The First Digital Bank vs The Best Digital Bank

Posted on March 17, 2018

There’s been an arms race in Dubai to create the first digital bank but there’s a difference between being first and being the best digital bank. The first digital only banks were just that, a bank account only. But now, UAE residents can enjoy a full deck of banking services with Mashreq Neo. Digital transformation in banking is happening so fast it’s no surprise residents find it difficult to keep up. This article will tell you what to look for in a digital bank.

Digital Safety

Digital safety is paramount, but it can also be extremely convenient. Expect the following features from any credible digital bank as standard: 

● Face recognition 

● Fingerprint ID verification 

● Passwords or patterns before transactions

● One-time-passwords

Making life cheaper for you

Your bank has the relationships and resources to provide you with discounts at the places you spend your money. If your bank isn’t working with partners to provide you with discounts then they’re not doing enough to help you. Demand discounts on dining, retail and travel!

What is a Digital Bank?

Something Digital Banks are not is a new mobile banking app for traditional brick and mortar banks. No, they’re completely new banks built from the ground up and the app experience should reflect this. This isn’t just digital transformation in banking, it’s a whole new bank, complete with innovative new experiences and features. Because of this, barriers that exist at traditional banks from now dated systems and procedures, simply do not exist in new digital only banks. This means things like opening an account no longer require you to go to the bank to fill out forms, it can all be done via your smartphone camera.

App Experience

Before you had to go to your local branch to open an account, apply for products and speak to a teller. Now, all of this can be done on your mobile. Not because banks like Mashreq Neo don’t want to speak to you, or because they don’t want to pay for branches. No, it’s a customer demand. ‘Generation Now’ want all their financial demands done immediately, not at a branch but at where they’re most familiar and comfortable. Their mobile phone. That’s why digital only banks have been built this way. Mashreq Neo tellers are now on the end of a chat conversation. It’s as natural as chatting to your mates on WhatsApp, except only you’ll get faster response.


Innovations in digital banking have gone through many rounds of transformation. It started with an app for your account and then banks released additional apps for other products under their umbrella. We’re now entering the era of having all your digital banking services and products housed within one app. This is the case with Mashreq Neo. It’s the best digital banking account because it houses everything now expected from your bank in one app. Your bank account, credit cards, forex trading, stock trading, gold trading and lifestyle discounts are all housed within the Mashreq Neo app making managing your money seamless and convenient beyond comparison here in the UAE.

Disclaimer: This article has been prepared solely for information purposes. It does not constitute an investment advice, solicitation, offer or personal recommendation by Mashreq, or any of their related parties to buy or sell any securities, product, service or investment or to engage in or refrain from engaging in any transaction, particularly, in any jurisdiction where such an offer or solicitation would be illegal. Neither Mashreq nor any of their related parties warrant the accuracy of the information provided herein and views expressed in this article reflect the personal view which does not take into account of individual clients’ objectives, financial situations or needs. Investors are required to undertake their own assessment and seek appropriate financial, legal, tax and regulatory advice to determine whether such investment is appropriate for them in light of their experience, objectives, financial resources and other relevant circumstances. Neither Mashreq nor any of their related parties accept any liability whatsoever for any direct, indirect, consequential or other loss arising from this article and/or further communication in relation thereto. Mashreq do not accept any obligation to correct or update the information in this article.

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