Although they may not have had the same basic functions, it is clear that Lydia and Vivid are two neobanks that have become competitors through their respective offers and products. But, which is ultimately better placed than the other in an increasingly competitive market?
A few years ago, it was still impossible to consider exchanging money more easily than a good old transfer via its banking application. Today, it is not only possible to exchange money between individuals in a few seconds, but it is also possible to set up participatory kitties or to reimburse a loved one simply by sending an SMS. All of this is made possible by the rise of new banking platforms that have become part of the ecosystem of more traditional neobanks, the latter having moreover been directly inspired by this type of functionality to develop their offers. Many platforms have emerged since then, they are not banks/neobanks strictly speaking, but monetary exchange platforms with their own products and functionalities. This is the case of Lydia and Vivid who each have their strengths and weaknesses and that we are going to confront in this new versus.
Lydia VS Vivid: registration and account opening
One of the big advantages compared to traditional banks and to another extent to neobanks, is the ease of the non-intrusive registration system with this kind of platform. Lydia, for example, still relies on an extremely simple registration procedure, everything happens from the Lydia application and all you have to do is provide your telephone number, surname, first name and email to have access to the basic services of the application. To open an account (also called subscription), you will need to provide a photo of both sides of your identity card, and that’s it! The operation ultimately only takes a few seconds, there is no need for an initial deposit, no need to necessarily link the card to your regular bank account, no validations by Lydia to obtain an IBAN, French, if Please ! Sending a physical card is chargeable or not depending on the account chosen and only takes a few working days.
For its part, Vivid looks much more like a neobank in this area. By speaking directly of an account and not of “registration”, the platform is placed much more in a posture of a banking institution, moreover registration automatically gives rise to the opening of an account. Everything happens there too from the mobile application and even if the operation only takes a few minutes, Vivid still asks for some supporting documents, such as a photo of both sides of the identity card and especially your tax number (which the we can provide within 90 days) in addition to a verification of facies via the use of the front camera of the smartphone. No waiting to take advantage of the account and its Pocket system once it has been chosen. You can get a free physical card, but only if your balance exceeds 100 euros (9.90 euros otherwise).
On this point, we favor Lydia’s approach regarding the account opening procedure.
Winner: Lydia
For more information, you can read our full Lydia review.
Lydia VS Vivid: prices
Here again, concerning the plurality of account offers, the goal of these platforms is to be as clear as possible. Lydia has 3 very distinct offers: a free account simply called “Lydia”, a Lydia Blue account and a last Lydia Black account. On these last two cards, the advantages concern above all the amount of authorized transactions, the free costs for withdrawals abroad as well as the insurance issued by the VISA organization (Lydia Black offer only). As said above, all bank details issued by Lydia are French.
Note that the creation of cards for Blue and Black accounts is free, but that a sum of 5 euros will be requested for the edition of a physical card for paid accounts. Rest assured, it is still possible to use virtual cards for free for online purchases, for example. Lydia not being a traditional bank, it does not authorize any debit account, therefore impossible to obtain an authorized overdraft. In addition, even if they are not explained directly, certain fees may apply: 20 euros in administration fees per unpaid credit card management, 30 euros in administration fees per disputed Lydia Card transaction (in addition to more than 10 appositions over 12 months).
Vivid’s offer is even clearer than its competitor with only 2 offers: a free account (Vivid standard) and a paying account at 9.90 euros per month (Vivid Prime). Again, very few differences between these two accounts, Vivid Prime allowing a better withdrawal limit (1000 euros instead of 200 for a standard account). It is especially at the level of the products that Vivid puts forward that this will have an impact. Vivid Prime authorizes a maximum of 100 euros in cashback per month (an additional 20 euros for Vivid Standard) and cryptocurrency transactions are free (only one free and 1% beyond for a standard account). Note, however, that Vivid does not offer direct free payments or withdrawals abroad, it is necessary to buy foreign currencies yourself from the application in order to store them in a “Travel” sub-account. Fortunately, Vivid automatically detects the corresponding currency and therefore the correct sub-account so that you do not have to incur any fees.
Regarding the pricing policy as well as the advantages of paid offers compared to free offers, Lydia and Vivid do not particularly separate. Everything will therefore depend on your needs if you choose an account with one or the other. We have therefore decided to declare a draw on this point.
Draw
For more information, you can consult our complete opinions on Lydia and Vivid.
Lydia VS Vivid: the apps
Since the entire user experience of these platforms goes through their applications, their products and features are numerous, it is necessary that they be as ergonomic as possible to avoid tearing your hair out. Lydia being originally a monetary sharing application, it keeps this functionality at the heart of its use, hence the presence of the two receive/pay buttons permanently displayed. Note that it will still take some time to adapt to neophytes to get used to it, especially to understand the organization of the menus.
However, the general presentation is neat and avoids overloading the screen. You have access to all the accounts at a glance and it is possible to transfer money with a simple swipe. Inevitably, the trading aspect is well highlighted with a “Discover” tab which includes all the products of the “bank”. First, investment in cryptocurrency, ETF or ETN with a dedicated platform allowing access to the exchange of currencies and graphs of the different values. On the security side, Lydia supports functions such as blocking and unblocking accounts in a single option and especially fingerprint unlocking for compatible smartphones. Finally, Lydia has the good idea to offer full support for mobile payments ranging from Google Pay, Apple Pay and even Samsung Pay.
For its part, the entire application experience of Vivid relies on its investment features. First of all, the interface takes up the ergonomics of other neobanks like N26 or Revolut. The interface is therefore very lightly loaded with a horizontal menu placed at the bottom to navigate between the different tabs. The home page gives an overview of the famous Pockets and the activity menu on general expenses. Another tab called “Payments” gives the possibility to transfer money directly to your Pocket or simply to someone via a phone number. The rest is devoted to the investment part that Vivid allows. It is also interesting to note that for this part, if you wish to invest, Vivid gives a test in the form of a questionnaire to find out whether or not you are able to embark on this type of business while warning about the risks.
The Cashback part is also strongly highlighted with a complete menu giving access to current promotions on many brands with more or less attractive return rates on purchases depending on the type of account. Vivid is even comparable to a “Super App” in the sense that it is even possible to find a hotel room or rent a car via the bank’s partners, without having to leave the application. Apple Pay and Google Pay are also taken into account and the security options are numerous: unlocking by fingerprint, sending SMS for authentication and complete blocking of the account in a simple option.
It’s hard to really decide between the application experience of the two platforms, each with a similar approach, but more or less highlighted features. If you want a simple banking app to quickly transfer money wherever you want without constraint, Lydia will be much better suited. If your thing is more to place your money and make it grow through investment, Vivid is much better off on this point than its competitor. In both cases, these are very good applications that will find a place in your smartphone in addition, if necessary, to your regular banking app.
Draw
For more information, you can consult our complete opinions on Lydia and Vivid.
Verdict
Ultimately, it all depends on your banking app needs. If overall we prefer Lydia’s simple and fast approach, it does not offer the advanced investment and cashback possibilities of Vivid. You can anyway open a free account with one and/or the other to get an idea.
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