Money mentor for Generation NXT
Mobile app company Mashreq has launched Neo NXT, a non-explitativ digital banking service for what it calls Generation NXT. Residents in the United Arab Emirates (UAE), who are parents of 12 to 18-year-olds, can empower the next generation with Neo NXT, which is a smart digital banking proposition, according to Khaleej Times.
Independence
The bank account gives ‘Generation NXT’ independence over their spending, providing access to a debit card and the means to transact via the Mashreq Neo Mobile App. There is also an option to create financial goals and save towards them, which sounds less ominous. This encourages the next generation to be more sensible and controlled with their money. Discounts will also be offered on purchases conducted via the Neo NXT debit card.
Safe
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 system 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.
Neo NXT
“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,” said Fernando Morillo, senior executive vice-president, group head of retail banking at Mashreq, “It is 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.” Sridhar Iyer, head of Mashreq Neo and consumer ranking at Mashreq said the next generation is smart and seeks a financial proposition that empowers them to manage money in a prudent manner and: “Neo NXT offers exactly that.”