Sunday 14, May 2017 by Georgina Enzer

Mashreq previews Neo at 50th celebrations

At its 50th anniversary celebrations Mashreq unveiled a preview of its new digital banking solution branded ‘Neo’.

Among the new features promised for the service which is due to launch in summer 2017 is the ability to open a bank account from a smartphone.

The product preview came at the conclusion of formal presentations which included a video highlighting the bank’s evolution over the last 50 years and a speech by the bank’s CEO, HE Abdul Aziz Abdulla Al Ghurair, in which he suggested that the pace of change over the last 50 years would likely be outstripped by changes coming within the next five years.

He noted that Mashreq has come a long way in the last five decades, highlighting the bank’s activities in New York where it is the 19th largest institution for dollar-based clearing transactions.

Some of the challenges and opportunities facing banks were brought into focus by a presentation from Dominic Barton, Global Managing Partner in McKinsey & Company. With regard to challenges, he quoted former Cisco CEO John Chambers, “There are two types of companies: those that have been hacked, and those who do not know they have been hacked.” Cybersecurity is obviously a key issue with banks and their customers looking to do more and more of their activities online.

An important opportunity for the sector is shown in one number that Barton mentioned: 2.4 billion. This, he said, is the number of new ‘middle class’ consumers that will exist in 2030 around the world.

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