Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has launched a new digital banking proposition targeting millennials called Smartbanking. Smartbanking features digital onboarding and a range of innovative products delivered through a dedicated mobile banking app and intuitive online banking platform.
Commenting on the launch, Philip King, Global Head of Retail Banking at ADIB, said: "Smartbanking by ADIB represents a new paradigm for banking in the UAE. The entire proposition was designed with millennial customers in mind, as our research shows that this segment's expectations for banking services are shaped by their lifestyle and day-to-day mobile applications. Millennials are more inclined to seek peer recommendations when it comes to brand choice and expect banking services to be simple and accessible, with banking solutions delivered instantly."
"We have worked closely with a focused community of Gen Y Early adopters to design a banking offering which fits their lifestyle and financial needs. Centred around innovative digital platforms, Smartbanking provides a highly efficient, personalised banking experience uniquely integrated with our online community moneysmart."
Customers can open a Smartbanking without having to visit a branch, and only schedule the delivery of the welcome pack and debit card at the time and place of their convenience. Customers can deposit funds into their accounts immediately or carry out any routine transaction like transfers and paying bills, free of any fees. Pre-approved customers can also apply for a personal finance through the Express finance feature on the application and can customise their financing package and design a bespoke repayment programme based on their particular needs. In addition to that, Smartbanking allows users to also 'text' payments to friends in their contact list simply by selecting a contact number or a moneysmart community nickname for instant transfers.
Smartbanking accounts are also linked directly to moneysmart.ae, the region's first digital community for personal finance, where people can exchange information and advice with peers and experts. The moneysmart community carries finance related articles, blogs and tips.
The new digital banking proposition is part of ADIB's digital transformation strategy that saw the launch of "Express Finance" through the ADIB mobile app, which provides qualifying customers with instant access to personal finance. Customers can also now update their personal information such as their Emirates ID, Passport and contact details through the app without having to visit the branch.
ADIB was recently awarded as the "Middle East Islamic Digital Bank" by Global Finance in recognition of ADIB's efforts to be at the forefront of digital banking.