Liv. Bank was set up to entice the young population in the UAE. Today's digital natives expect a Netflix/Uber/Instagram style User Experience from their mobiles. Liv. gives you a checking account with a 2% rate of interest in these low-interest rate regime.
My wife wanted to open a bank account, and given COVID-19, we did not want to visit a branch.
After downloading the Liv. App, and entering a few details in just a few screens, we were ready to go. The best features:
- Emirates id scan. It verifies customer information in real-time by just taking a picture. Wonder why more banks /insurance cos don't use this? Emirates ID is a National ID with a chip on it with user biometrics and other key information
- The screens flowed seamlessly; the instructions were clear; the fees were transparent and clear
- Credit your account using a scan of an existing debit card. So your account is loaded with money and ready to go!
- The entire account opening process was over in around 8.5 mins (Yes, I timed it)
Two improvement areas:
- There is no Google map interface to pick up the address ( you still have to type it in)
- Debit card delivery: You have to place your thumb on a biometric device to validate. In these "contactless" times, my wife was quite reticent to do so.
Overall though, it was a "wow" experience. We have had experience opening bank accounts in four countries, and this has been the best. Well done, Liv. Bank team, for creating this seamless onboarding experience!
