Sunday 01, October 2017 by Jessica Combes

Digital bank Mashreq Neo unveiled in the UAE

 

Mashreq Bank has launched Mashreq Neo, a new full-service digital bank to cater to customers’ day-to-day needs, which will be completely branchless.

Mashreq Neo is targeted towards the connected generation who are digitally savvy, use mobile devices extensively, and will immerse users in a brilliant digital experience.

“With the launch of Mashreq Neo, we have entered a new era in the digitisation of retail banking. Considering Mashreq’s historical strength in the innovation and digital space, we are confident that customers will respond positively and we will see strong adoption of Neo. Our goal is to ultimately provide seamless, convenient, secured and cost effective banking services, compared to traditional branch banking,” said Abdul Aziz Al Ghurair, CEO of Mashreq Bank.

Mashreq Neo also provides access to international markets for investment opportunities including foreign equities, gold trading and foreign currency accounts.

span style="font-size: small;"> “Mashreq Neo was created in response to the fast-evolving customer behaviours which we observed in the UAE. Today, we see customers of all ages spending significant amount of time on their mobile smart phones, and they demand convenience. They are active on social media, make purchase decisions based on recommendations, and they rank flexibility and convenience as their top reasons for choosing a bank. In this hyper-connected world where customers are fast embracing new technologies, Mashreq Neo stands out with its intuitive and personalised interface that will transform daily banking transactions experience for the digitally-savvy customer. We are going branchless because our aim is to embed banking into the daily life of our busy customers, and not force customers to come to bank branches. Neo is not just an account, or credit card, or digital wallet – it a full-service bank with a strong suite of retail banking products, in the palm of your hand,” said Mashreq Bank’s Head of Retail Banking Group, Subroto Som.

Mashreq Neo’s differentiated services include:

Full-service branchless banking
All banking services including customer on-boarding, sales, services, transactions and fulfilment are done via online and mobile platforms.  

Customers will be extensively supported for all their ongoing needs via multiple channels including a dedicated call centre, Neo mobile banking app, Neo Online, and the Neo Chatbot which is integrated with Facebook Messenger. As new technologies gain traction in the UAE, these will be progressively added to continually enhance the customer’s banking experience.

Strong suite of retail banking products
Mashreq Neo will offer credit cards, debit cards, current accounts, personal loans, remittances, foreign currencies, global stock trading, gold trading, and foreign currency investment capabilities. In addition, they will get competitive rates on deposits and FX remittance, free ATM withdrawals and additional benefits.

Instant account opening
Customers will be able to open an account in less than five minutes with Mashreq Neo, by downloading the App (from Apple App Store and Google Play Store) and scanning their Emirates ID.  Customers applying for Neo via the App or Online will get an account opened instantly and a credit card will be issued based on real-time credit bureau information. Once approved, they will receive a welcome pack within 24 hours, which includes a debit card, credit card and cheque book.

Comprehensive payment capabilities
With the advent of new technology solutions for payments in the UAE and globally, Mashreq Neo will offer a comprehensive set of payment capabilities, such as Samsung Pay wallet, Mashreq Pay wallet, International bill payment to over 100 countries, cardless cash from ATMs, mobile-to-mobile transfers and local and global remittances. As new technologies and new ways to pay emerge, Mashreq Neo will remain dynamic in adding such capabilities and be the best way to pay.

International markets trading
Customers will be able to trade instantly and buy stocks in global stock markets including London, New York among others. Customers can trade in over 30,000 stocks across more than stock exchanges around the world. They can also buy and sell gold and foreign currencies instantly via the Neo trading platform.

Freedom to choose and instantly redeem rewards
Mashreq Neo empowers the customer with the freedom to choose their loyalty benefits when they apply for the Neo credit card. Customers can choose either Salaam rewards, cashback or sMiles (travel) benefits. After three months of being a Neo customer, they can choose to switch between the different loyalty programmes without any hassle. Upon selection of a new loyalty option (cash back, Salaam or sMiles), customers will start earning benefits under the new selected loyalty programmes immediately.

Whilst Salaam offers an array of instantly redeemable rewards, customers can use also their sMiles for instant redemption of flight tickets, or instantly redeem the cash back earned on the credit card.

Personalised financial management insights
Beyond the day-to-day transactional banking needs, Mashreq Neo will leverage big data analytics to offer unique insights to its customers on financial management. In addition, this will enable Neo to provide contextual, valuable and relevant offers to its customers in a dynamic manner.

Mashreq Neo Marketplace
With Mashreq Neo, customers have access to a global shopping portal where they will have access to a wide range of merchants from different countries to fulfil their shopping desires.

In closing, Aref Al-Ramli, Head of Digital Banking and Innovation, Retail Banking Group added that this is just the beginning of a new era in banking. Mashreq will continually enhance the Neo experience across on-boarding, personalisation, channels of interaction, and take advantage of new technologies and regulatory changes as these emerge.

  

Features & Analyses

SME Finance Risk Management

  Business risks exist everywhere but early implementation of a proper management system can mitigate them once they occur, or… read more