Emirates NBD launches Fitness Account designed for Apple Watch
- First fitness based savings account designed for Apple Watch
- Earn interest up to 2% p.a. based on daily steps taken
- Get free insurance and fitness related rewards
Dubai, 17th November 2015: Emirates NBD, a leading bank in the region, today announced the launch of the Emirates NBD Fitness Account that turns health into wealth.
The Fitness Account is a mobile based savings account that allows customers to earn higher interest on their balances linked to their level of physical activity.
Customers will earn interest of up to 2% p.a. on their savings based on the number of steps that they walk or run daily. Starting with a base rate of 0.25%, interest rates start stepping up with the number of steps that customers take daily, climbing to 0.50% p.a. as soon as they clock 5,000 steps, 1% p.a. when they walk 8,000 steps and to 2% p.a. when they cross 12,000 steps.
The steps will be measured by an Apple Watch or other compatible fitness devices through the day - while the customer is having a morning jog, a walk from the metro station to the office, a game of squash or enjoying a dance in the evening. The steps count will be tracked by the bank's Fitness App which will translate them to interest on the account balances at the end of each day, making an active and healthy lifestyle also a more financially rewarding one.
Commenting on the launch, Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD said: "The Emirates NBD Fitness Account heralds a new phase in digital banking as it effectively combines customers' health and lifestyle goals with their banking needs. In conjunction with leading brands in the fitness space, we are offering customers a holistic value proposition where health, wealth and technology merge to provide a truly distinctive customer experience."
Fitness Account customers will get a free insurance cover of AED 100,000 provided by the leading global insurer MetLife, subject to clocking in a minimum level of activity daily. In addition, customers will enjoy free vouchers and rewards for over AED 1,000 from leading fitness and sports brands such as Fitness First, the world's leading health and fitness chain, Adidas, a global leader in athletic footwear, clothes and accessories and Beyond Fitness that specializes in high performance sporting apparel, footwear and wearable tech.
The bank's push towards a healthy lifestyle among customers is closely aligned with the UAE government's campaigns to fight obesity, especially among the youth. The obesity rate in the UAE is double the world's average according to a study report, with the World Health Organisation (WHO) estimating that over 2.1 billion people – close to 30 per cent of the global population – are overweight or obese.
The Fitness Account signifies yet another innovation from Emirates NBD in line with the bank's commitment to offer customers convenient banking solutions that match their lifestyles and needs. The bank's Mobile Banking App is consistently ranked #1 in the Finance category in the UAE App Store, with ratings of 4 & 5 stars in customer satisfaction and with over 600,000 downloads. One third of the bank's active customer base use mobile and online banking regularly. With the UAE boasting the world's highest smartphone penetration rate at 78 per cent in 2014, according to Nielsen reports, and the worldwide smart wearables market forecast to reach 126 million units shipped in 2019, according to the International Data Corporation estimates, the bank anticipates sustained demand for its mobile banking solutions.
"Emirates NBD has invested smartly in creating accessible, innovative mobile banking solutions. While customers in the region have yet to fully embrace mobile phones in their banking habits, we are confident they will increasingly opt for the hassle-free convenience of banking on-the-go from a single device, especially when combined with the lifestyle and earning incentives of the Emirates NBD Fitness Account," added Sarkar.
To get moving, customers need to download the Emirates NBD Mobile Banking App and open the Fitness Account.