Mashreq Bank is putting banking in the hands of its customers by moving from the traditional platform and adopting advanced technology to maximise customer experience.
The bank on Wednesday launched its E Cube retail concept at Dubai Internet City branch to interact and engage with customers.
“We are using technology to engage with customers, so after six months of effort and work, we came to this conclusion. It is a prototype and these technologies will work very well when we launch it in branches with higher throughput, Farhad D Irani, executive vice-president and head of retail banking group at Mashreq Bank, told Gulf News.
“We are the first bank in the Middle East to launch this concept. DPS in Singapore had launched this concept but it is nowhere close to this. Now, customers have the choice to experience banking at their own pace,” he said.
Mashreq’s new concept offers customers speedy, smart banking and most of all interactivity with the latest technology led devices. A customer can open an account or own a credit or debit card in 30 minutes and the paper work can be done online without going to the bank.
As society has embraced advanced technology in all its forms, he said that banking has been in danger of being left behind. But the option of blindly rushing to catch up may not be the best approach, as the market is littered with technologies that failed or which alienated their intended consumers.
“We have a roadmap and in the next 30 days we will launch it in three branches in the UAE. Ibn Battuta branch will be next week and Mall of Emirates and Dubai Mall in the next 30 days,” Shaker Zainal, Head of Distribution, Mashreq Bank, said.
Mashreq has 49 branches with 10 branches in Egypt and Qatar.
“Every branch has different types of customers, so we are studying the needs of the branches. We will have six branches with this new concept this year,” he said.