Global Financial Market Review

Liv, the digital-only lifestyle bank by Emirates NBD, has announced that more than 44,000 new accounts have been opened since it launched a competition for customers to win a private island.

Only five weeks remain for Liv to enter the competition which was launched in mid-April.

Under the campaign, customers who use their Liv app and debit card to carry out transactions, sign up for new products or update their personal details will earn Livion loyalty points.

Five customers with the highest Livion points each month from April to August, along with 15 randomly chosen lucky customers, will be selected to determine the finalists for the promotion.

The 20 finalists will participate in a final competition to determine the ultimate winner who will be rewarded with a private island, in addition to an AED100,000 cash prize.

Since the campaign kicked off, Liv has reported a growth in account activity as customers try to win additional Livions.

The average balance per customer has increased as well as the number of goal accounts created on a daily basis, with the campaign helping to raise customer awareness on their financial activities.

Liv has yet to reveal the location of the island but said it is approximately the size of five football fields and surrounded by an array of coves and natural beaches.

Jayash Patel, head of Liv, said: “We’re thrilled to see how Liv’s island promotion has been a huge success so far with customers, generating lots of buzz and excitement on social media. Our customers are actively using the Liv app to accrue Livions, with debit card transactions and first logins of the day emerging as the most popular means of increasing points so far.”