The global financial landscape is undergoing a fast-paced transformation, driven by the era of digital innovation. In this rapidly changing environment, financial institutions are adapting their strategies to maintain relevance and establish leadership. Among them, Mashreq stands out as a beacon of innovation in the Middle East. With over 55 years of experience, Mashreq has consistently embraced change, transforming its services to deliver unparalleled value to customers across the region.
Pioneering digital innovation in banking
Mashreq has been at the forefront of digital banking, earning the prestigious title of Best Digital Bank in the Middle East by the Euromoney Awards for Excellence for five consecutive years. This accolade underscores Mashreq's unwavering commitment to digital excellence and its ability to leverage technology to redefine the customer experience.
Fernando Morillo, Mashreq's Group Head of Retail Banking, elaborates: "At Mashreq, our journey to becoming a ‘challenger bank’ has been driven by our unwavering commitment to digital innovation and customer-centricity. We have focused on developing solutions that cater to the unique needs of individuals and businesses alike, delivering seamless and intuitive banking experiences. Our strategy emphasizes simplifying complex banking processes and leveraging advanced technology to make banking faster, more efficient, and more accessible. This dedication to innovation has not only helped us achieve recognition in the UAE but has also fueled our growth across the region as we continue to set new standards in digital banking."
This visionary approach has driven significant efficiencies, including a 65 per cent reduction in deal costs and a 70 per cent improvement in deal turnaround times.
Mashreq Mobile App: Revolutionising mobile banking
Central to Mashreq's digital transformation is Mashreq Mobile App, its all-in-one mobile banking app. By consolidating its diverse personal banking offerings, including Islamic banking services, into a single platform, Mashreq Mobile App delivers a seamless and intuitive user experience.
For private banking and retail clients, the app introduces innovative digital wealth-management tools. Features like Portfolio 360 provide an interactive view of holdings across asset classes and currencies, enabling users to monitor and optimise their investments with ease. Additionally, the app simplifies access to IPOs, bonds, equities, thematic investments and mutual funds, making wealth management more accessible than ever.
Mashreq has also extended its AI-powered chatbot capabilities to their premium banking business — Mashreq Gold customers, ensuring 24/7 personalised support. This focus on convenience and efficiency has contributed to Mashreq Mobile App’s stellar 4.8/5 rating on app stores across the UAE, a clear reflection of customer satisfaction.
Innovations for business banking clients
Mashreq’s commitment to innovation extends beyond personal banking. The bank has revolutionised business banking with the introduction of electronic facial-recognition technology. This cutting-edge solution enables 100 per cent paperless digital onboarding for large corporate clients, boasting an impressive 99.5 per cent adoption rate and a net promoter score of 80.
These advancements align with the UAE’s broader digital transformation goals, positioning Mashreq as a leader in the region’s fintech ecosystem.
Expanding digital horizons
Leveraging its strong digital presence in the UAE, Mashreq is now scaling its retail digital offerings to global markets. The rollout of its mobile banking app, coupled with AI-powered virtual assistants and seamless digital onboarding, reflects its ambition to deliver world-class banking experiences internationally.
Recognition for excellence in digital banking
In addition to its Euromoney accolades, Mashreq recently received the Best Digital Innovation Award at The Digital Banker Middle East & Africa Retail Banking Innovation Awards 2024. These recognitions affirm Mashreq’s role as a trailblazer in the digital banking sector, setting benchmarks for innovation and customer satisfaction.
A blueprint for digital success
Mashreq’s journey is a prime example of how financial institutions can thrive in the digital age. By prioritising innovation, customer experience, and operational efficiency, the bank has not only set new industry standards but also contributed significantly to the Middle East’s emergence as a global leader in digital banking and fintech.
As Mashreq continues to expand its digital footprint, it sets a powerful example for other banks and businesses looking to navigate the evolving financial landscape. For those seeking inspiration, Mashreq’s transformative approach is a blueprint for success in the digital era.
