Digital banking competition in the Middle East – which was still not as strong as it should have been when Euromoney decided last year’s winners – has finally picked up.
Mashreq Bank has therefore done especially well to lead the pack in technological innovation. Stepping ahead of last year’s winner, Emirates NBD, Mashreq shone over the 12 months thanks in part to the launch of a branchless full-service bank, Mashreq Neo. Neo aims to appeal to a new generation of customers and exemplifies Mashreq’s singular focus on digital enhancement.
Abdul Aziz Al Ghurair
Already, over 90% of Mashreq transactions are done through digital channels, and the bank is working to encourage clients to execute all transactions digitally.
Other innovations at the bank include the introduction of interactive teller technology, which allows a live teller to take remote control of an ATM to assist customers to do all transactions typically completed by tellers inside a branch.
Mashreq, under CEO Abdul Aziz Al Ghurair, is also keenly aware that collaboration is often a faster, cheaper and more effective way to innovate than going it alone. It should therefore be commended on its recent partnerships with the US firm NCR Corp, which aims to convert branch tellers into financial advisers, as well as one with Alipay to better service Chinese clients in the UAE.