Mashreq Neo launched

Banking Frontiers - - Banking In The Gulf -

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.

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