Liv. is the UAE’s first digital-only lifestyle bank with a special focus on millennial customers, operated and managed by Emirates NBD Group. Established in line with UAE Vision 2021’s strategic objectives of creating a smart innovation-driven economy, Liv. offers a first-of-its-kind banking-meets-lifestyle experience, on a smartphone. Its unique features include instant account opening with #nopaperwork and real time access to insightful financial data and transaction history to empower customers to better manage their finances.
Offering a seamless digital experience with no feet on the ground, Liv. takes a role beyond that of just a bank and towards becoming a super app. The bank’s Today’s page aggregates customers’ lifestyle needs in tune with their budget. This includes using real-time analytics to leverage transactional history and spending patterns to help customers work towards their goals. Also, customers get access to a curated daily feed of information specific to their lifestyle, including access to movie shows and timings, restaurant visits, and travels. Customers can also find deals on food in the area, weather, news, events, and so on.
The digital-only lifestyle bank has redesigned the credit card from a product to a digitally native platform, making it similar to a market space. The Liv. Credit Card allows customers to create their own unique card based on their preferences, and they can come back and change their mind without the need to change the physical card.
Liv. has built a global eco-system of partnerships across various sectors, allowing the brand to add value to their customers. Built around millennials’ view that money is primarily a means to gain experiences, the digital-only proposition ensures ongoing interaction with customers through gamified promotional campaigns.
By most measures, Liv. has been a resounding success, becoming the fastest growing bank in the UAE by customer acquisition (as of Q4 2019). It has attracted customers at 10% – 20% of the acquisition costs of a traditional institution where more than 80% of new customers coming by way of referral. Moreover, Liv. has recently launched in Kingdom of Saudi Arabia with a pilot and is working very closely under the guidance of SAMA, the banking regulator in the Kingdom.