Digital banks
There’s no doubt that digital banking is becoming popular in the UAE as well as all across the globe. Although traditional banks offer online bank facilities, users will be asked to visit the bank to create a bank account. With online banking, users have the privilege to take advantage of all the online banking facilities without being present physically at the bank’s premises. Studies reveal that approximately 72% of UAE residents like to use digital banking once in every week.
The number of UAE digital banks is increasing every year. Today we will discuss the top 9 digital banks in the UAE.
Mashreq Neo
Mashreq Neo is one of the best digital banks you can look for. Even World Finance entitled Mashreq Neo digital banks as the Middle East’s Best Mobile Banking App in 2020. Launched in 2017, this Dubai-based bank offers a plethora of modern bank facilities. Users can open smart, saving or salary accounts. As a new user, you will have the option to authenticate your identity. This is the first for any digital bank that takes the initiative to process the verification either at a branch or at the home by their representative.
YAP
YAP was launched by RAKBANK in 2021. In this short span, this bank has marked itself as one of the leading digital banks in the UAE. It takes only a few moments to open a YAP bank account since it is free of paperwork. YAP app’s financial analytic tools also help to track your financial decisions. You can easily download the YAP app from Apple App Store or Google Play store. As a user, you can take advantage of multiple cards with a monthly subscription.
Liv Bank by Emirates NBD
Liv was launched in 2017 and is a lifestyle banking app by Emirates NBD that simplifies and tracks one’s spending behaviour. It gives 2% annual interest on account balances of more than 5000 AED. Millennials and Gen Z are more fond of this bank. Liv has already more than 300,000 users. Once you finish your enrollment with Liv, you will be able to do the banking with Liv’s Apple and Android apps.
ADIB SmartBanking
SmartBanking is a new digital banking solution for residents in the UAE. To get your card delivered to your doorstep, you just need to open a SmartBanking account. There are many benefits of switching to this digital bank such as complete control to manage your bank account by using your smartphone, free ATM withdrawals at ADIB ATMs all across the UAE, etc. This digital banking app is also available on Google Play Store and Apple App store.
E20 by Emirates NBD
E20 was launched in 2019 by Emirates NBD and is a great corporate digital banking solution. Businesses of all sizes, small-scale home-based businesses, freelancers, and incorporated companies can use this bank solution. With an E20 bank account, you will get complete safety of your business finances. You can use the E20 banking app on Apple’s App Store or Google Play. E20 business accounts are chargeable and require a minimum balance along with a monthly subscription fee.
ADIB Amwali
Amwali is a digital youth banking app that was launched by ADIB. Users can easily download the Amwali App from Apple App or Google Play. Parents can easily open a paperless and signature-less bank account. Parents will have complete control of Amwali accounts including monitoring the day-to-day spending, withdrawals, etc. You will get debit cards delivered to their homes to be used for mobile wallets and bank transfers.
Xpence
Xpence is another digital banking solution for UAE residents. Entrepreneurs, startup owners, micro-businesses, SEMs and freelancers can leverage the maximum banking advantages with this digital banking solution. As a user you will be able to capture receipts, do their invoicing and even save time on bookkeeping. And, there is also the option to choose a physical card that will be delivered to your address. You will be able to track your financial habits.
OG Pay
Those who are residing in the UAE and looking for a digital banking solution can try our OG Pay, the most secure and affordable option. This is a versatile banking platform that comes with different features. The registration process is best. As a user, you have the option to order a physical card that is supposed to be sent to your doorstep. You will receive a 2% annual interest on your account balance.
Zand
Zand is an upcoming digital baking soon that is soon going to be launched in UAE. Zand is aiming to become UAE’s first independent digital bank. Users will get a 2% interest on the current deposits. This banking solution will offer accounts, loans, cards and different financial management tools to its users.
Final Words
These are the top digital banks in the UAE you can look up while opening your bank account. However, regardless of which bank you decide to join, you need to cross-check your own requirements and the facilities you are going to get from the digital bank solution.
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