Mashreq Neo & MoEngage Win EFMA-Capgemini Financial NewTech Challenge 2020 Award

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Editor’s Note: Efma-Capgemini Challenge Award honors and celebrates brands that are innovating technology solutions and collaborating with new technology brands to transform the banking and financial industry.  

We are happy and humbled to announce that MoEngage in collaboration with Mashreq Neo won the Financial NewTech Challenge 2020 Award by FinTechVisor. We were named the winner for the Bank + NewTech Effective Collaboration category which had 9 other nominations shortlisted.

The award ceremony was held in an online event where Capgemini’s Global Head for Market Intelligence, Elias Ghanem and EFMA’s CEO, John Berry spoke about the dynamic ways in which banks and financial institutions are utilizing innovative technology. They also spoke about the concrete impact of these efficient collaborations between institutions and technology companies.

Our winning collaboration with Mashreq Neo

The Bank + NewTech Effective Collaboration category, saw shortlists from brands across diverse geographies and technologies. Brands from world over had participated in this category. All the submissions under this category had distinct scopes — providing dynamic customer engagement, serving climate change, and innovating customer experience for banking services.

MoEngage in collaboration with Mashreq Neo secured a win owing to our partnership in implementing a customer-centric engagement strategy with the use of disruptive digital user engagement technology such as  MoEngage’s AI-powered Sherpa.

Using this technology, Mashreq Neo was able to understand:

• when the user is highly probable to transact next; and
• which customer cohort has a high propensity to churn in the next 30-40 days.

How did Mashreq Neo & MoEngage collaborate?

Using our platform, Mashreq Neo was able to gain a 360-view of user behavior. A fully-rounded view of user activity helped them identify the drop-off points as well as potential interest for different products, which was leveraged to engage on the users’ preferred channels at the right time with optimized content.

With MoEngage, Mashreq Neo was able to drive impact across multiple functions/products:

1. 37% reduction app uninstalls;
2. 2X increase in customers onboarded;
3. 18-28% increase in cross-sell leading to a higher share of wallet

How is this collaboration a differentiator?

Mashreq Neo is one of the first banking applications to implement dynamic personalization at- scale while offering diverse products. Here’s a glimpse of our differentiator in multiple elements:

1. 1. Scalable predictive insights: All the predictive insights analyzed by MoEngage’s Sherpa were shared with Mashreq helping them personalize the experience of the customers at scale.
   2. Customer eccentricity: Both MoEngage and Mashreq firmly believe in placing the customer at the center, so our collaboration ensured that we deployed a solution that offered a holistic banking experience.
   3. Real-time optimization: MoEngage helped Mashreq build a Single View of customers with real-time data stitching across multiple properties and products helping them to engage better. This helped in keeping the user at the center and driving better adoption of the digital banking experience.

Yash Reddy, Chief Business Officer – MoEngage represented both the brands during the felicitation ceremony. Mr. Reddy spoke about the importance of collaborating innovative technology with banking services and how banks with a digital presence can offer a single-click purchase experience.

While explaining about our collaboration and project relevancy, Mr. Reddy added “Digital adoption is taking off big time, for banks such as Mashreq Neo that necessitates a right mobile-first customer engagement strategy. More and more banks are realizing the need for a robust, scalable platform with the ability to stitch together the user journey and act on it in real-time. And that’s where a solution provider like MoEngage in conjunction with a partner like Mashreq Neo is able to delight the users with highly personalized and relevant messaging which also helps create an emotional bond between the bank and their customers, even during a crisis like this pandemic.”

Upon asking about how Mashreq Neo is revolutionizing customer experience for banking services, the Executive Vice President & Head of Mashreq Neo – Mr. Sridhar Iyer cited, “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 along with significantly reducing manual intervention that has ultimately led to superior banking experience for our customers. We look forward to continuing our collaboration with MoEngage in the immediate future.”

We would like to take this opportunity to thank the Mashreq Neo team; it is because of their vision to offer the high-grade experience to their customers that allowed us to work towards introducing more powerful solutions. We look forward to solving more complex challenges for Mashreq Neo in the months to come.

We also hope to collaborate with more global brands who believe in offering a world-class experience to their customers.

Even with pandemic and all the chaos around, MoEngage, as a customer engagement platform, has been vigilant in ensuring that both our customers and their end-customers are able to have a dynamic 1:1 engagement. As a brand, we are stoked to observe that our efforts in establishing as dynamic experience as possible to customers so far have been effective.

About Financial NewTech Challenge by FinTechVisor:

FinTechVisor is a joint initiative by Efma and Capgemini both of the brands known for fostering innovation and transformation in technology. Efma is a global non-profit organization that felicitates networking between bands, financial institutions, and insurance companies. Capgemini, on the other hand, provides IT and transformative solutions to various companies especially global banks. Together these two brands created an ecosystem of the financial institution and new technology players that are impactful in their own fields. But in a collaborative system, these players are game-changers.

The Financial NewTech Challenge 2020 observed participation from more than 160 brands from around the world out of which 10 brands for each of these categories were shortlisted:

1. 1. • Retail Banking,
      • Payments,
      • Wealth Management, and
      • Financial NewTech Collaboration.

All the shortlisted brands were then assessed by an offline jury committee of renowned experts from financial and technology fields. The main principles on which these brands were evaluated were:

1. 1. 1. Originality of the idea
      2. Business potential
      3. Business impact
      4. Wow factor

After much evaluation and public voting, 7 brands were named winners out of 70 nominees. The FinTechVisor event was to be held in Madrid, Spain but due to the pandemic, this event was postponed. In place of this, an online event was scheduled were heads from Efma and Capgemini announced and facilitated the winners.