Making healthy savings

Efma feature

16 December 2015

Emirates NBD has won Efma’s Innovation of the Month award for December for its Fitness Account, a savings account that combines mobile-based smart banking with customers’ fitness and lifestyle needs.

The Emirates NBD Fitness Account was launched in November 2015, just nine months after the project was initiated. It is the first fitness-based savings account designed for the Apple Watch, allowing customers to earn higher interest on their balances linked to their level of physical activity. Users download the bank’s Fitness App, which tracks their steps and translates their activity into interest on their account balance at the end of each day. Customers start with a base interest rate of 0.25%, which increases with the number of steps they take daily to a maximum 2% for customers who walk or run 12,000 steps a day.

The Fitness Account will enable Emirates NBD to play an integral part in making the UAE a healthier place by encouraging physical activity and rewarding individuals who adopt a healthy lifestyle with a disciplined fitness regimen in their daily lives.

The bank anticipates sustained demand for its mobile banking solutions. The United Arab Emirates (UAE) has the world’s highest smartphone penetration rate (78% in 2014 according to Nielsen reports), while IDC estimates that the worldwide smart wearables market will reach 126 million units shipped in 2019.

The account also aligns with the United Arab Emirates (UAE) Government’s campaigns to fight obesity, especially among the youth, in a region where the obesity rate is reported to be double the world’s average.

Emirates NBD has worked closely with leading global names such as Fitness First, Beyond Fitness, Adidas and MetLife to ensure that customers have access to value-added lifestyle benefits. In addition to increases in interest rates, Fitness Account customers also receive free insurance cover of US$30,000 provided by MetLife, subject to clocking a minimum level of daily activity. They can also enjoy free vouchers and rewards worth over US$300 from leading fitness and sports brands such as Fitness First, Adidas and Beyond Fitness.

Early performance results have been promising, and Emirates NBD believes that 10% of its mobile banking users will open the Fitness Account in the next 12 months. It also anticipates a 100% increase in the volume of mobile-only liabilities products.

Watch a demo of the Emirates NBD Fitness Account here

Compete for the January innovation of the month. The winner will be the first nominee for the Efma Accenture Distribution & Marketing Innovation Awards 2016!

Keywords : Savings , Health insurance

Geography : United Arab Emirates