Abu Dhabi Islamic Bank (ADIB) one of the major financial services institutions in the United Arab Emirates (UAE), has partnered with Fidor Bank to launch what is described as the region’s first ‘community based digital bank’.
“The new platform is designed to fit the lifestyle of millennial consumers also known as Generation Y, as well as those looking for a digital offering that matches their banking needs,” ADIB announced.
Fidor was founded in 2009 and claims the title of Europe’s original digital challenger bank and the world’s first ‘fintech bank’, pioneering the collaboration between traditional financial services and technology businesses.
Established originally in Germany, the bank centres around an online community, where users can exchange financial advice and also help co-create banking products. In July this year Fidor announced that it had agreed to be acquired by Groupe BPCE, the large mutually-owned French lender and created from a merger between Banque Populaire and Caisse d’Epargne in 2009.
“Our research is clearly telling us that customers are looking in particular for digital banking services that offer a seamless, easy and intuitive user experience,” said Tirad Al Mahmoud, ADIB’s chief executive officer (CEO). “Our proposition will allow users to completely change the way they bank and manage their finances using digital technology to serve all their banking needs.
“The features and services offered by the new offering are based on customer insights gained from intensive research. As we strive to constantly innovate with our offerings, we believe Fidor is an ideal partner to help us introduce this revolutionary solution.”
“We’re delighted to partner with ADIB to bring the first community based digital bank to the region,” added Matthias Kroener, CEO of Fidor Bank. “Given ADIB’s track record in offering pioneering digital banking services, our partnership makes perfect sense.”
The digital bank and its services, features and online community will be available for existing and new customers to sign up to “in the upcoming months” ADIB added.
Criticisms of bitcoin by JP Morgan Chase’s boss have been denounced by a UK academic as “ironic” and “hardly surprising” considering the impact bitcoin could have on financial intermediaries.
Leaked documents from the UK Home Office proposing that low-skilled EU migrants would be restricted in the UK’s post-Brexit immigration scheme may be more likely to increase automation and off-shoring of labour, rather than increase British wages, industry experts have warned.
The European Central Bank's (ECB) hotly anticipated meeting on Thursday afternoon made the euro skyrocket, as president Mario Draghi announced interest rates would remain at 0% and its quantitative easing programme will stay until at least the end of 2017.
The “sad truth” of banking is that many jobs will be automated in the future, Deutsche Bank's chief executive said yesterday. Despite this, a recent survey found that 98% of European workers are optimistic about the changes automation will bring to their workplace.