Liv., the lifestyle digital bank launched by Emirates NBD for millennials, has attracted 10,000 new customers every month during its first year of operations.
The mobile-only bank, established last year, is the fastest growing bank in the UAE, said Emirates NBD in a statement.
Emirates NBD’s Abdulla Qassem, group chief operating officer, Suvo Sarkar, senior executive vice president and head, Retail Banking & Wealth Management and Jayash Patel, head of Liv., shared details of the bank’s grow at a press conference.
They said over five in six customers are millennials and new to Emirates NBD with new accounts being opened 24/7, including from remote areas of the country. The officials added that overall cost to income ratios are about half of the main bank while a high engagement level is being seen with logins every two days on average.
“In line with our vision of furthering digital innovation in the UAE, Emirates NBD’s launch of Liv. has helped create a new banking paradigm,” said Qassem. “We are incredibly proud of the overwhelmingly positive response that Liv. has received, as we continue to innovate and lead the region’s banking sector.”
Liv.’s features include instant and paperless account opening, fund transfers through social media channels, carrying out instant bill splits with friends, tagging expenses to keep track of spends, international 60-second remittances as well as curated daily feeds of selected deals and happenings in the UAE, personalized to the customer’s preferences.
The launch of Liv. Goals, a new feature that allows customers to set and save towards financial goals, was also announced.
Sarkar added: “Liv. will continue to be a key pillar of our future growth strategy as we look to extend the proposition to other markets in the region.”
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