# Digital-Only Banks Emirates NBD is Opening a Millennial-Targeted Digital Bank By Laura McQuarrie | Published 2016-06-06 | Business Source: Trend Hunter, https://www.trendhunter.com/trends/digital-bank References: [nfcworld](http://www.nfcworld.com/2016/06/06/345302/emirates-nbd-launch-digital-bank-millennials/) & [fintechist](http://fintechist.com/digital-bank-emirates-nbd-millennials/) As part of its commitment to innovation, the [United Arab Emirates](https://www.trendhunter.com/trends/united-bank-of-philadelphia)' [Emirates NBD](https://www.trendhunter.com/trends/1-billion-meals-endowment) has announced plans to launch a digital bank for [Millennials](https://www.trendhunter.com/trends/lakefront-finance). 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. ## Trend Insights (Trend Hunter) - Score: 3.9/10 - Popularity: 44% | Activity: 66% | Freshness: 8% - Audience gender: 50% men, 50% women - Primary generations: Gen Z, Millennial - Top markets: Europe, Asia ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Business](https://www.trendhunter.com/business) > [New Ventures](https://www.trendhunter.com/newventures) ## Key Themes ### What's Driving This Trend - **Digital-only Banks for Millennials:** Creating digital-only banks tailored specifically for Millennials presents opportunities for innovative online and mobile banking experiences. - **Enhanced Cyber Security:** Developing advanced cyber security measures within digital-only banks can disrupt the traditional banking industry and protect customer data. - **Responsive Customer Interface:** Implementing highly responsive customer interfaces in digital-only banks can improve user experiences and attract Millennial customers. ### Who This Affects Most - **Banking:** The banking industry can innovate by adopting digital-only banking services and catering to the needs of Millennials. - **Cyber Security:** The cyber security industry can offer solutions to digital-only banks, addressing the growing concerns around online banking vulnerabilities and data breaches. - **Fintech:** Fintech companies can participate in the digital-only banking space by providing innovative technologies and platforms to enhance the banking experience for Millennials. ## Related on Trend Hunter - [UAE-Based Digital Wallets](https://www.trendhunter.com/trends/mbank.md) - [Millennial Nostalgia Banking Campaigns](https://www.trendhunter.com/trends/allt-bank.md) - [Empowering Youth Bank Accounts](https://www.trendhunter.com/trends/ocbc-myown-account.md) - [Web3-Focused Digital Banks](https://www.trendhunter.com/trends/cogni.md) - [Digital Banking Metaverses](https://www.trendhunter.com/trends/hsbc-1.md) - [Simplicity-Focused Mobile Banking Apps](https://www.trendhunter.com/trends/mobile-banking-apps.md) - [Teen-Targeted Banking Features](https://www.trendhunter.com/trends/family-money.md) - [Virtual Banking Environments](https://www.trendhunter.com/trends/uni-verse.md) - [International Professional Neobanks](https://www.trendhunter.com/trends/zolve.md)