· 17% increase in remittances in in the first eight months of 2021 led by DirectRemit’s ease of access and zero fees
· 10% growth in customer base over previous year
Dubai: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region recorded an 15% increase in the number of transactions and 17% increase in the value of funds transferred via its 60 second digital money transfer platform DirectRemit, in the first eight months of 2021, compared to the same period last year.
As the ongoing COVID-19 pandemic continues to drive faster consumer adoption of digital banking transactions, DirectRemit saw a 10% growth in its user base from January to August 2021 as compared to the same period last year. The growth in transactions and usage is attributed to a growing consumer preference for contactless and round-the-clock access to banking and payments via digital channels.
DirectRemit is Emirates NBD’s flagship digital money transfer service that allows its customers to make remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt and the United Kingdom in less than 60 seconds and free of charge via the bank’s mobile or online banking platforms. The digital funds transfer platform has continued to address the needs of customers during the pandemic, while eliminating the need to visit physical branches of the bank or remittance agents and avoiding the use of cash. As part of the bank’s efforts to continuously enhance the proposition, DirectRemit is now available beyond banking hours, enabling instant transfers to key partner banks round the clock.
Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, Emirates NBD said, “Consumers have been adapting quickly to the ongoing situation and digital is now the primary mode of accessing banking services. As a front-runner in digital banking innovation, Emirates NBD has been at the vanguard of delivering banking experiences that offer convenience and flexibility. DirectRemit is a service that is popular with a lot of our customers and we will continue to enhance the platform to provide increased service coverage and value to users.”
Emirates NBD’s innovative customer engagement promotion, Bingo, which was launched in collaboration with City 1016 and Tag91.1 FM also saw an overwhelming customer response. Powered by DirectRemit, the social media promotion which took place across two months over eight episodes, leveraged online gamification to let users play Bingo virtually. The game was streamed online across five social media channels, reaching close to half a million people, with over 20,000 players and attracting an audience of a hundred thousand viewers.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 30th June 2021, total assets were AED 694 Billion, (equivalent to approx. USD 187 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 14 million customers. The Group is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘Best Bank in the Middle East’ and ‘UAE’s Best Bank’ in 2021 for a seventh consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced in 2020 in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis. Emirates NBD ranked 5th in Forbes’ Top 100 companies in the Middle East for 2021. The Bank is ranked 87th in The Banker’s list of the World’s Top 1,000 Banks. Emirates NBD was named ‘Bank of the Year – UAE 2020’ for the sixth year and ‘Bank of the Year – Middle East 2020’ for the third time by The Banker. In addition, Emirates NBD has been assessed as the ‘Strongest Bank in the UAE’ and ‘Fifth Strongest Bank in the Middle East’ by The Asian Banker 500 Largest and Strongest Banks Rankings.
The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 905 branches and 4,044 ATMs / SDMs. The Group has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Group is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.