DUBAI: Dubai Islamic Bank has launched Rabbit, a fun digital offering that seeks to attract more technology-savvy millennial and help the unbanked in the UAE, Pakistan and other markets to get access to the formal financial system.
“The idea of Rabbit is [to go] beyond the UAE … the idea is to take to different markets we are operating in. That has been the core of our strategy,” Adnan Chilwan, group chief executive of DIB, told a media briefing in Dubai.
“Some of the markets we are operating in are huge in terms of population – Pakistan, Indonesia and Kenya. If you look at these markets, they require a proposition [like Rabbit].”
The UAE market will serve as a prototype and the bank at a later stage will work with regulators in other markets to introduce Rabbit. “This for us is just the start of a journey,” Chilwan said.
The new app, which the DIB chief described as “FunTech” rather than FinTech, is available on Apple and Android mobile app stores. It is initially launched with a current account, globally accepted debit card, and payments and money transfer transfers.
The bank will later introduce credit card and other features to the app that also offers discounts to customers.
There are too many financial apps and digital offerings available in the market, however, “we saw a void in the market, as the fun element was missing in FinTech”, Chilwan said.
“Rabbit is the new bunny in town” that offers fun-filled interaction, while fulfilling the everyday financial needs for the new generation and millennials, he added.
Chilwan said Rabbit is not a digital-only bank. It is a digital proposition through a stand-alone entity, which will have its own “organic journey going forward” as it evolves according to customer needs.
Rabbit is a proposition that is different from DIB’s digital and mobile banking app. The bank plans to continue spending “as much as needed” on enhancing its digital capabilities, he said, without giving a number.