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Wed 1 Jun 2016 01:47 PM

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Dubai's biggest bank to invest $136m on digital innovation

Emirates NBD says investment will include the launch of the UAE's first digital bank targeted at millennials

Dubai's biggest bank to invest $136m on digital innovation

Emirates NBD, Dubai's biggest bank, has announced that it will invest AED500 million ($136 million) over the next three years towards digital innovation and multichannel transformation of its processes, products and services. 

The bank also revealed plans to launch the UAE’s first digital bank targeted at millennials.

The new digital bank will offer customers the next generation of self-service money management with useful tools and applications, the bank said in a statement.

Shayne Nelson, Group CEO of Emirates NBD said: “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.

"This significant investment will drive further innovation and solidify Emirates NBD’s reputation as an innovation-led, customer-focused bank that is indisputably a market leader in the region.”

The bank said its investment will focus on five key areas - 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.

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