Mashreq launches digital banking solution for Gen NXT
Mashreq has launched Neo NXT, a digital banking proposition for the NXT generation.
Residents of the United Arab Emirates, parents of children between the ages of 12 and 18, will be able to empower the next generation with Neo NXT – a smart digital banking proposition.
The bank account will provide the NXT generation with independence over their spending, provide access to a debit card, and be able to transact through the Mashreq Neo mobile app. There’s also a unique option of creating financial goals and saving towards them – encouraging the next generation to be smart with their money. Discounts will also be offered on purchases made using the Neo NXT debit card.
By promoting safe and secure digital banking and creating responsible spending habits, parents and Generation NXT can track transactions from their respective app logins. Mashreq is the first digital banking solution to offer a recurring stipend option, and parents can also set various challenges for their next generation through the platform, with an incentive for them to earn an additional stipend for completing the challenges.
Parents must 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: “With Neo NXT, we are helping the next generation take their first steps on the road to financial responsibility and intelligence in an environment safe and secure. It is perhaps more important than ever to encourage good financial management from the earliest possible age. Developing good habits like this early on can last a lifetime.
Sridhar Iyer, Head of Mashreq Neo and Consumer Banking, Mashreq, said, “The next generation is smart and is looking for a financial proposition that allows them to manage their money prudently. Neo NXT delivers just that – empowering the NXT generation to set personal financial goals, foster positive savings habits, and spend wisely. Parents will now be able to set small challenges for their son/daughter and reward them for completing those challenges, throughout Neo NXT. Smart banking for the next generation is well and truly here. –TradeArabia Press Service