Mashreq launched Neo NXT, a digital banking proposition for Generation NXT. Residents in the UAE, who are parents of 12–18-year-olds, will be able to empower the next generation with Neo NXT - a smart digital banking proposition.
The bank account will offer Generation NXT independence over their spending, provide access to a debit card, and ability to transact via the Mashreq Neo Mobile App. There is also a unique option of creating financial goals and saving towards it - encouraging the next generation to be smart with their money. Discounts will also be offered on purchases done via the Neo NXT debit card.
In promoting safe and secure digital banking, and building responsible spending habits, both parents and Generation NXT can track transactions from their respective logins to the app. Mashreq is the first digital banking solution to offer a recurring allowance option, and parents can also set various challenges for their next generation through the platform, with an incentive for them to earn extra allowance for completing the challenges.
Parents need to 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: “Through Neo NXT we are helping the next generation take their first steps on the journey towards financial responsibility and smartness in a safe and secure environment. It is arguably more important than ever to encourage good financial management from as young an age as possible. Developing good habits like this early on can last a lifetime.”
