'Win a private island' competition boosts number of accounts at Liv. bank

More than 44,000 new customers have signed up since mid-April when the promotion was announced

Jayash Patel, head of Liv., says customers are actively using the app to accumulate loyalty points and increase their chances of winning the private island. Courtesy of Liv.

Liv. – the digital-only millennial-targeting bank set up by Emirates NBD – has added 44,000 new accounts since mid-April when it announced the chance to win a private island and Dh100,000 cash.

The lifestyle banking app, which has 250,000 customers as of this month, according to a recent Moody's report, has seen a 50 per cent increase in new customers in the second quarter when compared to the same period last year, a Liv. spokesperson said. The average balance per customer has also increased since the start of the competition.

The island’s exact location will only be revealed in September, but the bank said it is in the Atlantic Ocean and several clues have been publicised on social media channels. The bank said it is the size of five football fields, is a popular kayaking destination, and gold was found there around 100 years ago.

To win, customers must accumulate Livion loyalty points with every 100 Livions equalling one entry into the draw. Customers can build up points by using the Liv. app and debit card to carry out transactions, signing up for new products or even updating their personal details.

For example, paying a bill earns two Livions, an international transfer earns three and using the debit card for the first time earns 20. An average monthly balance of Dh1,000 to Dh4,999 earns 10 Livions and every Dh5,000 additional balance gives 10 more.

The 20 finalists will include five customers with the highest Livion points each month from April to August and 15 randomly selected account holders. The winner will be determined by a final live game competition yet to be announced.

“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,” said Jayash Patel, head of Liv..

Liv. customers can also use their Livion points to enter the app’s weekly wheelspin and win shopping, dining, beauty and fitness vouchers, as well as cash prizes. But Mr Patel said that “many Liv customers are choosing to accumulate Livions to boost their chances of winning the grand island prize, rather than trading them for instant rewards”.

The Liv. mobile app allows customers age 18 and over to open bank accounts instantly from their smartphones by scanning their Emirates ID. They earn 2 per cent interest per year on balances above Dh5,000 and are eligible to receive a Liv. Visa debit card. Customers can also split their bills with friends, share money using social media and track their expenses through the app.