MoEngage > Case Studies > Mashreq Neo Enhances Debit Card Activation and Customer Experience Through Omnichannel Approach

Mashreq Neo Enhances Debit Card Activation and Customer Experience Through Omnichannel Approach

Technology Category

Cybersecurity & Privacy - Intrusion Detection
Robots - Wheeled Robots

Applicable Industries

Finance & Insurance
Telecommunications

Applicable Functions

Sales & Marketing

Use Cases

Behavior & Emotion Tracking
Usage-Based Insurance

About The Customer

Mashreq Neo is a digital banking app launched by Mashreq, one of UAE’s best performing banks for five decades. Mashreq has a strong presence in the financial capitals of the world with international offices in Europe, Asia, Africa, and the U.S. The Mashreq Neo mobile app offers a personalized full-service banking experience where customers can create instant bank accounts, initiate bill payments, quick remit (money transfer), opt-in for debit/credit cards & loans, and manage investment banking along with international trading. The mobile app also offers loyalty programs based on the customer’s app usage and purchases.

The Challenge

Mashreq Neo, a digital banking app launched by Mashreq, one of UAE’s best performing banks, faced a significant challenge in integrating their mobile app into the larger omnichannel customer experience. The app was initially perceived as just another touchpoint to engage with customers, leading to a siloed approach where customer data across channels and services was stored separately and not flowing into a centralized platform. This resulted in high drop-off rates at the onboarding stage and low adoption rates on key features such as debit card spends, quick remit for salary and international transfers, and the bank's loyalty program, Salaam Points. The goals were to increase customer onboarding by offering unified communication to ease app adoption, boost debit card adoption and spends by driving day-to-day app transactions, and improve loyalty program consumption by driving debit card and quick remit usage.

The Solution

To address these challenges, Mashreq Neo shifted their strategy to place their mobile app at the center of the customer journey. They employed MoEngage’s Customer Engagement Platform to analyze and understand customer behavior and cater to their unique needs. They built a contextual engagement strategy and used MoEngage to execute their omnichannel campaigns, focusing on personalized communication and the use of AI. They improved onboarding with omnichannel customer journey workflows, identifying peak drop-off points and engaging users in these high-risk buckets. They also used behavioral analytics to upsell and promote their rewards program, analyzing customer's current app behavior to predict a customer’s propensity towards new offerings and services. Lastly, they enhanced engagement with dynamic messaging, optimizing messaging using performance data of past messages to target the customer at the right time, with the right service offering, right message, and via the right channel.

Operational Impact

The shift in strategy and the use of MoEngage’s Customer Engagement Platform led to significant operational results for Mashreq Neo. The onboarding process was optimized for 23K customers with a conversation rate of 19% within 6 months, and leaky spots that were harming revenue goals were identified and plugged. The use of behavioral analytics led to a 16% boost in debit card activation and a 54% boost in consumption of Salaam Points. The team also recorded a 25% growth in Quick Remit transactions. The use of dynamic messaging led to a 50% increase in CTRs when push notifications were personalized based on customer behavior. Overall, the new strategy and tools helped Mashreq Neo to significantly improve their customer engagement and boost their mobile app adoption.

Quantitative Benefit