Today’s consumers seek innovative products and services that cater to their needs as they transition from adolescence to adulthood and across various life stages. As individuals grow and mature, their requirements transform accordingly. A student entering adulthood will have distinct needs compared to a successful business person or a stay-at-home parent. Moreover, these needs will undergo significant changes once again upon retirement.

To attract, satisfy, and retain customers, banks must keep in tune with their evolving demands and desires. Luckily for them, they now have a whole range of advanced technological solutions, such as data analytics and artificial intelligence (AI), at their disposal, which make it possible to deliver hyper-personalized services that are transforming how they engage with consumers. Harnessing the tools of the digital economy, they can provide a truly immersive banking experience that meets the precise needs of their customers, whatever their circumstances.

An Ecosystem beyond Banking

With the growing adoption of digital technologies, customers are getting accustomed to unprecedented convenience. They are increasingly keen to use state-of-the-art solutions, such as IoT devices, smart watches, or virtual assistants, to meet their day-to-day requirements, including banking. They also expect to be able to pay for anything anywhere through a variety of channels. To address this emerging need, collaborating with fintechs allows banks to establish a banking-as-a-service (BaaS) model that integrates third-party fintech propositions into their existing offerings, building an ecosystem beyond banking.

At Mashreq, we know from our own experience that consumers respond exceptionally well to digitally enabled services. Products like Neo NXT and our award-winning full-service digital banking offering, Neo allow us to elevate the customer experience through the delivery of nuanced, seamless, and highly personalized financial services.

In addition to catering to our existing customers, we are now able to connect with thousands of new non-banking clients through the Banking-as-a-Service (BaaS) model. By seamlessly integrating our digital banking solutions into the offerings of businesses across various industries, we can deliver financial services to people purchasing a wide range of items, such as flights or home furnishings like furniture.

Our leadership in this space has seen us recognized as the Best Digital Bank in the UAE and the Middle East for three consecutive years in 2020, 2021, and 2022.

Teach them Young

By delivering life-long hyper-personalized services to our customers, we can help them to make better financial decisions, build strong financial futures, and realize their personal and professional potential. We are committed to truly making a difference by equipping people with the tools they need to achieve their dreams.

Financial literacy provides people with a foundation for reaching various life goals, such as buying their first home or saving for their children’s education. Acquiring the right financial skills is crucial from an early age, but they don’t teach them in most schools, so the responsibility rests on families. Children who develop the habit of budgeting their pocket money and setting aside funds for larger goals will be better equipped to live within their means and save for unforeseen circumstances when they start earning their own income. On the other hand, children whose parents buy them everything they desire could be set up for a lifetime of financial difficulties in the form of credit card and loan debt, with interest piling up uncontrollably.

Realizing the importance of developing smart money habits early on, we introduced Mashreq Neo NXT in 2022. The new account offers youngsters between the ages of 8 and 18 real financial independence with a debit card and the ability to transact via the Mashreq Neo mobile app. The platform gives young people the freedom to manage their finances but with a strong parental oversight. Because nothing beats the feeling of pride that comes with earning, saving, and spending your own money.

Banks as trusted Advisors

The customer experiences that Neo NXT and Mashreq’s other digital accounts provide go far beyond tailored financial services and products – they include information, advice, and guidance. Banks can deliver personally relevant guidance by using their existing data from everyday customer touchpoints and by anticipating individual requirements ahead of time. This way, they can serve as trusted advisors to their customers, helping them to navigate decision-making, purchasing choices, and financial hurdles.

The customers’ response to the advice they receive allows banks to form an even clearer understanding of their unique habits, behaviors, and needs. This depth of insight enables them to create a truly bespoke experience across digital and human channels.

As banks focus on enhancing the customer experience through hyper-personalization, they must work to deliver the right services through the right channel at the right time, winning trust, loyalty, and a lifelong relationship.