Mashreq, Neo collaborates with a wide range

Mashreq, a 50-year-old bank in UAE, has become one of the
UAE’s leading financial institutions today by making strategic innovative moves
throughout its journey. Mashreq started its commitment to becoming a leader in
digital banking way back in 2008, by releasing a mobile banking app to its
customers. Mashreq with a focus on its future survival, and to bring
expeditious change in the areas of speed, agility and client experience has
introduced a new branchless digital bank called “Mashreq Neo”. Neo is a
comprehensive suite of products that
includes credit
cards, debit cards, current accounts, personal loans, remittances, global stock
trading, gold trading, and foreign currency investment capabilities. Mashreq Neo collaborates with
a wide range of market entities, including 100+ stock exchange companies for
trading, and Samsung pay wallet and
International pay wallet for easy payment options. Neo chat box, a social
platform for its customers is integrated with the Facebook messenger. Mashreq has
alliances with a wide range of
merchants globally for shopping via its Neo platform. Mashreq continues to
focus on innovation by investing in Artificial Intelligence, Robotics, and other technologies to stay as a disruptive
force in the banking world.

A clear explanation of the management, ethical,
legal, or social issues this article addresses:

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This article addresses the
issue of reckless growth and unsustainable profits by saying that
Corporate Social Responsibility(CSR) should be part of all corporate initiatives. Mashreq bank runs several initiatives such as Foloosy to provide financial
literacy education to customers and help to prevent them from taking on too
much debt.This also addresses the issue of digital solutions threatening the
existence of physical banks by pointing out that technology will transform and
improve the banking experience rather than eliminating the physical channels.
It also talks about how digital banking solutions such as Neo meets the demands
of today’s connected generation with its advanced features such as instant account opening,  comprehensive payment capabilities, rewards management,
shopping with a wide range of
merchants, and personal financial insights
all without ever visiting the physical branch. Mashreq
is also investing in next-generation technologies and automation to reduce its
reliance on human resources and reduce recurring costs.

 

 

My opinion on this issue based on this
article:

 

The word “Innovation” is a very old term, that has been
driving us for decades. As there is a
huge revolution in the technology area,
firms are chasing innovation in every
aspect of the business today to survive in the competitive world and standout
as a leader in their business area. In my opinion,
one must be continuously eyeing on the new digital technologies long ahead to
sustain as a leader in this digital world. Mashreq, with its innovative
strategies in digitization and ability to implement
them well ahead of its competitors, became a
leader in providing digital banking
solutions. Collaboration with a wide range of partners helped Mashreq provide all-encompassing functionality using
Neo platform.

Providing good customer service along with continuous
innovation in disruptive technologies according to the changing customer
interests and market moves will make a
firm a leader in its line of business

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