In the vibrant land of innovation and futuristic visions, the United Arab Emirates (UAE) stands at the forefront of digital transformation. With a population consisting of 1.4 million tech-savvy Generation Z, the UAE has become one of the world’s biggest adopters of digital banking.
Dubbed as the first ‘digital natives’, Generation Z has grown up amidst the peak of a technological revolution. Born into a world teeming with boundless innovation and rapid advancements, they possess an innate ability to swiftly adapt to new technologies and ride the ever-changing waves of technological trends.
With a revolutionary approach to banking that resonates perfectly with Gen Z’s connected lifestyles, digital banks have become the catalysts of a transformative financial revolution for the younger generation.
At a time when possibility are boundless, we look into the digital pioneers that are redefining banking for Gen Z in the UAE. These innovative financial institutions have transcended the limitations of physical branches, harnessing cutting-edge technologies to provide a seamless, personalised, and truly digital banking experience.
Liv
Launched by Emirates NBD, Liv is UAE’s fastest-growing digital-only lifestyle bank. It offers a range of digital banking services, including account opening, budgeting tools, and seamless integration with social media platforms. The app is easy to use and designed for the digital generation.
It offers an attractive 2% annual interest on account balances exceeding AED 5000. After successfully completing the enrollment process with Liv, users will gain access to their user-friendly banking functionalities via their dedicated Apple and Android applications.
Mashreq Neo
Mashreq Neo is a digital banking service launched by Mashreq Bank in the UAE. It offers a variety of features and benefits to its customers, including instant account opening, no monthly fees, free international transfers, rewards programme, and 24/7 customer support. Users can effortlessly establish intelligent savings or salary accounts.
New users will be able to authenticate their identity. This is a pioneering feat for any digital bank that proactively facilitates the verification process either through a physical branch or at the home by their representative.
YAP
A brainchild of RAKBANK, YAP has swiftly established itself as one of the prominent digital banks in the UAE since its launch in 2021. Opening a YAP bank account is a breeze, requiring no paperwork and taking just a few moments of your time. The YAP app provides a range of financial analytic tools to monitor and track your financial choices effectively. Simply head to the Apple App Store or Google Play store to effortlessly download the YAP app. As a user, you can enjoy the perks of multiple cards through a convenient monthly subscription.
ADIB SmartBanking
An innovative digital banking offering tailored to UAE residents. By simply opening a SmartBanking account, you can have your card conveniently delivered to your doorstep. Embracing this digital bank comes with a multitude of advantages, including the ability to exercise comprehensive control over your bank account through your smartphone and enjoy complimentary ATM withdrawals at ADIB ATMs across the UAE. Moreover, this cutting-edge banking app is readily accessible for download on both the Google Play Store and Apple App Store.
Zand
An upcoming digital bank under the regulation of the Central Bank of the UAE, Zand aspires to become the first fully digital bank in the country to provide both corporate and personal banking services. Potential users can express their interest and join the waitlist to secure their position as future Zand account holders.
Promising competitive interest rates, Zand asserts its commitment to delivering favorable returns for depositors. Additionally, users will enjoy a range of advantages when utilizing the Zand Visa debit card, including travel discounts and advantageous exchange rates.
With the digital bank, users can send funds globally within seconds. Moreover, corporate account holders have the opportunity to apply for working capital and term loans based on their specific business needs.
