Moneysmart is Middle East's neobank for Millennials. Bringing a whole new experience to customers with an online community for financial literacy and full digital banking services.
Why a neobank in the UAE?
As one of the UAE’s top 5 banks, ADIB has long been a beacon of prime customer experience in the region’s financial industry. In order to cement its place as a bank that truly cares about its customers, ADIB needed to create a spin off that not only encourages financial literacy, but also provides the exceptional digital banking services today's customers expect.
Moneysmart and Smart Banking were born as dedicated satellite brands from ADIB, targeting exclusively the Generation Y market. Its highly tailored products are only available via mobile and online and remove the need for physical branch banking.
ADIB's smart community is not only a co-innovative platform for continual growth and future-proof finances for the tech savvy. It also serves as an educational platform to integrate, educate and reinforce the way we manage our financial well-being.
Since its launch the community brought together over 50,000 members who become full KYC customers after gaining trust and enough financial knowledge from their peer members.
The community acts as a new channel for engagement and customer acquisition reducing costs to acquire by 90% as a comparison with ADIB's traditional acquisition process. It also fits with today's customer behavior when it comes to adopt new products and services, they logicially visit forums and comparison sites or engage with others before taking important decisions, why not with banks?
The success of Moneysmart from ADIB is a combination of nurturing a digital culture and enabling it through cutting edge technology. fidorOS open banking platform was installed on top of ADIB's existing infrastructure, core banking system and hub to create a digital first white labelled proposition. The power of fidorOS enabled the delivery of speed services such as digital onboarding in few minutes in addition to pre-approved loans up to 120,000 USD via mobile, a unique case in the UAE.
Online community for financial literacy and customer acquisition
Instant & pre-approved express loans
Smart deals ranging from fine dining to lifestyle
Cash Rewards for referral or community contribution
Access to financial experts for advisory
A Full Digital Bank in a pocket
With the launch of moneysmart, ADIB reinforces their position as the pioneer digital bank of the UAE. Moving beyond region's e-wallets, ADIB offers a full current account with financing options.
Reduced acquisition costs by 90%
The first few months of beta proved that the customer acquisition costs could be reduced by 90%. It was made possible using the online community as the first touch point for engagement.
With the easiness to onboard and a proximity service for card delivery, ADIB managed to successfully acquire a majority of customers in other Emirates outside of its traditional Abu Dhabi customer base.
Ethical and Fair Banking
Fidor delivered a Sharia compliant platform for ADIB ensuring moneysmart and Smart Banking deliver ethical and fair banking in line with the organisation's values.
A Rewarding Experience
Customers get great value for banking through Moneysmart, enjoying a range of offers and incentives from ADIB's merchant partners in addition to tips provided by community members.
Excelling at the smart use of APIs, ADIB was able to empower customers to schedule delivery and meetings through the app using a direct connection to FetchR, the official logistic partner for this concept.