Image Credit: Arshad Ali/Gulf News

Dubai: Mashreq Bank on Sunday launched Mashreq Neo, a new full-service digital bank.

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 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,” said Subroto Som, Mashreq Bank’s Head of Retail Banking Group.

Mashreq Neo is also the first digital bank in the Gulf Cooperation Council (GCC) region to provide access to international markets for investment opportunities including foreign equities, gold trading and foreign currency accounts.

“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.

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.

“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,” said Som.

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.

The new entity 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.

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.

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. The new digital bank will leverage big data analytics to offer unique insights to its customers on financial management. In addition it also offers customers access to a global shopping portal where they will have access to a wide range of merchants from different countries.