Introduction

Liv. is a digital bank launched by Emirates NBD, one of the leading banks in the United Arab Emirates (UAE). Liv. is designed to cater to the younger, tech-savvy generation by offering a fully digital banking experience through a mobile app (platform). The aim is to provide a convenient, efficient, and personalized banking experience that aligns with the lifestyle and preferences of the modern consumer.

LIV bank from UAE and Serbia based tech companies GET (Global Engineering Technology) and DTC (Development and Testing Center) joined forces to launch new mobile app that helps kids build good money habits – LIV.Young

Motivation

The bank wanted to engage the new generation of users and forge long-term relationships with them through products and services that promote financial literacy among children.

Before developing the LIV. Young app the bank had a traditional approach to youth banking that was not adapted to the digital age. Young users lacked the ability to independently manage their finances or develop healthy financial habits. Parents had limited options for tracking and controlling their children’s expenses.

The digitization of youth banking was perceived as crucial for adapting to new technological trends and empowering young users to be financially responsible.

The bank recognized that inaction on this matter would limit its ability to attract potential new customers and reduce fee and commission income. The lack of innovation for digital bank would lead to a loss of competitive advantage and negatively impact the bank’s financial performance, including revenues, profitability, and market share. Therefore, it was crucial for the LIV to be a pioneer and provide new products and services that meet the needs of users, especially in the area of financial education for children and support for parents.

Procurement Process

The procurement was conducted through a complex and lengthy tender procedure. The tender invitation was sent to a selected list of potential vendors. Since the bank wanted a custom built solution the main criteria were the Team members capabilities and experience, Referent Projects and Price. After the 12 months long process two Serbia based tech companies GET (Global Engineering Technology) and DTC (Development and Testing Center) were selected as the best vendors for the project.

The Project

The project was originally scheduled to last for 6 months, but due to the impact of Covid-19, it started later and extended beyond that timeframe. GET participated in the project for a period of 12 months, working closely with mobile development architects, the Product Owner from Liv, and other technical support staff.

Emirates NBD covered the infrastructure aspect as the parent bank, while Liv provided the Product Owner and architects responsible for the development of the mobile platforms. Scrum methodology was utilized throughout the development process, with a total of 3 bank’s Scrum Masters changing during the project’s duration. This and other fluctuations on the bank’s side, international composition, with diverse cultures coming together for their first joint project and infrastructure issues that arose during development were some of the major challenges on the project.

From GET’s side, the team members were full time dedicated and committed to this project, demonstrating readiness to overcome all technical challenges and define solutions effectively. They adhered to the bank’s (ENBD and Liv) procedures, coding standards, and created all necessary documentation for the solution handover. A lot of effort is invested in the appearance of the app (plenty of animations adapted to attract children’s attention).

Results

With the help of Global Engineering Technology and DTC, LIV bank now enables kids to have their first debit card which they can use for cash withdrawals as well as for digital payments. The entire process is very simple – parents are doing the registration of cards in their kids’ names in the app and getting it delivered to their homes. Afterward, everything is smooth sailing. On one hand, parents can track their children’s spending through the LIV app, and on the other hand, kids can learn to manage their budget through the LIV.Young app.

Setting tasks and rewarding kids with allowances and bonuses help parents to send a strong message – with working comes earning. Youngsters can set various goals and start saving money for themselves, learning first handedly the importance of being financially responsible.

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