View More Back

Emirates NBD Group launched Liv. Bank – the first digital-only lifestyle bank in the UAE

July 05, 2022

Overview

Emirates NBD is a leading banking group in the UAE and serves clients across corporate, retail, private, Islamic, and investment banking. Emirates NBD realised that the growth of challengers can pose a threat to the business of banking. The bank then set out to build a digital brand to meet the evolving needs of the consumer of the future.

Emirates NBD partnered with its existing core banking provider, Infosys Finacle, for the complete rollout. Liv. needed a flexible and open technology platform to power its vision. Finacle’s open platform helped Liv.  to accelerate development of its partner ecosystem.

EdgeVerve Systems Ltd, a wholly owned subsidiary of Infosys, is a global leader in AI and Automation, assisting clients in digital transformation journeys.

Implementation Process

Liv. was built by strategists and developers and is a digital-only brand within Emirates NBD, not a separate subsidiary organisation. This allowed for speedy development process, nullifying the need for new resource investments for new technology or a banking license application.

Liv. is built with operational autonomy and runs separately from the main bank. They have their own marketing and customer engagement team, customer service team and chat agents, products and UI teams and management. It runs a database layer and an operational data-store to extract customer information from the core banking application.

Liv. uses enhanced KYC with biometrics and connectivity to National ID in the UAE. Liv. also introduced Olivia, Liv’s conversational AI based chatbot. The digital bank developed partner ecosystem with some premium lifestyle brands in the UAE including  Zomato, Careem, CAFU, Virgin Mobile, Vox Cinemas, Holiday Factory and Noon.

Liv. launched as a beta three months prior to the actual release. The bank tested features and collected feedback.

Benefits

Liv. was built on the principles of simplicity, intuitiveness, smart analytics, API connected ecosystems, and digital nativity.

Several benefits were reaped from the launch of this innovative digital disrupter:

  • Since the launch, Liv. has acquired more than 370,000 customers – 8% of UAE’s banking population
  • Extremely successful referral program as 80% of new customers come through existing users of Liv.
  • Customer acquisition cost is only 10%-20% of the cost traditional banks incur to acquire new customers.
  • High customer engagement and NPS scores due to the insights feature which provides spending and past transaction data.

Conclusion

Liv. has been a resounding success, becoming the fastest growing bank in the UAE as the first digital offering in the region to offer 100% paperless, digital account opening. Liv. is a view to the future of financial services, where ecosystems drive value creation and consumer demand is generated through digitally driven, trusted advisory. Liv. has also recently launched in Saudi Arabia with a pilot in Riyadh.

Key Facts

Supplier: Infosys Edgeverve
Headquarters: India
Founded: 2014
Solution: Finacle Core Banking Solution
Bank/FI: Emirates NBD – Liv. Bank

Share

Subscribe to IBSi Fintech Journal

 

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe to IBSi Fintech Journal

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More