Mashreq Bank has launched Neo, a digital-only bank to cater to the needs of the millennial generation.
The new bank provides a complete package of modern mobile and online banking services, including Samsung Pay wallets, carldess ATM transactions, Facebook Messenger chatbots, PFM tools, international currency and stock trading and an e-commerce shopping mall.
Mashreq, which celebrates its 50th anniversary this year and claims to be the UAE's oldest bank, promises that customers will be able to open an account in less than five minutes by downloading the App and scanning their Emirates ID. Credit and debit cards will be issued within 24 hours of approval.
Mashreq Bank’s head of retail banking group, Subroto Som, says: “Today, we see customers of all ages spending significant amount of time on their mobile smart phones, and they demand convenience. 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. 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."