Mashreq Bank is a perennial winner of this award. Can any other regional lender compete with its ambition to be not just the best digital bank in the region but one of the best in the world? So far at least answer is a resounding ‘no’.
What the Dubai-listed bank saw before anyone else in the region is that being a leader in digital banking is a marathon not a sprint. Mashreq invested early and heavily, having spotted that none of its regional rivals were overly interested in being digital pioneers.
Then, after establishing a clear lead, it continued to invest in digital, roll out new platforms and hone its service offering. When rivals set out to play catch-up, they saw Mashreq’s lead was so great, they were chasing shadows.
This requires the pioneer to continually find new ways to lead. And yet again, over the past year Mashreq Bank found new and innovative ways to do just this.
In June 2022, the bank launched Neo NXT, a new digital banking service that targets the children of existing Mashreq customers. Neo NXT is a zero-fee account that gives parents full control of their children’s spending activity and helps younger customers learn how to manage their finances, track daily expenses and define and save towards key goals.
Another first of its kind is a new non-resident Indian account that allows NRIs to open a bank account in India via Mashreq’s mobile app in less than 10 minutes, using cutting-edge technologies including electronic know-your-customer checks and digital signatures. The service, which was launched in April 2022 in alliance with Federal Bank in Kerala, allows customers to remit money to India via Mashreq’s QuickRemit facility.
Mashreq also launched a new digital wealth dashboard that helps customers build and adjust portfolios and gives them instant access to the domestic and international financial markets. It also unveiled a new scheme called NeoBiz Connect that enables small and medium-sized enterprises to open a business account at the click of a button.
This recognition is a testament to our commitment to innovation and reinforces Mashreq’s position as a leading financial institution
Ahmed Abdelaal
There is also My Insurance Market, another new product launched on Mashreq’s mobile app last year, which allows clients to customize insurance benefits and coverage based on the individual’s needs.
It also overhauled the digital onboarding process for wholesale customers during the awards period. And it unveiled the first community-based banking product in the UAE, Neo Groups, which allows Mashreq customers to invite up to 50 friends to join – as a collective they can earn higher interest rates on savings products. Another new offering, Flash Cash, is an industry-first service that disburses an instant loan to customers, wholly digitally, without the fuss of filling out paper-based forms.
“We are honoured to receive [this] award,” says Mashreq Bank group chief executive Ahmed Abdelaal. “This recognition is a testament to our commitment to innovation and reinforces Mashreq’s position as a leading financial institution. It reflects our team’s relentless pursuit of excellence and we remain dedicated to pushing the boundaries of digital banking by providing our customers with seamless and personalized experiences that set new standards in the industry.”
