With the rise of banking apps, it’s clear that in-person visits to the bank for everyday transactions are largely a thing of the past. Many millennials will tell you the only bank they need is the one in their hands — and the next generation coming up is even more digitally attuned.
At the cutting-edge of smartphone banking,
“Mashreq Neo’s digital-first and customer-oriented solution is designed to deliver a hassle-free banking experience,” said Sridhar Iyer, executive vice president and head of Mashreq Neo. “With the increasingly digitized banking space in the UAE, our aim is to embrace and extend this experience to the millennials on the go.”
Here are ways Mashreq Neo made smartphone banking even better.
Everything’s digital — even opening an account
Last year, the full-service, digital banking app made it even easier to open an account remotely through facial recognition technology thanks to online data available from the Ministry of Interior. Residents can simply scan their Emirates ID by tapping it on their smartphone, snap a selfie, and open an account. The entire process takes less than five minutes most of the time, and if there’s any lag in confirming the biometric data, it could take up to 24 hours at most.
Sensitive info is on lockdown
It’s fast, but it’s also incredibly secure. When a new customer opens a
Taking digital banking to a new level for generation ‘Nxt’
Pushing digital banking forward again, the Neo Nxt app is even more tailored to the banking needs of teenagers and young adults. In the UAE, it’s the first product that really gets the way 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. It gives younger clients financial independence, but parents can still monitor their money moves.
Empowering lessons in budgeting through accountability and rewards
To make it a learning tool for financial literacy, the Neo Nxt app lets users set spending limits on different categories. For example, a sneaker lover can keep their spending habits in check by assigning a certain amount of money for shopping. Another cool feature is setting rewards for getting certain things done, such as acing a test or meeting a goal. It’s the one way to inspire and celebrate achievements — some extra cash is the best thumbs up.
Making money matters smarter and more fun
Teens also wanted their smartphone banking to have a social aspect, according to consumer feedback to Mashreq. For some added fun in the app, they can create an avatar for their profile and share it with their friends. Looking forward, one thing younger folk won’t be doing anytime soon is going into a bank or possibly even hitting 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.