Millennial bank Liv. adds bill-splitting and expense management to mobile app
Liv. the millennial-focused digital-only bank from Emirates NBD, has rolled out bill-splitting and budgeting applications to its mobile banking app.
Launched in early 2017, Liv. is progressively building a portfolio of services that cater to the specific needs and social habits of its millennial customer base.
The new bill splitting feature enables customers to instantly pay for a bill on their Liv. debit card and send money request notifications via social channels, including Whatsapp and Facebook, to friends and family.
Suvo Sarkar, senior EVP and head of retail banking and wealth management at Emirates NBD says: “Liv. has evolved over the past year to address those touch points that most affect its young customer base. Bill Split is a much-needed tool in today’s social environment in which a new generation of consumers rarely carry the correct change or physical cash to pay one another. The feature saves them the hassle of splitting the bill via individual card transactions and bank transfers, and instantly allows them to pay back their friend or family from their smartphone.”
And for the budget conscious consumer, Liv. has introduced ‘My Tag’, an expense management tool which helps users understand where they spend most of their money. In addition to the ten predefined categories such as dining, entertainment, and shopping, the app enables users to personalise expenditure tags to track spending on one-off or miscellaneous items.
“Financial literacy has been a key focus for the bank in the past few years, and we are working towards incorporating healthy financial habits for our customers within all our products and services,” says Liv. chief Jayash Patel. “Liv.’s My Tag features is very much part of that business model and lets millennials keep track of their spending in the manner which they find the most convenient: tagging.”