As part of its commitment to innovation, the United Arab Emirates' Emirates NBD has announced plans to launch a digital bank for Millennials. The $136 million project will be taking shape over the course of the next three years.
The digital-only bank is set to provide "the next generation of self-service" through online and mobile experiences. The new Millennial-targeted digital bank is set to enhance cyber security, data management and provide a highly responsive customer interface.
While many young Millennials seem to avoid collecting financial advice from traditional institutions, they have grown up in a world where they have been able to easily make payments thanks to ever-changing digital technology. As the next generation of consumers with billions of dollars in annual buying power, Millennials are a highly targeted demographic group for financial institutions.
Digital-Only Banks
Emirates NBD is Opening a Millennial-Targeted Digital Bank
Trend Themes
1. Digital-only Banks for Millennials - Creating digital-only banks tailored specifically for Millennials presents opportunities for innovative online and mobile banking experiences.
2. Enhanced Cyber Security - Developing advanced cyber security measures within digital-only banks can disrupt the traditional banking industry and protect customer data.
3. Responsive Customer Interface - Implementing highly responsive customer interfaces in digital-only banks can improve user experiences and attract Millennial customers.
Industry Implications
1. Banking - The banking industry can innovate by adopting digital-only banking services and catering to the needs of Millennials.
2. Cyber Security - The cyber security industry can offer solutions to digital-only banks, addressing the growing concerns around online banking vulnerabilities and data breaches.
3. Fintech - Fintech companies can participate in the digital-only banking space by providing innovative technologies and platforms to enhance the banking experience for Millennials.