Middle East's best digital bank 2020: Mashreq
Awards for Excellence 2020
The Covid-19 pandemic has accelerated the move towards cashless economies as governments advise against the use of cash because of its role as a vector for the virus. That has left many financial institutions scrambling to upgrade their systems.
United Arab Emirates’ Mashreq continues to be ahead of the competition when it comes to digital innovation, making it well placed to operate in the new digital post-Covid-19 world. Already 80% of new account openings have come through digital channels, while 97% of financial transactions and 60% of non-financial transactions are done digitally.
Mashreq is reaping the benefits of its four-pillar innovation strategy: it has been successful in digitalizing the front end, and has now embarked on an all-in digital transformation.
“Tech and innovation are in our DNA,” says Subroto Som, group head of retail banking. “We decided to change the core of our tech and upgrade it. We’ve developed a faster, better, quicker integrated approach across the bank. We’re a tech company in the banking space.
“Our customers want things almost instantaneously,” he says.