Liv. like a millennial: Scan ID to open your bank account

Jayash Patel, Abdulla Qassem, Fatima Abdulrahman, Suvo Sarkar and Ali Sajwani at the launch of Liv.

The first digital bank for millennials in the UAE, which was unveiled on Thursday, will allow customers to open a bank account instantly from their smartphones through simply scanning their Emirates ID card.
Liv., the digital banking platform launched by Emirates NBD, will also facilitate its targeted young customers to deposit funds into their accounts immediately using any bank debit card they hold. The bank's tech savvy customers can also carry out routine transactions like local fund transfers and paying bills, free of any fees. Customers also become eligible to receive a Liv. debit card delivered to them, enabling ATM cash withdrawals and purchases at any outlet or online.
Currently, the UAE, which is leading digital banking initiatives in the GCC, is ranked 17th in the digital banking index. Besides Emirates NBD, Mashreq Bank has also invested in new smart banking initiatives such as smart banking technologies that are forecast to play a big role in its future expansion and asset growth.
Targeted at millennials, Liv. is aimed at providing a differentiated digital experience for a new generation of customers, empowering them in their daily lives, learning and adapting to their individual preferences, and providing a banking platform that is intuitive and simple to use, Emirates NBD said.
Abdulla Qassem, group chief operating officer, Emirates NBD, said that the first digital banking proposition in the region targeting young adults 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."
The new digital banking proposition, revealed at a press conference, is also part of Emirates NBD's planned investment of Dh500 million towards digital innovation and multichannel transformation over the next three years.
"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, senior executive vice president and group head of retail banking and wealth management at Emirates NBD. "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 bank said its new initiative 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 what's happening new in town; selected deals on their individual preferred food options based on the time of day; and fitness trackers to manage their health regimen. The 'You' section, expected to come on in the coming months, will provide them with a snapshot of their lifestyle activity, favored experiences - you only live once - whether they are concerts attended or adventures enjoyed, along with peer benchmarks. "
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, helping to budget and manage their finances efficiently. Fund transfer instructions can be made easily through social media channels such as Facebook, Whatsapp and others, all carried out in a secure and trustworthy environment powered by Emirates NBD's technology infrastructure. "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.
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.
According to a study from A. T. Kearney and European Financial Management Association, the GCC has solid foundations for a move towards adopting digital banking as a way of improving customer service as the region. Despite the GCC currently having less than 20 per cent online penetration, and the Middle East seen as being low in digital banking readiness, the study says the region is well equipped to begin moving toward online banking.
The UAE has a young population with a median age of 30 years old, more than 60 per cent smartphone penetration, high Internet usage and access, socially networked customers, a strongly growing e-commerce segment, and a need for improved customer service. - issacjohn@khaleejtimes.com