Today, Mashreq Bank launched its full-service digital offering Mashreq Neo.
The new digital bank, which will be completely branchless, is targeted toward younger audiences who are digitally savvy and avid mobile users. Mashreq Neo will be the first digital bank in the GCC to provide access to international markets for investment opportunities including foreign equities, gold trading and foreign currency accounts, claims the company in a press statement.
Explaining the rationale behind the new offering, Mashreq Bank’s head of retail banking group, Subroto Som, says, “Mashreq Neo was created in response to the fast-evolving customer behaviors which we observed in the UAE. Today, we see customers of all ages spending significant amount of time on their mobile smartphones, 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”.
Customers can open an account through a mobile app, which will also be the primary platform for all banking services. Other than the mobile app, the new offering also features a dedicated call center, Neo Online, and the New Chatbot, which will be integrated with Facebook Messenger. It will also be synced with online and mobile payment solutions including Samsung Pay wallet, Mashreq Pay wallet, Cardless cash from ATMs, and mobile-to-mobile transfers.