Mashreq to launch complete digital banking proposition for SMEs

Mashreq to launch complete digital banking proposition for SMEs

By Staff Report

Published: Wed 25 Sep 2019, 6:25 PM

Last updated: Wed 25 Sep 2019, 8:27 PM

Catering to the growing banking demand of small and medium-sized enterprises (SMEs), Mashreq has announced the launch of NeoBiz, the first digital banking proposition in UAE that will offer customised and specifically tailored digital offerings for SME's in the country.
With the motto 'Built for business', NeoBiz offers convenient and contemporary platform for businesses. It offers key services including digital onboarding, transparent and simplified products, digital assistant and full transaction capability online. In addition, it offers value added services with single application and preferred pricing. Supplementing the launch of NeoBiz, Mashreq has also introduced two more initiatives as part of its objective to improve its customer experience and overall ease for small businesses. These include an innovative chatbot, Emma, which acts as a digital assistant and a digital 'Know-Your-Customer' (e-KYC) platform, enabling customers to complete information submission and renewal with the bank online.
NeoBiz is one of the several digital propositions Mashreq has developed to adapt to a rapidly-shifting banking environment and changing customer demands in various segments. This reinforces Mashreq's position as a digital banking leader in the UAE and a key player in the regional banking industry.
Subroto Som, EVP - group head of Retail Banking Group, Mashreq Bank, said: "Banks that have a strong emphasis on adopting new technologies will be able to continuously reinvent themselves and stay agile and relevant in a challenging market. At Mashreq, digital transformation and innovation is being used to enhance customer experience and make banking simple. We are improving the customer experience across channels and making it ubiquitous, delivered whenever and wherever the client requires it. To achieve this, we have invested a significant amount of effort and resources to ensure that products, services and processes are designed to continuously improve the customer journey."
Rohit Garg, head of Business Banking and NeoBiz at Mashreq, said: "Small business owners have long been frustrated by the amount of time, personal involvement and multiple visits that it takes to open an account and conduct transactions. NeoBiz offers a better solution by providing an intuitive, uniform and convenient digital account opening experience, with speed and predictability. This, together with our chatbot for assistance, information submission or KYC portal, enhanced transaction capability and value added services, offers our customer a comprehensive suite of digital services."
In addition to customer onboarding and transactions, NeoBiz will also provide business customers with a whole plethora of benefits that includes access to value added services such as Zoho Books Account Software, fast turnaround times, point of sale (POS) and payment gateways.

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