As more banks in the Middle East invest in their digital transformations, the largest banks in the region are competing to develop new digital products and services.
Yet few banks in the region come close to Euromoney’s best digital bank – Mashreq.
The UAE-based lender may not be the largest in the region, but it has consistently been the most digitally innovative – an interesting dynamic for one of the oldest banks in the UAE, established in 1967.
Its approach has paid off. The bank has seen a 65% reduction in deal costs, while deal turnaround time has fallen by 70%.
When a bank has focused on digital innovation so consistently for so long, the challenge is to bring something new to the table. For Mashreq’s retail bank, the standout development in the year under review was the transformation of Neo, its mobile banking app.
Mashreq expanded Neo and consolidated the bank’s wider personal banking digital offering into the one app.