A Notable Success
- Fastest growing bank in the UAE
- 20% of the acquisition costs of a traditional institution
- Reached profitability in 14 months after launch
A Digital Bank Built by and for the Millennials
Liv. Bank is the digital-only lifestyle bank operated and managed by Emirates NBD Group. Liv. is built by and for millennials.
Liv. Digital Bank needed a flexible and open technology platform to power its vison of seamlessly integrating lifestyle preferences with banking. With the Finacle Core Banking platform powering Emirates NBD’s global operations for over a decade, it was a rather obvious choice for Liv. Digital Bank.
Laying a Robust Technology Foundation
Finacle’s flexible product factory enabled the bank to innovate rapidly and quickly launch Liv. specific products with unique lifestyle-led propositions, and innovative features. The open platform helped Liv. reduce costs and accelerate development of its diverse partner ecosystem.
The choice helped Liv. reduce time and cost to market for its new propositions, and run its operations at remarkably high efficiencies.
Maximize Customer Engagement with Digital Native Thinking
Liv. was built on the principles of simplicity, intuitiveness, smart analytics, API connected ecosystems, and digital-native from the beginning. This was unlike other banks that digitize its service offering by replicating many of the traditional products, processes, and services
- Liv Today, A curated daily feed of information specific to customer’s lifestyle including deals specific to their likes
- Liv Bank, opens accounts instantly from a smartphone by scanning an Emirates card. Specifically, Liv offers features targeting lifestyle banking and millennials:
- Liv Goal Account enabling customers save money towards personalized goals
- Liv Wallet provide insight into customer’s financial lives
- Liv Credit, a card that allows customers to be specific about the kinds of rewards they earn
- AI-enabled virtual assistant called Olivia to service customer inquiries through digital channels
- Liv Sure, the UAE’s first digital insurance product for mobile phones, in partnership with insurer RSA.
Driving Innovations by Leveraging the Power of an Ecosystem
One of the key lessons Emirates NBD has learnt throughout this process is that the bank cannot do it alone they need an ecosystem. They wanted Liv. to tap into the potential of local and global ecosystem partners to enhance capabilities. Its partner network currently includes 25 of the most important lifestyle brands in the UAE.
Liv’s emerging partner ecosystem drives the value of Liv Today
Highlights of Liv. Digital Bank Success
- The fastest growing bank in the UAE by customer acquisition (as of Q4 2019)
- Attracted more than 370,000 customers at 20% of the acquisition costs of a traditional institution
- With an NPS of 72 and more than 80% of new customer coming by way of referral, Liv. enjoys a high customer satisfaction rate
- One of the few digital banks to have reached profitability in 14 months after launch
