New digital bank launched in the UAE
Written by Anthony Strzalek
Dubai-based Mashreq Bank has unveiled a new full-service digital bank, Mashreq Neo, in the UAE.
The new digital bank will be completely branchless, is targeted towards the connected generation who are digitally savvy, use mobile devices extensively, and will immerse users in a digital experience.
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 Bank’s head of retail banking group, Subroto Som, said: “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”.
Abdul Aziz Al Ghurair, CEO of Mashreq Bank, added: “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.”