Mashreq Bank ventures into a new era of banking technology

Banking sector is undoubtedly undergoing significant digitization changes, and only those banks will sustain the dynamics of this new era, that’s entirely powered by the emergence of new era disruptive digital technology like AI (Artificial Intelligence), Advanced Robotics, IOT (Internet of things), Blockchain, cloud universe computing, etc. that rules the globe.

Either way, the banks need to quick-fire adopt and succeed to innovate, refine these technological advancements for optimally utilizing it to draw more benefits.

Dubai has already filled its space with the vision of Digitalized economy 2030 and Dubai banking major Mashreq recently on April 02nd had unveiled a kind of reimagined branch format to support its core part in its digital transformation strategy.

With transformation and a wide range of evolving customer needs and to get accustomed to the broad shift in consumer habits and current age preferences, Mashreq Bank opts to have distinct types of branches classified as – Full Format Branches, Express, Express Business, Express Gold and Smart Branches.

Thus, it would support the transition shift of the consumers migrating to online and mobile banking portals as well as blending the digital innovation with the services of a traditional branch, that shifts the focus entirely to automated services.

Mashreq Bank has also introduced an innovative and unique concept of a Universal Banker-viz an Officer who will be available to assist customers in regarding the transactions, with the support of digital devices on the go and from anywhere at any given point of time.

According to words quoted by Subroto Som, executive vice president, head of Retail Banking Group, Mashreq Bank, “Banking as well Financial sectors throughout region as well global are witnessing a digital disruption wave, and these recent developments in technology have led the Banking sector to transform their networking arena from a futuristic perspective as well to make it more of convenience to the customers.”

He also added that with the current Banking transformation scenario, they are considering to upgrade as well uplift branches to make strategic investments that revolutionize their operations and improve them into a smart, connected and agile bank from the futuristic viewpoint.

Mr. Som also added that “This one-time digitalization drive will bring add-on benefits like: –

•  Simplifying the Mashreq Banking scenario and making business much more straightforward and affordable.

•  Bringing on a customer-centric approach and enhancing the overall banking experience with greater efficiency, quality, and agility amongst the workforce, thus reaping a massive surge in satisfied as a well loyal customer base.

•  Support Mashreq Bank to bridge the gap between traditional and modern-day technology as it would be a mixed bag of both, incorporating new era tech advancements under the fixed hood for the convenience and enhancing customer experience with the Bank.

According to the regional head of distribution, Mashreq Bank, Aladdin Al Deesi, “Mashreq Bank has observed a high transitional shift amongst the expectations and banking habits of its customers. With the amount of automated transactional rate across its branches touching almost 97 percent, they are geared up to launch an application that will monitor the total touch points for the Bank across UAE.”

It also unveiled its latest digitally enhanced branch in Al Muraqqabat, that was its first innovative and unique new generation next chapter in UAE. The bank also released a statement that they are in pursuit to invest AED500 million over the next five years towards digital innovation and transformation across the regions.