Neo NXT, a unique digital banking offering for Gen NXT, has been launched by Mashreq in an effort to financially empower the next generation of consumers. Residents of the UAE will be enabled to empower their children through the use of the smart digital banking proposition Neo NXT.
The account, specifically targeted at the younger generation, will offer a bank account, as well as access to a debit card and the capability to conduct transactions over the Mashreq Neo mobile application.
A unique feature of the app allows users the option of defining financial goals and enables saving towards those goals. Purchases made using the Neo NXT debit card will also offer discounts as a promotional offer. These are just some of the features designed to help the next generation to make smart financial choices.
In an effort to provide secure and safe digital banking, as well as to encourage responsible spending patterns, the app will allow both users and their parents to track transactions through the app. The digital banking solution offered by Mashreq is the first of its kind to offer an option for a recurring allowance. The app also offers parents the option of providing parents with the opportunity to set challenges for their children, which, on successful completion, will be entitled to incentives that are pre-defined by the parents.
Mashreq’s product will encourage financial responsibility in the younger generation
A pre-requisite for opening the Neo NXT account is that parents would have to be existing customers of the bank. The bank offers the option of opening accounts via Mashreq Mobile and the Mashreq Neo apps.
Senior EVP and Group Head of Retail Banking, Mashreq, stated that with the launch of the Neo NXT app, the bank would help the next generation to embark on a new journey of financial management, responsibility and smartness, all in a secure and safe environment. He added that it was vital to encourage responsible financial management from an early age, while saying that developing responsible habits at an early age would last a lifetime.
Head of Mashreq Neo and consumer banking, Sridhar Iyer mentioned that the younger generation was smart enough to seek a financial product that enabled them to manage money responsibly.
He added that Neo NXT offered exactly the same proposition, enabling Gen NXT to define their own personal financial goals, develop a savings habit, and encourage wise spending habits. Iyer also said that by using Neo NXT, parents would be able to reward their children for solving small challenges that they set using the app. He added that with the launch of Neo NXT, smart banking for the next generation had arrived.