ADIB opens personal finance community site for millennials

ADIB opens personal finance community site for millennials

Abu Dhabi Islamic Bank (ADIB) is using white labeled technology from Germany's Fidor Bank to open a community site where customers can post money-saving tips and share information and advice with their peers and bank experts.

Positioned to attract millennials, the moneysmart community will carry articles, blogs, tips and comments from users, who can receive cashable reward points for their input. Independent experts will be on hand to chip in with specialised knowledge and advice.

Philip King, head of retail banking at ADIB says the site is being launched in response to growing demand, especially from 'millennials', aged between 17 and 35, for a new, dialogue-based approach to personal finance.

"We are providing people a platform to talk about financial issues, exchange advice, and create solutions," he says. "It will help people practically, and should make them feel engaged with many aspects of modern living that are tied to personal finance, from smart tips for saving when travelling to big life decisions, such as buying a house versus renting, education, starting a new business, saving for the future or managing debt smartly."

Members of the community will also have access to exclusive deals and discounts from businesses around the UAE and will be able to crowdsource ideas for new banking services.

ADIB has seen rapid growth in the use of digital channels by its customers, with almost two million mobile transactions initiated via the ADIB mobile banking app. As part of its digital innovation strategy, the bank has also recently revamped its internet and mobile banking platforms and launched a new generation of digital branch called 'ADIB Express', providing customers with access to an array of digital services within the branch environment.

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