Emirates NBD opens app-only business bank

Emirates NBD opens app-only business bank

Emirates NBD is following the successful roll out of its millennial-focused digital banking offshoot Liv. with an equivalent mobile-only offering for small businesses.

E20. will enable start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and small-to-medium sized companies to open a bank account through a mobile app as well as access a variety of business and accounting services. Customers will be furnished with a cheque book and debit card, and have access to Emirates NBD’s ATMs and cash deposit machines.

According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy, nearly 65% of UAE entrepreneurs believe that access to banking services is the first challenge they face in starting up, with the opening of a bank account taking up to three months in some cases.

Shayne Nelson, group CEO of Emirates NBD says: “The new bank will have seamless digital account opening which leverages new local advancements such as e-KYC modules as well as the UAE Pass for digital biometric-based identification along with easy, intuitive tools. E20. will help business owners manage their finances and cash flows efficiently and in an affordable manner while also powering their decision-making and growth plans.”

In addition to providing banking services, E20. will offer a suite of digital tools to generate invoices, track receivables, view P&L statements as well as make and reconcile payments to vendors and suppliers. Customers will also have 24/7 access to a Relationship Manager through an in-app live chat capability.

Initially available to select group of clients as a Beta launch, the new digital bank will open to UAE business customers by Q1 2020.

The new bank will face competition from Mashreq Bank, which today launched its own digital proposition, dubbed NeoBiz, which offers small businesses key services including digital onboarding, access to third party accounting products and a chatbot-based digital assistant.

Comments: (1)

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 29 September, 2019, 15:45Be the first to give this comment the thumbs up 0 likes

Very well done. Emirates NBD is displaying the Ambidextrous organization strategi perfectly.