Mashreq Neo to offer secure, convenient and personalised customer experience
Dubai - UAE, 1st October 2017 –Mashreq Bank today launched Mashreq Neo, a new full-service digital bank to cater to the day-to-day needs of a world on the move. The new digital bank, which will be completely branchless, is targeted towards the connected generation who are digitally savvy, use mobile devices extensively, and will immerse users in a brilliant digital experience.
Mashreq Bank’s Head of Retail Banking Group, Subroto Som, explained the rationale for creating the digital bank: “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 & convenience as their top reasons for choosing a bank”.
Som added: “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”.
Mashreq Neo is also the first digital bank in the GCC region to provide access to international markets for investment opportunities including foreign equities, gold trading and foreign currency accounts.
Mashreq Neo’s differentiated services include:
1. Full-service Branchless Banking
All banking services including customer on-boarding, sales, services, transactions and fulfilment are done via online and mobile platforms, and hence they will not need to visit a branch.
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.
2. Strong suite of retail banking products
Mashreq Neo is the only digital bank in the UAE which will offer a strong suite including 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.
3. Instant account opening
Customers will be able to open an account in less than 5 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.
4. Comprehensive payment capabilities
With the advent of new technology solutions for payments in the UAE and globally, Mashreq Neo will offer the most 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 remittances locally and globally. 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.
5. International markets trading
Customers will be able to trade instantly and buy stocks in global stock markets including London, New York and many more stock exchanges. Customers can trade in over 30,000 stocks across 100+ stock exchanges around the world. They can also buy and sell gold and foreign currencies instantly via the Neo trading platform.
6. Freedom to choose and instantly redeem rewards
Mashreq Neo empowers the customer 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 programs 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 programs 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.
7. 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.
8. 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.
Commenting on the launch, Abdul Aziz Al Ghurair, CEO of Mashreq Bank said: “With the launch of Mashreq Neo, we have entered a new era in the digitization 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.”
He added, “While Mashreq Neo is just the start, Mashreq Bank will continue to keep transforming to maintain its pioneer position in the market in terms of digital banking and innovation. As customers adopt and embrace new technologies, Mashreq will lead with new digital capabilities that enable banking in a convenient and secure manner. “
Mashreq bank celebrates its 50th anniversary in 2017 and has achieved many ‘first’ launches in its 50 year journey in the UAE. Be it the first ATM, the first credit card, or the first mobile banking app, Mashreq has always had innovation at its core, continuously enhancing products and services to adapt to customer evolution and changing market needs.
In closing, Aref Al-Ramli, Head of Digital Banking and Innovation, Retail Banking Group added:”This is just the beginning of a new era in banking. We 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”.