Dubai’s biggest bank Emirates NBD announced on Wednesday that it will invest Dhs 500m over the next three years into improving its digital services.
The bank’s investment will focus on five areas including: end to end process transformation; faster and more responsive customer interface; omnichannel experience, fortification of cyber security and anti-fraud capabilities; and enhancement of data management and analytics.
Emirates NBD also revealed plans to launch the United Arab Emirates’ first so-called ‘digital bank’ targeted at millennials.
The initiative will use digitisation and social inputs to offer customers self-service money management with useful tools and applications, a statement said.
Emirates NBD group chief executive officer Shayne Nelson 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.”
Currently, the bank offers digital banking initiatives such as e-payment capabilities for 25 service providers including telecom, utilities, transportation, card schemes and education providers.
Customers can also perform over 100 transactions via Emirates NBD’s online and mobile banking channels.