Paytech Verrency brings life to mobile bank Liv
It’s a high in Dubai as Australian firm Verrency will provide cloud-based payments for Emirates NBD’s mobile bank Liv.
The multi-year agreement will enable Emirates NBD to use Verrency for a multitude of services to Liv customers. Like many others around the world, Liv has a trendy website and targets millennials.
Liv-ing for millennials
If you needed further proof that people in fintech are running out of interesting quotes, then read this.
“We are using technology to improve the way consumers experience banking,” says Jayash Patel, head of Liv. “As a digital only bank catering to the connected generation, we constantly seek ways to outpace traditional players, and our partnership with Verrency will enable us to securely deliver innovation at fintech pace.”
Anyway, Liv was launched by Emirates NBD in May 2017. It acquired 100,000 customers within the first year of its operations.
Liv says its platform integrates lifestyle preferences with banking, helping customers keep track of their daily life and their finances on one app.
The bank’s features include instant and completely paperless account opening, fund transfers through social media channels, carrying out instant bill splits with friends, tagging expenses to keep track of spends, international 60-second remittances as well as “curated” daily feeds of selected deals and happenings in the UAE, personalised to the customer’s preferences.
As reported in September, FinTech Futures was at the Global Digital Banking Conference (GDBC) – Europe 2018 in London.
At that event, and in a presentation by Suvo Sarkar, senior executive vice-president and group head of retail banking and wealth management, Emirates NBD in the UAE; he explained about its trendy app Liv.
Sarkar said the UAE has an 86% smartphone penetration rate, so the app has potential with its millennial approach. He said millennials in the UAE have a net worth of $24 billion and an annual spend of $16 billion.
In other news, last month, Emirates NBD launched its API sandbox. It says it’s the first UAE bank to introduce such a platform in the region, as part of its AED 1 billion ($272.3 million) investment it has committed to its digital revamp.
