Emirates NBD, Dubai's largest bank, on Thursday announced the launch of Liv., the UAE’s first digital bank targeted at millennials.
It said in a statement that Liv. is aimed at providing a digital experience for a new generation of customers, providing a banking platform that is "intuitive and simple to use".
The new digital banking proposition is part of Emirates NBD’s planned investment of AED500 million ($136 million) towards digital innovation and multichannel transformation over the next three years.
Abdulla Qassem, group chief operating officer, Emirates NBD, said: “We are proud to unveil Liv., the first digital banking proposition in the region targeting young adults. 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.”
Suvo Sarkar, senior executive vice president and group head – retail banking and wealth management, Emirates NBD, added: “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."
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.
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Customers then become eligible to receive a Liv. debit card delivered to them, enabling ATM cash withdrawals and purchases at any outlet or online.
Jayash Patel, Head of Liv. said: “We hope to build a dynamic brand that will resonate with the values and aspirations of like-minded customers and capture their hearts.”
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.