Branchless banking is here to stay, says this Dubai bank


With the rise of banking apps, it’s clear that in-person visits to the bank for day-to-day transactions are largely a thing of the past. Many millennials will tell you that the only bank they need is the one they have in their hands – and the next generation to come is even more digitally savvy.

At the forefront of smartphone banking, Mashreq Neo launched in Dubai in 2017 just as fintech, or the fusion of finance and technology, was going from boom to boom. They invested early – and heavily – in digital banking transformation and now their customer experience for mobile banking is among the best in the world.

“Mashreq Neo’s digital and customer-centric solution is designed to deliver a hassle-free banking experience,” said Sridhar Iyer, Executive Vice President and Director of Mashreq Neo. “With the increasingly digitized banking space in the UAE, our goal is to embrace and extend this experience to millennials on the go.”

Mashreq Neo customers can send money to over 30 countries, earn money on salary transfers, bank and invest directly in the same app, among other benefits. “Mashreq Neo’s commitment to providing cutting-edge solutions and experiences to its customers with innovative features such as facial biometric integration has enabled us to become an industry leader and a favorite among bankers in the region,” Iver said. “This bundle of offerings is not only poised to change customer preferences, but the digital banking industry as a whole.”

Here’s how Mashreq Neo has made smartphone banking even better.

Credit: Getty

Everything is digital, even opening an account

Last year, the full-service digital banking app made it even easier to open an account remotely using facial recognition technology using online data available from the Home Office. Residents can simply scan their Emirates ID card by tapping it on their smartphone, take a selfie and open an account. The whole process takes less than five minutes most of the time, and if there is a delay in confirming biometric data, it can take up to 24 hours at most.

Sensitive information is locked

It’s fast, but it’s also incredibly secure. When a new customer opens a Mashreq Neo remote account, it is active and ready to use on the spot, but every detail has been carefully checked and complies with strict central bank rules, including the protection of sensitive personal data. They have also innovated to improve customer satisfaction by speeding up back-end processes. They built everything to be a true branchless experience from the ground up.

Taking Digital Banking to a New Level for Generation “Nxt”

Further advancing digital banking, the Neo Nxt application is even more suited to the banking needs of teenagers and young adults. In the UAE, it’s the first product that truly understands how kids and their parents handle money in real life. In fact, it was designed largely based on user feedback from Mashreq customers looking for something different. This gives young customers financial independence, but parents can still monitor their money movements.

Valuing lessons in budgeting through accountability and rewards

To make it a financial literacy learning tool, the Neo Nxt app allows users to set spending limits on different categories. For example, a sneaker fan can control his spending habits by allocating a certain amount of money to shopping. Another cool feature is to set rewards for certain things accomplished, like passing a test or achieving a goal. It’s the only way to inspire and celebrate accomplishments – a little extra cash is the best boost.

Make money smarter and more fun

Teenagers also wanted their smartphone banking to have a social aspect, according to consumer feedback to the Mashreq. For more fun in the app, they can create an avatar for their profile and share it with their friends. Going forward, one thing young people won’t be doing anytime soon is going to a bank or maybe even knocking on an ATM. There are even plans for a future SuperApp enabling all-in-one transactions and instant payment solutions.

Mashreq is not associated with Mashable.


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