Technology is booming in every field. One can look at every professional field, and there’ll be software or an embedded system working to make people’s lives easier and provide them with a better experience in everything. Such advancements have been made in the field of Banking as well. With the introduction of Smart Banking, the user experience for Banks has increased a ton fold. The smart banking being discussed here is not just the one where banks use digital apps to make bill payments, and transactions and perform other functionalities. While the preceding approach is a blessing in itself, another valuable innovation is of Digital Banking system. Customers can even have their bank accounts opened digitally through the application. Let’s discuss such innovative and inspiring banking options available in Dubai.

Best Smart Banking Banks in Dubai

Banking has been made available at fingerprints with the help of Smart Banking. Whether one needs to create a personal or professional bank account or manage his or her account’s finances and transactions, all can be done with just one mobile application. Some of the best digital banks in Dubai or UAE are listed below,

Mashreq Neo

Mashreq Neo has often been rated as the best digital bank in Dubai, and just recently, World Finance ranked Mashreq as the best digital banking app of 2020 in the Middle East. Mashreq Bank was developed in 2017 in Dubai. Customers can open any kind of account, whether it’s a saving account, current account, for salary, or one who wants to make any investments Mashreq Neo provides all these services.

Moreover, the security provided by the Mashreq Neo app makes the customers trust them more. Mashreq Neo has also offered many incentives and deals to attract new customers to use their application. The deals offered by Mashreq Neo include a cashback up to 350 AED after 90 days and a 1.1 % interest with the MaxSaver account. The customers will also have multiple investment options, such as investing in gold, forex, stocks, etc. The Mashreq Neo app is available for both android and IOS and is also a very secure and advanced method to move toward the future.

Liv Bank by Emirates NBD

Liv Bank was also launched in 2017 and its design is purely based on entertaining Millennials and Gen Z. It offers the UI and all features keeping in mind what the new generation will need or want in the digital banking application. Liv has more than 300,000 users using its digital banking system in the Middle East.

This is because Liv Bank not just offers advanced features and smooth usability but many discounts as well. Some of these discount deals offer a 2% return for accounts with more than 5000 AED balances. The app is designed in this way that helps customers track their expenses and perform all bank functionalities through it, which provides a significant reason for people to use Liv digital banking. This app is available for both Android and IOS platforms. The popularity of this digital banking system also made Emirates NBD launch another mobile application in 2019 known as E20. This application called E20 focused more on digital marketing for business.

E20 by Emirates NBD

As discussed earlier, after the popularity of Liv Bank, Emirates NBD launched another application in 2019 named E20. This application focuses on enabling clients to create business accounts. It focuses on business accounts because it focuses on providing better and more efficient management and transactions for business accounts, considering how busy the people running the business can be.

One of the best things about this digital banking system focused on digital business accounts is its variety of options for all kinds of enterprises, small, medium, or large, whether the business owners want an account with limited liability or for companies with partnerships, etc. There’s an option for every kind of business venture.

Clients can download the app from the google play store as well as the app store. After downloading the app, the clients can sign up, and then just after five days, the user will be able to send local payments and with time enjoy some other banking features as well.

YAP

YAP is a newly launched digital banking application by RAKBANK in 2021. YAP is spelt Pay backward, showing its modern and unique approach towards things. This makes clients feel in charge of their finances, giving them a sense of authority and security.

YAP has come to the top of the surface with the idea of bringing easiness to the clients. Clients can create their bank accounts without any paperwork, and their data is secured in the best possible way; when talking about the features, the financial analytic tools help the clients track their financial records.

Another quality that differentiates YAP from other digital banking systems is its thinking of joining hands with banks in other regimes to expand their premises. This is an entrepreneur’s look towards things and also an effort to progress digital banking systems smoothly yet rapidly. Also, once one gets registered on the app whether android or IOS, he or she will be given an IBAN and their banking card will be delivered to their home as well.

Xpence

Xpence is the only digital-based application. It is a one-to-go digital bank application for people from every kind of profession and business. Their digital current accounts are optimized for each client’s personal use.

Xpence applications provide its client with an option to capture their receipts, keep a check on their invoices, and they need to do their bookkeeping. Each client is provided with a virtual visa business card; if a company is associated with an account, the whole team is provided with the virtual card.

Not only will Xpence save you time with many useful features, but it will help you become more efficient and conscientious with your finances. With an intuitive platform, Xpence makes it easy for users to track and improve their financial habits. Users will even be able to connect with other users through a unique online community.

ADIB SmartBanking

Residents of the UAE have many options for digital banking systems; each one comes with many useful and promising features. One of these brilliant digital banking apps is ADIB innovative banking.

Clients can easily create their bank accounts and have their cards delivered to their doorstep. Joining ADIB Smart Banking also provides its clients with the leisure to use any ADIB ATMs spread across the UAE.

Moreover, ADIB Smart Banking also provides a community experience to its clients by having an online community named Money Smart. Through this community, the client can contact and connect with all other digital bankers across the Middle East, allowing one to concern any respective customer in any matter.

OG Pay

Another great and secure option in terms of digital banking for UAE residents is OG Pay. OG Pay is referred to as one of the most reasonable digital banking applications. After registering for the bank account through the application, each client is provided with a virtual debit card and an option of having their physical debit card delivered to their doorstep as well.

One of the unique features of OG Pay is its ability to let clients purchase and sell cryptocurrencies. Moreover, the clients also earn a 2 % annual interest on their account balance.

Conclusion

There is a technology marvel in every field of life. Whether it’s medicine, physics, business or any other thing. Technology is always working and thriving at introducing systems and machines that make human life more accessible, more smooth, and more efficient. That is also the case when it comes to banking services, and the introduction of the digital banking system is one such example. Right now, many secure and good digital banking systems are available for UAE residents, the best of which are mentioned and explained in the article.

FAQ

Which is the best online banking in UAE?

There are several online banking options in the UAE, each of which provides a unique, secure and different experience. One can choose the digital banking system according to their preference. 

Are these digital banking apps only available for android?

No, most of the applications of these digital banking systems are available on both android and IOS, which means one can download them from the google play store and the app store as well.

Can these accounts be hacked?

The app developers and banks developing these digital banking systems ensure and try their best to integrate the best security systems into their applications, making it impossible for hackers to hack their systems or get their hands on any kind of useful or sensitive information. Thus, one needs to trust the bank they choose and embrace the next step of advancement towards the future.