Wednesday, Jun 01, 2016

Dubai: Emirates NBD, one of the leading banking groups in the region, will invest Dh500 million over the next three years towards digital innovation and it intends to launch the UAE’s first digital bank for millennials.

“We are making a commitment to the future with our digital transformation plan. Our focus on technology innovation and adoption to create digital-only products is creating a new paradigm in the way people bank in the UAE,” said Shayne Nelson, Group CEO of Emirates NBD.

Emirates NBD has already launched major digital banking initiatives in support of the country’s ‘smart city’ vision. Emirates NBD 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.

The new digital bank from the group will offer customers the next generation of self-service money management with useful tools and applications.

The bank’s new investment in digital transformation will focus on five key areas, such as end to end process transformation; smoother, faster and more responsive customer interface; omnichannel experience, fortification of cyber security and anti-fraud capabilities; and enhancement data management and analytics.

“This significant investment will drive further innovation and solidify Emirates NBD’s reputation as an innovation-led, customer-focused bank,” said Nelson.

Over the past few years the bank has introduced a series of digital banking services. Currently customers can perform over 100 transactions including request for new products and service via Emirates NBD’s online and mobile banking channels covering both wholesale and retail banking offerings.

By Babu Das Augustine Banking Editor

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