Mashreq has just launched a new digital bank account aimed towards Generation Z, and there are many more such offerings on the horizon.
“We are constantly interacting and engaging with Gen Z to design and build a pipeline of products and services that lend themselves to the teenage lifestyle,” Sridhar Iyer, Head of Mashreq Neo & Consumer Banking told Arabian Business
“There are several products and services that are in the pipeline including financial gamification, gifting, budgeting and new innovations.”
Earlier this month Mashreq, the oldest privately owned bank in the UAE, launched Neo NXT, a digital banking offering to help financially empower the next generation of consumers.
The account will offer a bank account, a debit card and the ability to make transactions using the Mashreq Neo mobile app.
A unique feature of the app is that it allows customers to set financial goals and enables saving towards those goals, while always having a strong parental overview.
“We have also worked to create a seamless interaction between parents and their children with a gamified experience, while keeping the parental element in place, providing financial independence.”
Mashreq is looking at more products suited for the younger generation, and describes itself as “a market leader and pioneer in the digital payments space”.
Talking about the perceived lack of loyalty among the younger generation, Iyer said: “While there is a perception that Gen Z is less loyal, I would tend to disagree. I would like to view them as strong brand ambassadors.
“While Gen Z are more selective about their choices and associate themselves only with brands that align with their belief systems, they are extremely loyal once the choice has been made.”
He highlighted that all aspects of Mashreq Neo NXT, including product proposition, customer journey, debit card design, shopping offers, and transactions, were been designed by teenagers themselves.
“We would like the teenagers to express themselves and their ideas while we enable them to fulfill it.”
Digital currencies and crypto is another topic that appeals to the younger generation, but Mashreq is cautious about how it will enter this market.
“On Crypto levels, given its extreme volatility, it is imperative to be watchful and educate teenagers on digital currencies before exposing them to Crypto trading.
“For instance, we are exploring the option of offering in-app simulated/gamified experiences on trading, including trading of digital currencies, which we are looking at in the future.”
