Digital Banking

Emirates NBD To Launch Liv., Digital-Only Bank

Emirates NBD has launched a new digital-only bank dubbed Liv., which was designed and developed by a team of millennials.

According to a report, Liv. is designed to be a mobile and social first, lifestyle-focused, digital-only bank that enables customers to open their bank account instantly from their smartphones by scanning their Emirates ID card. In addition to routine banking transactions, customers can also get access to a curated daily feed of news about what’s happening in town. Users also get served up selected deals based on their preferred food options and on the time of day and fitness trackers to help manage their health regimen. The app also has a built-in PFM feature that uses real-time analytics to give users insights into their transaction history, spending patterns, budgeting and goal-setting tools. Additionally, the app allows users to transfer funds from Facebook and WhatsApp.

“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 EVP and group head of retail banking and wealth management.

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 an iOS rollout. The new digital banking app is a key plank in Emirates NBD’s planned investment of $136 million towards digital innovation and multichannel transformation during the course of the next three years.

“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., in the report.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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