About
Banking with 100% digital applications and interfaces all the way from Digital onboarding, Digital KYC, Digital customer authentication, Digital banking services, Digital back end processing and day to day banking services offered digitally to customer via custom built mobile app and online banking web version.
Innovation presentation
Mashreq Neo is an independent and separate digital banking arm of Mashreq which is 100% bank and aims to provide complete digital bank services to its customer. Mashreq Neo is a Digital Bank with mobile App and online banking interface. Customer apply through customer build mobile app (both iOS and Android) or web version and in real time customer account and credit card is issued.
With smart phones penetration, customer behaviour is changing and are now demanding instant availability of services on the go. Customer expect all banking services to be availed from the comfort of their smart phone without need to visit a branch. Mashreq became the first bank in UAE to launch full functional Digital Bank.
Project team was divided into multiple streams and all streams worked in parallel with daily interactions. These streams included digital, product proposition, operations, risk, customer care, finance, compliance, treasury, marketing and technology.
Mashreq Neo has received a very positive response from customers in the market.
Uniqueness of the project
Besides being the first to launch this innovation, Mashreq Neo brings very unique services which are transforming banking industry. Some of the key highlights are listed below.
1. 100% Digital banking - Banking with 100% digital applications and interfaces all the way from Digital onboarding, Digital KYC, Digital customer authentication, Digital banking services, Digital back end processing and day to day banking services offered digitally to customer via custom built mobile app and online banking web version. A promise of banking with no papers.
2. Digital infrastructure – All services including back end processing is digital and instant. Some of the real time services includes credit card underwriting, instant card issuance & printing, account opening, Emirates ID validation, trading on global stock exchanges, commodities & foreign currencies. Entire back end processing is automated with minimal human intervention.
3. Dedicated banking App – Dedicated & customized mobile banking app is built for Digital Bank customers to avail end to end digital banking experience. This offers enriched PFM, Digital Wallet, M2M, Easy Pay.
4. Digital On boarding – Customer are able to apply anytime and anywhere from the comfort of their mobile phones or web. Customer accounts and credit cards are issued instantly and customer on boarding / KYC is fulfilled digitally by bank staff using custom built tablet enabled with Emirates ID and fingerprint reading capability.
5. Instant Investment – Customer is able to open instant accounts for foreign equities, gold trading & foreign currencies. Customer is able to trade globally real time anytime and anywhere from the comfort of their custom build mobile App.
6. Mashreq Wallet – Secured, convenient and widely accepted NFC based mobile wallet payment solution with built in loyalty and offer module which is accepted globally.
7. No branch visits ever – Customer will never visit a branch to avail any banking service. All his services are provided either digitally or we will bring the bank to customer.
8. Fun & Enjoyable banking - Rules of customer engagement is changed with no more boring conversations and banking is fun. All interfaces are built to engage customer and make banking enjoyable.
Key components of Mashreq Neo
Following are key components of Digital Bank.
1. Branchless Banking - All banking services including customer on boarding, sales, services, transactions and fulfilment will be done via digital interactions only via custom build Mobile App. Customer will have option to call the call centre to avail services if required. In any case, customer will not be required to visit branch to avail any banking services. For requirements like KYC, original documents sighting & wet signature, bank staff will approach the customer after booking an appointment.
2. Mobile Banking App - Digital Bank Mobile App will have the state of the art features like login with two-factor-authentication empowered by device authentication (biometric), internal stock exchange trading, foreign currency account, commodities trading, Digital Wallet, PFM, chat messenger, account overview, transaction details, bill-pay, money transfers, P2P payments and many more. App to be optimized Android, iOS and Windows mobile platforms. App will be equipped with rich and intuitive UI for enhanced customer experience.
3. Digital on boarding - New to bank customers applying for the Digital Bank services are able to on boarded digitally via online form filled by customer within the App. For welcome kit delivery and digital KYC, bank employee delivers who performs KYC same time through customer build tablet with Emirates ID integration.
4. Freedom to choose and instantly redeem reward programs - Mashreq neo empowers you with freedom to choose your loyalty when you apply for Neo credit card. Customer can choose either Salaam, cash back or sMiles (travel) loyalty benefits. Not only customer get freedom to choose loyalty but can change it in future if customer wants to experience different loyalty. Loyalty change feature is under development. Customer can also use sMiles for instant redemption and purchase of air ticket from the Mobile App itself. Customer get the air ticket instantly using sMiles points. Similarly, customer gets option to redeem instantly earned cash back to the credit card.
5. Instant Investment opportunities - Mashreq Neo offer instant investment opportunities for foreign equities, gold trading and foreign currencies. Customers are able to trade instantly and buy stocks in global stock markets including famous stock exchange globally and many more. Customer can trade on more than 30,000 stocks. Similarly, customer can buy and sell Gold instantly in addition to foreign currencies.
6. Digital Wallet for Mobile Payment - Digital Bank customers have access to Mobile Wallet and be able to pay at any NFC enable POS terminal globally using eligible Android phones. Customer are also able to load their Neo credit or debit card and make payments at POS terminals via Digital Wallet.
7. Personal Finance Management (PFM) - PFM is one of the core functionalities of Digital Bank with enhanced user experience. PFM offer meaningful insights for all products (account, loan, credit card). Easy-to-use budgeting and spending tools for financial insight with expense tracking. Show trends and spending patterns over time. Insight into total net worth, across multiple products in real-time.
8. Products - Customer are able to open Current account with debit card and cheque book, credit card investment opportunities covering foreign equities / gold trading / foreign currency, saving account, fixed deposit and credit card.
9. Omni Channel Banking Experience - Build comprehensive omni-channel customer experience solutions that will enhance customer digital interactions and drastically increase stickiness of relationship with customers.
10. Dashboard - Nicely designed main page Dashboard in the mobile App with intuitive design. Design end to end controlled by customer with the option of creating customized dashboard with single click enable feature. Enable favourite products, screen, services, transactions or features in the dashboard. Personal preferences stored so customers can easily navigate through personal dashboard.
11. Account and Transactions - Mobile Banking App empower customer to easily monitor balances of all accounts like current / saving accounts, debit and credit cards, personal and mortgage loans, etc. Dive into transaction details with strong filtering options, integrated maps, plus tagging and categorization tools. Track completed and pending transactions, including ATM visits, debit card purchases, direct deposits etc. Custom grouping of accounts. Ability to add external accounts from other banks.
12. Money Transfers & P2P Payments - Mobile App will offer intuitive money transfer tools that will support multiple types of transfers, from Person to Person and Account to Account payments. Within own accounts, within Mashreq, Domestic and international transfer will be supported. App will also support scheduled and recurring payments. Integrate with phone address book so customers can transfer money securely to friends using mobile phone numbers. Ability to monitor pending and scheduled payments.
13. Instant Balance build services on Credit Card - Mashreq Neo customers are able to avail instant balance build services on their Neo credit card. Customer can instantly convert their eligible transactions into Easy Payment Plan and also get Easy Cash on their Neo Credit Card instantly without any paper work.
14. Instant Card Control - Mashreq Neo empower its customers to manage their banking services on their own without approaching bank and that also instantly anytime and from anywhere. Customer can temporarily disable their debit and credit cards and restrict transactions by country, merchant category, transactions count per day and assign transactional limits to the card.
15. Locator - Locator display list of all Mashreq ATMs, CCDMs and card offers with navigation option.
