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.