Emirates NBD, a leading bank in the MENAT (Middle East, North Africa and Turkey) has won top honors for its retail banking leadership at The Asian Banker Excellence in Retail Financial Services 2020 international awards program.
The bank was recognized as the Best Retail Bank in the Middle East and the UAE for the fourth year in a row, while Emirates NBD’s digital lifestyle bank, Liv. was recognized as the Best Digital Bank in the Middle East and the UAE for the third consecutive time.
The bank’s Retail Banking division registered robust growth in revenues in 2019, gaining market share across most retail products and segments. Several new products were rolled out, such as the Emirates NBD Lulu 247 Mastercard and the revamped Emirates NBD Marriott Bonvoy Credit Card while the Priority Banking and Business Banking brand propositions were refreshed. The Emirates NBD Expo 2020 Dubai Account was introduced for SME customers, with preferential pricing and privileges. The Better Together platform was set up to bring together a panel of customers to support with co-creating and beta testing new solutions.
The division continued to advance its digitization agenda enabling customers to open accounts instantly from their smartphones. Emirates NBD Voice Banking was launched enabling customers to obtain account and card updates on their Amazon Alexa devices. In addition, Smart Pass, a two-factor authentication soft token based transaction authorization feature was extended to all customers.
Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE, reaching a base of over 400,000 customers. Liv. enhanced its product suite by introducing a digital credit card proposition and a personal loan offering. The mobile-only bank’s new landing page was also enhanced to allow customers to carry out travel, cinema, restaurant and entertainment bookings. Liv. also marked expansion into its second market as the proposition was extended to KSA.
Commenting on the win, Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking & Wealth Management, Emirates NBD, said:
“We are honored to be recognized as the national and regional champion of retail banking at the prestigious Asian Banker awards. The awards are testament to our customer-first philosophy and continued commitment to advancing digital banking innovation. I would like to express our sincere gratitude to all our customers whose unstinting patronage and support is helping us achieve these distinctions.”
The Asian Banker awards is considered one of the most prestigious and transparent award programmes for consumer financial services. Since its commencement in 2002, the programme has recognized financial institutions for their vision, execution and market leading propositions that make a real impact to their business and the local consumers. Administered by The Asian Banker and refereed by prominent global bankers, consultants and academics, winners are chosen following a stringent three-month evaluation process based on a balanced and transparent scorecard.