Emirates NBD to launch UAE’s “first” digital bank for millennials
Emirates NBD is planning to launch the UAE’s “first” digital bank targeted at millennials. The new bank is part of its three-year AED 500 million ($136 million) strategy to improve its processes, products and services.
Shayne Nelson, group CEO of Emirates NBD, says this “digital transformation plan” is its “commitment to the future”.
The bank’s investment will focus on five key areas, namely: end to end process transformation; a “faster and more responsive” customer interface; omnichannel experience, “fortification” of cyber security and anti-fraud capabilities; and better data management and analytics, “all underpinned to the UAE’s ‘smart city’ initiatives”.
On top of this latest development, Emirates NBD says it is the only bank in the UAE to offer e-payment capabilities through all bank channels for over 25 major service providers, varying from telecom, utilities, transportation, card schemes, and education sectors, among others.
It says customers can perform over 100 transactions including request for new products and service via Emirates NBD’s online and mobile banking channels.
Two years ago, the bank said it was the first in the Middle East to launch a tablet banking service. This offers financial planning for the bank’s priority banking relationship managers and wealth management advisors.
For its underlying technology, Emirates NBD uses Infosys’ Finacle core banking system at home and across its international locations. The group also has an Islamic banking subsidiary, Emirates Islamic Bank, which is working on the Finacle implementation at present, Banking Technology understands. If successful, this will be the first Islamic site for the Infosys core platform.