Abu Dhabi Islamic Bank (ADIB) is partnering with Fidor Bank to launch the region’s first ‘community-based digital bank’.
It offers a platform designed to fit the lifestyle of millennial consumers also known as Generation Y, as well as those looking for a digital banking. ADIB has close to a million customers and the third largest distribution network in the UAE with 88 branches and more than 770 ATMs.
Fidor Bank is Europe’s original digital challenger bank. Founded in 2009, Fidor is the world’s first ‘fintech bank’, pioneering the collaboration between traditional financial services and technology businesses. Fidor Bank centres around an online community, where users can exchange financial advice and also help co-create banking products.
The partnership is a result of ADIB recognising that its customers were looking for increased digital capabilities. Tirad Al Mahmoud, CEO of ADIB, said: “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. 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.”
Matthias Kroener, CEO of Fidor Bank added: “We’re delighted to partner with ADIB to bring the first community-based digital bank to the region. Given ADIB’s track record in offering pioneering digital banking services, our partnership makes perfect sense."
Read the October 2016 issue of Business Review Middle East magazine