Dubai: A difficult market environment is not deterring Mashreq from being optimistic and innovative in its approach, said Subroto Som, Head of Retail Banking Group at Mashreq.
“We are optimistic on the economy and the banking business in the UAE. What has happened during the past 18 months had a lot to do with the oil prices and commodity prices and trade going down and some impact from the geopolitical tensions in the region. I think with Expo 2020 around the corner, there is a lot of optimism,” he said.
A sharp slowdown in SME business last year was not a deterrent for Mashreq to introduce innovations in this segment. Earlier this year the bank launched SnappBiz, a mobile application for the SMEs offering huge convenience to business banking customers. The newly launched app enables SME customers to do a host of online banking transactions including money transfers, forex transactions and a number of service requests online.
While the bank accepts that the turnaround in retail banking business is going to be gradual, it expects some real positive signs from mid-next year. But the bank is in no mood to wait for the good times for new initiatives rather it has been in the forefront of innovations to create new business opportunities.
Recently the bank partnered with Dubai Police to provide payment acceptance services to the public. This comes as part of the Dubai Smart City and Smart Government initiative. The new payment solution is offered through self-service touch screen devices, which are installed at the counters of the Dubai Police service centres.
Card control feature
The bank has introduced new innovations in its mobile app empowering customers to have full control over their accounts and payment options. A new addition to Mahreq’s Snapp (mobile app) is the card control feature which gives customers the power to lock, block, limit, manage daily purchases and set maximum transaction amount and count on all their cards.
The new functionality will make it easier and more convenient for customers to have full control on both credit and debit cards anywhere and at any time. In addition, customers can also apply instantly for Tap N Go, a near field communications (NFC) mobile wallet that provides convenience of contactless payments.
Tap n Go that works on all type of phones and operating systems was first launched by Mashreq in 2014. The bank now offers Tap n Go sticker which can be placed at the back of any phone, enabling contactless card payments at thousands of merchants locally and globally. Customers can lock and unlock it via Snapp or Mashreq Online making it convenient and easier to use.