Mashreq launches a digital banking for the next gen

By Leandra Monteiro

Mashreq launched Neo NXT, a digital banking proposition for Generation NXT. Residents in the UAE, who are parents of 12 to 18-year-olds, will be able to empower the next generation with Neo NXT – a smart digital banking proposition.

The bank account will offer Generation NXT independence over their spending, provide access to a debit card, and ability to transact via the Mashreq Neo Mobile App. There is also an option of creating financial goals and saving towards it – encouraging the next generation to be smart with their money. Discounts will also be offered on purchases done via the Neo NXT debit card.

In promoting safe and secure digital banking, and building responsible spending habits, both parents and Generation NXT can track transactions from their respective logins to the app. Mashreq is the first digital banking solution to offer a recurring allowance option, and parents can also set various challenges for their next generation through the platform, with an incentive for them to earn extra allowance for completing the challenges.

Parents need to be existing Mashreq customers to initially open the account, with the option to apply on the Mashreq Mobile and Mashreq Neo Apps.

Fernando Morillo, Senior Executive Vice President, Group Head of Retail Banking at Mashreq, said, “Through Neo NXT we are helping the next generation take their first steps on the journey towards financial responsibility and smartness in a safe and secure environment. It is arguably more important than ever to encourage good financial management from as young an age as possible. Developing good habits like this early on can last a lifetime.”

Sridhar Iyer, Head of Mashreq Neo and Consumer Banking, at Mashreq said, “The next generation is smart and seeks a financial proposition that empowers them to manage money in a prudent manner. Neo NXT offers exactly that – allowing Generation NXT to set their personal financial goals, foster positive savings habit and spend wisely. Parents will now be able to set small challenges for their son/daughter and reward them for fulfilling those challenges, all through Neo NXT. Smart banking for the next generation has well and truly arrived.”