Emirates NBD creates new personal banking proposition

Press release

Published November 30th, 2014 - 11:59 GMT

Emirates NBD Head Office

Emirates NBD, a leading bank in the region, has defined a new banking proposition within its Retail Banking division, ‘Beyond from Personal Banking’, targeted at emerging affluent customers.

The new banking proposition aims to offer increased value that matches the specific needs and objectives of customers in the salary bracket of AED15,000 and above. The emerging affluent segment represents approximately 20 per cent of the UAE’s banking population, according to the household income study conducted by the bank.

The bank’s strategy behind launching the new upper personal banking proposition is to offer aspirational and value conscious customers a comprehensive savings and banking solution with preferential transaction rates, privileges and banking and non-banking rewards, across product categories. In line with the bank’s customer-centric philosophy, the offering from Beyond from Personal Banking has been optimised to deliver on all key aspects of the banking relationship, including strong online and mobile banking solutions.

Suvo Sarkar, General Manager for Retail Banking and Wealth Management at Emirates NBD, said: “The introduction of the new proposition is a result of extensive market research on the expectations, lifestyle and behaviour of the emerging affluent. Beyond from Personal Banking is a direct response to the significant gaps that we identified in the personal banking space in the UAE. It also underscores Emirates NBD’s continuous efforts to deliver a comprehensive customer-centric solution, rather than operating with a product-driven approach.

“With the launch of Beyond from Personal Banking, we are confident that our personal banking customers will receive an enriched banking experience that they rightly deserve. We want to encourage these customers to make the most of their money, and make wise decisions when it comes to borrowing and saving,” added Sarkar.

Beyond from Personal Banking customers will enjoy a comprehensive range of banking rewards, including but not limited to, bonus interest on savings and fixed deposits, preferential rates on personal and auto loans, insurance premium waivers on savings and life cover insurance products, as well as a range of lifestyle rewards.

In addition, to cater to this digitally savvy segment, the bank has included enhanced online and mobile solutions such as quick and efficient money transfers as well as home country banking solutions.

The launch of Beyond from Personal Banking also brings to life Emirates NBD’s philosophy of a customer-centric consultative approach and tailoring banking solutions to the unique requirements of customers. It is part of the bank’s overall strategy of managing a banking relationship based on customers’ needs and lifestyle. Customers of the new proposition will have access to Personal Banking Advisors, who offer expert advice on products that meet individual requirements.

The bank’s existing customers who qualify for the new proposition will be migrated to Beyond from Personal Banking with immediate effect.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.