The Abu Dhabi Islamic Bank (ADIB) has introduced Amwali, a new digital banking proposition that will target youths between the ages of 8 to 18.
According to ABID, Amwali is a service that brings together an entire suite of banking products and innovative technology to enable younger customers to enjoy a banking service that is branchless, signatureless and paperless.
Amwali can be opened by the parents of the youths from their mobile phones through the ABID mobile app. Following activation, the child will be able to simply download the app and activate their own bank account.
Users will also be able to choose a debit card design that can be used for regular and online shopping alongside through Apple Pay and various other mobile wallets. Youths will be able to receive regular allowances through Amwali as well as send money to friends and family.
Furthermore, youths will be able to create their own saving goals and have access to a wide range of financial tools and knowledge resources. Parents can set controls on spending and cash withdrawals through real-time notifications.
ADIB noted that it aims to roll-out more features in the app in the future including provisions that allow the child to earn extra allowances by completing tasks that are set by parents.
ADIB global head of retail banking Philip King said, “ADIB has been building up its youth banking segment over the last decade. We now have over 100,000 customers under the age of 24 banking with us and our goal is to expand youth access to personalized and safe financial products and services as well as to empower them to establish a disciplined culture with regards to managing their finances.
“We are proud that Amwali proposition is answering this through unique end to end banking proposition, unique financial content powered by advanced technology.”
ABID head of youth banking Raweya Al Qader added, “We are putting a lot of emphasis on youth at ADIB as they form such a strong part of the future of this country as well as the future of ADIB. we are excited to present a program to financially empower the generation that will shape the UAE’s next 50 years.
“Our research shows that many UAE millennials and Gen Z’s are looking for a dedicated digital channel that truly delivers their banking needs and financial goals. They have grown accustomed to fast-paced and digital interactions that offer convenience and mobility, especially as we progress towards a more technology-led and cashless society.
“Likewise, parents in the UAE are looking for ways to help their children manage their money as they take charge of their financial future. And we listened to their feedback. With Amwali, we fill this gap by integrating financial literacy, budget control, and banking services in a simple, convenient, and digitised banking experience. Through this innovative solution, we hope to empower the UAE’s next generation at an early age.”
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