Consider a finite ring $(R, +, \times)$ comprising a finite additive abelian group $(R, +)$, a finite multiplicative monoid $(R, \times)$, and a distributivity rule relating the two. Let the rank of the ring be the minimum size of a set that generates the ring (that is, a set $S$ of ring elements such that the closure of $S$ under both addition and multiplication is $R$). The rank of this ring is bounded above by the smaller of the rank of the additive group and the rank of the multiplicative monoid, since a generating set for either the group or the monoid is a generating set for the ring.
Is there a finite ring whose rank is strictly less than both the rank of its group and the rank of its monoid? In other words, is there a ring in which the combination of both addition and multiplication allows us to generate more elements than using either operation individually?
Yes, there is. An example is $R=\mathbb{Z}_2\times\mathbb{Z}_2\times\mathbb{Z}_2$.
Indeed, the rank of $R$ as a ring is $2$: it is generated by $(1,1,0)$ and $(0,1,1)$. On the other hand, its rank as an abelian group is $3$.
It remains to be shown that the rank of the multiplicative monoid of $R$ is at least $3$. Note that a generating set of this monoid has to contain $(1,1,1)$. This element is not sufficient for generating $R$; nor is any set of the form $\{(1,1,1),(a,b,c)\}$, since this set only generates itself as a monoid. Thus the rank of the multiplicative monoid of $R$ is at least $3$.
In fact, I think the rank of $R$ as a multiplicative monoid is $4$, with generating set $\{(1,1,1), (1,1,0), (1,0,1), (0,1,1)\}$. In any case, the above argument shows that $R$ is such that its rank as a ring is strictly smaller than both the rank of its abelian group and that of its monoid.
Edit: As per Eric Wofsey's comment, if by the rank of a monoid $R$ one means the smallest cardinal of a subset $S$ such that $R$ is the smallest submonoid containing $S$, then the rank of the monoid in my example above is $3$, not $4$ (since $(1,1,1)$ will be automatically contained in any submonoid).