- Banking & Finance
Mashreq Neo Boosts Debit Card Activation by 16% using Omnichannel Experience
Discover how Mashreq Neo used MoEngage to deliver a superior banking experience for customers with omnichannel campaigns and loyalty programs, resulting in a 16% boost in debit card activations.
About Mashreq Neo
Mashreq is a leading financial institution in the Middle East. Their digital banking app – Mashreq Neo – offers a personalized banking experience where customers can create instant bank accounts, initiate payments, and more.
We have partnered with MoEngage over the past three years to leverage ‘Sherpa’ which is an intelligent customer engagement platform. This application has enabled Mashreq Neo to better understand customer behavior thereby allowing us to make proactive decisions through the use of artificial intelligence.
Mashreq Neo team was not integrated into the larger omnichannel customer experience. As a result, customer data across channels and services were stored in silos and not flowing into a centralized platform or tool. They noticed side-effects that would impact the overall engagement strategy.
Mashreq Neo team realized the need to have their ‘mobile app to be at the center of the customer journey’. After evaluating tools such as Braze and Airship, the team decided to employ MoEngage’s platform to analyze and understand customer behavior while executing their omnichannel campaigns.
In order to place their mobile app at the centre of their customer experience, the Mashreq Neo team chose MoEngage to implement a contextual app engagement strategy. This strategy was aimed at improving customer engagement, onboarding, upselling, and rewards.
• 9K month-on-month increase in new app customers
• 25% surge in ‘quick remit’ usage
• 54% increase in ‘salaam points’ consumption
• 50% increase in CTR using personalization and AI
Using MoEngage’s Cohort Analytics, the team created customer cohorts to map leaky spots that were harming revenue goals. Post this, peak drop-off points were identified and omnichannel workflows around card activation, transfers, and loyalty programs were built to engage those in high-risk buckets.
The team also used performance data of past messages to optimize customer messaging. Proactive actions were then taken to engage customers at the right time, with the right message, on the right channel. This personalization of recommendations using MoEngage led to massive response rates on the app.
How Mashreq Boosts Debit Card Activation
Learn how the Middle Eastern bank increased customer onboarding
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