اKHALEEJ TIMES, Thursday, Oct 12, 2017 | Muharram 22, 1439
The bank of the future
A paradigm shift is under way in the UAE's financial sector as technology
evolves and customers live in a hyper-connected world.
A new breed of customers - who we call the connected generation - are changing
the way banks do business. Not bound by age, they use a wide range of connected
devices, and demand ease and convenience to accomplish day-to-day financial
tasks. Today, for our mobile banking application, Snapp, our oldest customer is
almost 92 years old, while the youngest is 18.
All this comes as the infrastructure for digital becomes well entrenched in the
UAE. Mobile phone penetration is now at a world-record high of 233 per cent.
McKinsey's latest research reveals that at least 80 per cent of urban consumers
in the UAE now prefer to do a portion of their banking through digital channels.
Five years back, an average customer would visit the branch almost 9 times a
year. Today, they rarely visit and 91 per cent of our transactions at Mashreq
happen outside the branch via electronic channels.
With the roll-out of the Emirates Digital Wallet, the pace and extent of
digitization in the UAE is poised to accelerate further as it prepares to usher
in a cashless society by 2020. Proactive government policies have been crucial
in building a digital culture in the country. By 2018, 80 per cent of government
services will be done by mobile. Not surprisingly, MasterCard's Digital
Evolution Index 2017 placed Dubai among the world's "standout digital economies"
along with Singapore, the UK, New Zealand, Estonia, Hong Kong and Japan.
As the digital future becomes inevitable, we understand that the
one-size-fits-all approach in banking does not work anymore. It isn't enough for
banks to woo customers with nice-looking apps. With the launch of Mashreq Neo -
the UAE's first full-fledged digital bank - we have entered a new era in the
digitisation of retail banking.
Mashreq Neo goes beyond just what meets the customer's eyes and fingers. To
deliver the immersive digital experience expected by today's connected
generation, Neo leverages big data, new technologies and advanced analytics to
offer a 360-degree view of the customer and personalized engagement.
Our aim to offer customers intuitive, contextualized and seamless experiences
that transform the customer journey. Customers who sign up to Neo receive an
account number within five minutes, and their cards and cheque books within 24
Neo is not just an account, or credit card, or a digital wallet - it a
full-service bank with a strong suite of retail banking products, in the palm of
It's time to move into the present and become immersed in the future.