5 Lifestyle Banks redefining banking for digital-savvy customers

By Gloria Methri

Lifestyle banking is an innovative approach that integrates banking services into customers’ daily lives, offering personalized features that go beyond traditional banking. For instance, digital banks may provide comprehensive financial management tools that help users track spending, set budgets, and achieve savings goals with minimal effort.

They may also offer tailored reward programs that give customers cashback, discounts, or loyalty points for purchases in specific categories, such as dining, travel, or entertainment, based on their spending habits.

In the GCC region, several digital banks offer a variety of lifestyle banking services to enhance customer convenience and integrate banking into everyday activities.

Here are five digital banks offering lifestyle banking services in the GCC region:

ADIB SmartBanking facilitates digital onboarding, allowing customers to open and activate accounts entirely online without visiting a branch. It provides a range of lifestyle rewards, including discounts and cashback on purchases made with partner merchants, tailored to enhance customer engagement and satisfaction.

ADIB SmartBanking also includes personal finance management tools, such as budgeting, expense tracking, and financial planning features, helping users manage their finances effectively.

• CBD Now by Commercial Bank of Dubai

CBD Now is a fully digital bank designed to offer millennials and digitally connected customers a modern banking experience. The platform features personalized offers and discounts tailored to customer preferences and spending habits, enhancing the overall banking experience.

CBD Now includes goal-based savings tools that help users set and achieve financial objectives with automated savings options. Additionally, CBD Now supports comprehensive mobile payments, including contactless and QR code payments.

Liv. is Emirates NBD’s digital-only bank tailored for millennials and young adults. Its lifestyle banking services include personal finance management tools, exclusive deals and discounts with partner merchants, including restaurants, entertainment, and retail stores; goal-based savings, Liv. Marketplace app for booking flights, purchasing event tickets, and accessing various lifestyle services; Instant Digital Account Opening.

Mashreq Neo is Mashreq Bank’s digital bank arm, focusing on providing a comprehensive digital banking experience and catering to the day-to-day needs of a world on the move. The digital bank is targeted towards the connected generation who are digitally savvy and use mobile devices extensively, and it will immerse users in a brilliant digital experience. The bank’s app enables customers to oversee all their financial relationships across products and services, increasing convenience and simplifying their banking experience.

meem, a Shariah-compliant digital banking service, offers innovative, straightforward financial solutions delivered through its simple-to-use mobile app. meem offers a 24/7/365 service model on its innovative mobile app and web banking portal, allowing customers to open and manage their accounts, conducting everyday transactions through its online channel, supported by services such as video contact centre, e-mail, web chat and social media.

Also read: Islamic Banking Systems and Suppliers Report Q4 2022