2019 Winners & Shortlists

Background.

Let’s face it, spending is fun while saving can be quite boring, even painful when you compare this delayed gratification to the joy of buying something now! For every intention to save, there are 10 or more reasons to spend. Even if you manage to start saving (say around New Year) the hard part is to keep on saving. As a matter of fact, three-quarters of UAE residents claim they are not saving anything! Liv. wanted to break the stereotype that saving is boring and difficult. We wanted to find a way to help millennials save, not just because it’s good to save, but because it’s fun, personal and automatic. And lastly, we wanted to show our customers that we were there to help them break bad spending habits, by gently nudging them towards what truly is their goal!

Describe the creative idea.

Research shows that millennials’ attitude towards savings varied greatly from the previous generations. Money for them was a means to an end that powered life experiences. We integrated that concept of “living money” and launched Liv. Goal accounts to help millennials save for the things they want, or want to do, by turning them into goals. From a trip to Bali, to building capital to start their own business or just saving for a rainy day; saving has never been easier. No additional apps are needed. Everything lives close-by in a separate, protected Goal Account, so our customers won’t “accidentally” spend it. Goals can also be personalized with a name and picture and progress is visualized via a success bar. Our simple, adaptable and visual interface allowed customers to: 1. Define their goal 2. Decide the amount to save 3. Set rules to save automatically 4. Edit goals and rules

Describe the strategy.

Our millennial audience, aged 18-35, comprises of students, homemakers, young mothers and young professionals. Their sources of income vary, but they all have one thing in common: a wishlist. They don’t necessarily have the discipline to save for these things, but what if they could save while spending? We created automatic rules like: • Save a fixed amount each time you use your Liv. card • Move a set percentage to your goal when you top up • Spend less than your budget and save the balance • Save a fixed amount daily, weekly or monthly It’s easy to choose a Goal from preselected categories: • DO. what you love • GO. see new places • BUY. something special • START. your business, • SAVE. for a rainy day By reinventing savings, and making them personal and achievable, we have become the accelerator that brings people closer to their goals.

Describe the execution.

Liv.’s Goal accounts were launched in July 2018. Our communication strategy was simple: we started by creating awareness about WHY someone should care about setting up a Goal account through a series of relatable examples of lifestyle goals that could be achieved with simple rules. We then went on to answer WHAT a goal account is. It was important to then show HOW easy it is to set up and keep on saving to reach a goal. The product was communicated on social media through both organic and sponsored content, through emailers, in-app notifications and SMS. We used data and insights to create nudging notifications, infographics, competitions among different groups, sent hand –written notes and boosted their motivation. We leveraged existing customers as a key priority, and reached out to potential new customers. The whole campaign was launched with maximum impact and minimum budgets in mind.

List the results.

Our goal accounts were a hit with our customers! In just 7 months, 32,000+ goal accounts were created, with 25% goals completed within 6 months. 40% of them created by 18-23 year olds, who are often labelled as frivolous “non-savers”. 33% of millennials were saving for a rainy day, 25% of millennials were saving to travel, and 10% of millennials were saving to start their own ventures. 60% of goal accounts were created by female customers, breaking yet another stereotype. Goal accounts now contribute to more than 10% of the total balances kept by customers in their Liv. accounts - money that’s safely parked away and can’t be accessed for impulse spending.