Mashreq’s continued efforts for digital progress in empowering large corporates through technology see it named Middle East’s best digital bank for large corporates.
Over 2024, the Corporate and Investment Banking Group (CIBG) has upgraded the digital experience for large corporates by launching new solutions that cater to the evolving financial needs of businesses.
At the centre of this digital upgrade is Mashreq Neo Corp, its new digital banking platform that changes the way large corporates manage their financial operations. Built with a persona-based design and microservices architecture, Neo Corp delivers intelligent dashboards, customisable widgets, robust cash and trade services, and 24/7 secure access. With its new interface and powerful analytics, the platform empowers businesses to optimise working capital, streamline operations, and make data-driven decisions.
Complementing this is Mashreq’s AI-powered corporate digital onboarding platform, which enables 100% paperless onboarding with electronic facial recognition. Leveraging Microsoft cognitive services and blockchain, the platform automates document verification and offers real-time application tracking. It has resulted in the halving of client data input and a 60% decrease in approval time, improving customer experience and operational agility.
In addition, Mashreq has also successfully transformed its agency desk operations by digitising its $14 billion syndicated loan management process. With automated workflows, real-time dashboards, and robust risk controls, this new service has eliminated over $10,000 in annual external tool costs and substantially increased agent productivity.
The bank’s digital success is driven by its digital innovation studio, which grew from five members in 2020 to over 200 in 2024
The bank’s commitment to digital progress is further illustrated through a host of AI and analytics-powered tools implemented over the award period. From Smart Call report summarisation using generative AI, to predictive client behaviour models using Neo4j graph analytics, Mashreq now enables its relationship managers to engage clients more effectively, identify deal opportunities, and proactively manage portfolio risk. These initiatives have directly contributed to significant revenue growth, including Dh57 million ($15.5 million) from AI-recommended deals.
Looking at mobile, the bank’s mobile-first strategy ensures clients and bankers remain connected and productive. The Neo Corp mobile app offers real-time transaction management, biometric login, and multi-currency cash visibility. Meanwhile, the PULSE mobile app for relationship managers integrates customer relationship management tools, client engagement insights, and workflow approvals – resulting in an 85% adoption rate and over 80% efficiency gains in 2024.
The bank has also further invested in its open banking and API integration efforts in 2024. Through its Corporate API Marketplace, Mashreq enables real-time data exchange and embeds financial services directly into corporate ecosystems. Its solutions range from instant payments to embedded finance, further enhancing flexibility and scalability to its enterprise clients.
The bank’s digital success is driven by its digital innovation studio, which grew from five members in 2020 to over 200 in 2024. This dedicated unit continues to develop solutions across four strategic pillars: business solutions, analytics, customer journeys, and fintech partnerships.
