Mashreq, the UAE’s oldest bank and one of its leading institutions, has unveiled NeoBiz, the country’s first digital banking proposition. This spells good news for Small and Medium Enterprises (SMEs).
Such SMEs represent over 60 percent of the country’s gross domestic product, according to the UAE Banks Federation. Yet, according to a 2018 white paper from the Dubai Chamber of Commerce and Industry, two-thirds of entrepreneurs saw banking as a big obstacle in setting up a business. Opening an account can take up to 90 days. The time, personal involvement, and multiple visits can be frustrating.
That’s why NeoBiz will be a welcome change for SMEs. It offers a digital experience that is secure, speedy, and uniform. As their motto says, it’s “built for business.”
According to its website, a new online account can be opened in just 20 minutes. To be eligible, businesses need a UAE trade licence and annual sales turnover of less than Dh 30m.
NeoBiz offers three types of accounts: Trader Pro, Basic, and Advance. Advance is for businesses whose minimum average balance is above Dh50,000, and these will not be charged a fee. Accounts can be accessed and used via their website, as well as a dedicated app. There is 24/7 access to online banking, complemented by ATMs, Interactive Teller, and Cash Deposit Machines.
To make Neobiz even smarter and better, Mashreq has also rolled out two technological initiatives. The first is a digital assistant chatbot named Emma, and the second, a digital Know-Your-Customer (KYC) platform.
Emma is designed to provide answers to questions about account openings. It will guide business owners through the necessary steps to submit documents. Emma can even connect prospective customers with a human agent if more assistance is required.
The e-KYC platform is also incredibly helpful and time-saving. It allows business customers to update information and upload documents online rather than having to visit a branch. They can also upload any documents that may have expired online through the system.
NeoBiz is a convenient, customized, and contemporary way to bank for the SMEs of today. With full transaction capability online as well as value-added services, it enhances the banking experience and makes it much more efficient.