accenture’s capabilities and expertise throughout our global network.”
As noted in the update, Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC).
The Bank is listed on the Dubai Financial Market and “is mostly owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD).”
Over the years, Commercial Bank of Dubai claims that it “has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever-increasing customer and correspondent base.”
Today CBD says that it is “one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services.”
