Mashreq Neo launched
Dubai’s Mashreq Bank has launched Mashreq Neo, a digital-only bank in the UAE. Subroto Som, head of Retail Banking at Mashreq, said Mashreq Neo was created in response to the fast-evolving customer behaviors which was observe in the UAE. He said customers of all ages are found to be spending significant amount of time on their mobile 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 reasons for choosing a bank, he added. The bank may cut about 10% of its work force in the next 12 months as it had increasingly deployed artificial intelligence. Mashreq first introduced Mashreq Neo as a tool for its millennial customers at its 50th anniversary celebrations in May. Customers will be able to open online accounts in less than five minutes by downloading a dedicated smartphone app and scanning their Emirates ID.