Worldwide Finance Awards 2023, Acquisition International | 27 a safe entry point into the world of digital assets, bridging the gap between centralized and decentralized technologies. The CBI Metaverse project has shown how marketing, sales lead generation, and customer experience can all be experienced via the Metaverse, and through blockchain technologies. It signals CBI’s digital strategy of differentiation by integrating emerging technologies into established business processes, and using them to provide unique customer offerings that blend the physical and digital (phygital). The publicly accessible branch in the Decentraland Metaverse has direct links for customers to follow explaining CBI and UAE’s history. It also demonstrates how customers can interact with a virtual branch, and how banks can utilise the Metaverse and blockchain technologies by allowing people to purchase physical goods using a mock cryptocurrency token and custodial crypto-wallet provided by the bank. The robust processes and consumer trust banks have carefully fostered can be used to enter and disrupt a decentralized space, with reliable banking institutions like CBI making Web 3.0 and Virtual environments accessible for customers through linking real world assets with digital assets. The project has added a new digital channel to the bank, driving customer acquisition and providing a platform to engage with customers and markets. Consequently, Metaverse technologies are now used by the bank to conduct virtual team meetings and interactions. As the only bank in the UAE to have successfully implemented a Metaverse branch CBI has firmly positioned itself as the agile banking partner of choice for emerging technology providers and FinTech organisations. The initiation of the project was swift and involved the bank working with some of the leading builders in the Web 3.0 world, both to design the virtual branch and create avatars for customers. The project’s success is apparent in the partnerships that are being forged, and the new offerings the bank is creating using the technology to drive both regulatory and cost efficiencies, and allowing it to access new revenue streams. Along with all the previously mentioned feats, the CBI Metaverse Project has enabled implementations to be put in place for the human resources team to conduct individual training sessions. It has also allowed CBI to partner with Pickl, an incredibly successful home-grown F&B brand, keen on using the Metaverse to bring about a food ordering utility. This was achieved through the exchange of a digital token (provided by CBI’s on-site ATM) for a burger from within the CBI Metaverse branch. Such groundbreaking achievements make it clear why the company has received the title Most Innovative Commercial & Personal Bank 2023 – UAE, in the Worldwide Finance awards. It truly is breaking the bounds of what people expect from a bank, and from the Metaverse. Company: Commercial Bank International Web Address: www.cbiuae.com Contact Name: Ihab Ahmed Most Innovative Commercial & Personal Bank 2023 - UAE The financial strength and stability of Commercial Bank International (CBI) allows it to assume a confidence supported by its investment grade rating from Fitch, a globally recognised independent ratings agency. It has a mission to serve the banking needs of its customers within the UAE, and help them to prosper in both their personal and business jurisdictions in support of the nation’s vision agenda. CBI believes it is through its strongly inclusive and diverse investments in people within its own business that it is able to connect successfully with its customers and help to meet their needs. Its continued investment in cutting edge technology keeps it well abreast of banking requirements, but it firmly believes it’s the deeper personal understanding of its customers that is what enables it to build effective long-term relationships. CBI has launched a Metaverse Project, building the first publicly accessible UAE bank branch in the browser-based, 3D virtual world of Decentraland. Whilst this showcases CBI, featuring information on the bank and the history of the UAE, it also provides bank services for customers via a new digital channel. This innovative platform was built in conjunction with some of the world’s leading developers. It has already been put to good use conducting the first successful Emirati candidate job interview, as well as for meetings, bank events, and as a launching board for the CBI’s wider digital strategy. Following on from its successful opening, the technology used has been showcased at the Gitex conference, with a live demonstration of its capabilities. This enabled customers to envisage how the bank can provide Commercial Bank International is a bank local to the United Arab Emirates, and has been helping leading companies and ambitious persons to manage their business and personal finances with confidence since 1991. It has recently become the first bank in the UAE to launch in a Metaverse location. Commercial Bank International
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