Commercial Bank of Dubai rolls out Robo-advisory investment app
Commercial Bank of Dubai, powered by Accura Scan KYC Solution, rolled out a Robo-advisory investment app, to tap growing demand for online trading during the Covid-19 pandemic.
Last year, CBD went live with Accurascan’s KYC onboarding solution. Taking their partnership ahead, CBD has now launched ‘Investr app’, which uses Accura Scan KYC Suite for Instant Account Opening and Customer On-Boarding. This app offers customers access to globally diversified portfolios including stocks, bonds, and other asset classes using low-cost exchange-traded funds.
Customers can download the CBD Investr app, register using their Emirates ID and do instant Face Verification, answer questions to assess their risk profile, and create a personalized portfolio, the lender said. They do not need a CBD bank account to fund their portfolios and can make a local transfer from any bank account in the UAE. Customers can start investing with just $500 and withdraw at any time without any charges, the bank added.
The app will provide an online portfolio feature, which will allow customers to create portfolios and monitor asset performance before investing money. It will also introduce a self-investment solution for more experienced investors. On this, Bernd van Linder, chief executive, CBD, said, “Digital technology is disrupting the financial industry and is a key strategic priority for CBD as part of its vision to be ‘default digital’. We believe the next wave of disruption will be in the investment industry.”
With this app, Accura Scan Solution has added another feather to its already embellished cap. It has already developed uninterrupted automated verification solutions for Digital KYC with Face Biometrics, User Authentication, and robust OCR Reader, and is performing majorly in the uplifting banking sector and other similar crafts with online security measures to prevent digital fraud or crimes. Yasin Patel, founder of Accura Scan, commented, “With Covid-19, the world has become more remote and Accura Scan can be a perfect solution for such banks for its varied needs.”