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NEWS Deutsche Bank nixes US digital bank digital banking service in the US. According to an internal D eutsche Bank is ditching plans for a new
memo from CEO John Cryan, building it would “divert resources from our core strategy of further focusing and innovating the bank’s offerings to clients and re- building its infrastructure.”
In a management reshuffle last year, Deutsche Bank made former COO Henry Ritchotte responsible for digital strategy and earmarked up to Euro 1 billion for various initiatives over the next five years. The memo notes: “Since that time, Henry and a small number of colleagues have developed an excellent blueprint for launching a digital banking service in the United States. Despite the quality of the blueprint, the Management Board has decided not to pursue it at this time.”
It adds that Cryan will now discuss new plans for Ritchotte’s team, adding: “We are determined to implement several ideas generated by Henry and his team in our business divisions.”
Scott Thompson
Emirates NBD preps UAE digital first NBD.
invest $136 million over the next three years into a transformation of its products and the release of a new digital bank. This is set to be the first of its kind in the UAE and will be marketed towards Millennials and the younger generation. Digitisation and ‘social input’ are key enablers for the new service, according to Emirates
E mirates NBD has unveiled plans to
It will also be investing in five key areas over the time span: end-to-end processes, more responsive customer interfaces, omnichannel, cybersecurity and data management. “We are making a commitment to the future with our digital transformation plan,” says Shayne Nelson, Group CEO of Emirates NBD. “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.”
Emirates NBD, one of the largest financial groups in the Middle East, was founded in 2007 and has its headquarters in Dubai. It holds assets of around $98.8 billion and employs 9,000 people.
Alex Hamilton
www.ibsintelligence.com © IBS Intelligence 2016
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