DUBAI
Emirates NBD on Thursday launched Liv., the UAE’s first digital bank targeted at millennials.
The new digital banking proposition is part of Emirates NBD’s planned investment of Dh500 million towards digital innovation and multichannel transformation over the next three years.
Liv. is aimed at providing a differentiated digital banking experience for 2.5 million Millennialsin the UAE who account for about 26 per cent of the country’s population. The UAE Millennials’ annual spending is estimated in the range of Dh20 to Dh24 billion.
“As against incrementally improving a traditional banking experience, Liv. has been conceived and built differently from the ground up, and seeks to become the bank of choice for them. This launch is also in line with the UAE Vision 2021 of establishing a smart economy driven by innovation,” said Abdulla Qassem, Group Chief Operating Officer, Emirates NBD.
The Liv. mobile app will allow customers to open their bank account instantly from their smartphones through simply scanning in their Emirates ID card. They can then deposit funds into their accounts immediately using any bank debit card they hold. Following this, customers can carry out routine transactions like local fund transfers and paying bills, free of any fees. Customers then become eligible to receive a Liv. debit card delivered to them, enabling ATM cash withdrawals and purchases at any outlet or online.
“With this new launch, the bank further builds on its role as a leader in providing smart banking services in the UAE,” Liv. offers customers a unique experience that will allow them to access the finest lifestyle opportunities while enabling them to better manage their finances. Liv. aspires to be more than a bank for the millennial customer — one that will inform, advise and be their digital buddy and wingman,” said Suvo Sarkar, Senior Executive Vice President & Group Head — Retail Banking and Wealth Management, Emirates NBD.
The new app partners with some of the most popular lifestyle brands in the region such as Zomato, Fetchr, Voucherskout and Careem. The beta version of the app will be made available to select customers in phases, starting next week on the Android operating platform followed by iOS. “Imagined, designed and developed by a team of millennials, Liv. combines the seemingly incongruent modules of banking and lifestyle to offer a fun, social and intelligent banking experience for a self-reliant and digital native generation. We hope to build a dynamic brand that will resonate with the values and aspirations of like-minded customers and capture their hearts,” said Jayash Patel, Head of Liv.
Emirates NBD expects retail lending growth of 5-7% in 2017
DUBAI: Emirates NBD, the largest lender in Dubai, expects its retail lending operations to grow by between 5 and 7 per cent in 2017, Suvo Sarkar, group head of retail banking and wealth management, told reporters on Thursday. In the year to the end of November, gross loans and advances at United Arab Emirates banks in general rose 5.8 per cent from a year earlier, according to central bank data.
— Reuters
