1. Liv Bank
Liv Bank, operated and managed by Emirates NBD Group, stands out as one of the top financial tools for today’s digital-savvy consumers. With Liv, banking has become increasingly seamless due to paperless account openings, quick transfers, and intuitive payments. Features such the Goal Account and Bonus Multiplier Account, make saving and earning rewards incredibly straightforward. Plus, Liv Credit Cards offer cashbacks and flexible loyalty programs tailored to each the consumer’s lifestyle. Among other additions, it even goes beyond traditional banking by offering IPO investments directly through their app as well as personalised lifestyle offers across shopping, food, and entertainment.
2. YAP bank
This digital bank, which was founded by Marwan Hachem and Anas Zaidan, enables consumers to manage spending habits, pay bills, and transfer money locally and internationally in one place. Significantly, there is also no minimum balance requirements. Although it does not have its own banking license, YAP can provide international bank account numbers for seamless transactions through its partnership with RAK Bank. Available on both iOS and Android devices, YAP offers comprehensive features such as spending analytics, card controls, real-time notifications, and even a virtual card for online shopping.
3. Wio Bank
Launched in 2022, Wio Bank is regulated by the Central Bank of the UAE and has swiftly become a game-changer, offering tailored financial solutions for both individuals and businesses. As part of its focus on customer empowerment, Wio Bank’s mobile app allows users to open accounts, make deposits and withdrawals, transfer funds internationally, track expenses, and invest in a diverse range of assets—all in one place. Notably, its approach extends to subscription-based plans, offering a range of benefits, including promotional interest rates and cashback incentives, among others.
4. Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank (ADIB) recently reported a remarkable surge in its digital banking, driven by a growing preference for digital services among customers. It revealed that 80% of ADIB customers actively use the bank’s digital platforms. Additionally, over half of its personal finance products and services can now be availed of digitally through its mobile app. ADIB’s commitment to enhancing the mobile banking experience has been made further evident through its use of Electronic Fingerprints Recognition (EFR) technology, which has seen a substantial increase in new account openings. In 2023, it introduced a wide range of digital services including seamless UAE Pass login and Chat Banking via WhatsApp, further underscoring its commitment to serving the modern consumer.
5. Mashreq Neo
Launched in 2017, Mashreq Neo caters to the needs of a tech-savvy generation with a comprehensive range of banking services. Beyond basic transactions, it offers a holistic digital banking experience, covering everything from savings and investments to loans and forex services. Notably, Mashreq Neo has forged several strategic partnerships, including its collaboration with Kotak Mahindra Bank that enables seamless digital account openings for Non-Resident Indian (NRI) customers in the UAE. Additionally, initiatives like NeoBiz cater specifically to startups in the region. As Mashreq Neo continues to explore collaborations with fintechs and tech platforms, it can be expected to remain at the forefront of the digital banking transformation.
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