Emirates NBD launches digital-only millennials bank

Emirates NBD has announced the launch of Liv., its digital-only bank targeted at millennials.

The new digital banking proposition is also part of Emirates NBD’s planned investment of AED 500 million towards digital innovation and multichannel transformation over the next three years.

The Liv. mobile app will allow customers to open their bank account instantly from their smartphones through simply scanning 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, enabling ATM cash withdrawals and purchases at any outlet or online.

Jayash Patel, head of Liv. Said, “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.”

The new proposition is designed to be ‘mobile and social first’ with a strong emphasis on providing a fresh customer experience. Customers can access the Today feature in the app that displays a curated daily feed of selected deals on their individual preferred food options based on the time of day; and fitness trackers to manage their health regimen.

The Money feature will use real time analytics to provide customers with insights on their transactional history and spending patterns, as well as help track financial goals they have set up. Fund transfer instructions can be made easily through social media channels such as Facebook and WhatsApp.

“With this new launch, the bank further builds on its role as a leader in providing smart banking services in the UAE,” said Suvo Sarkar, Emirates NBD’s senior executive vice president and group head of retail banking and wealth management. “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.”

The new app partners with lifestyle brands including Zomato, Fetchr, Voucherskout and Careem. The beta version of the app will be made available to select customers in phases, starting this week on the Android operating platform followed by iOS.