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Tue 2 Apr 2019 02:44 PM

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Revealed: how Dubai's Mashreq is adapting to a new era in banking

Mashreq Bank unveils a reimagined branch format as part of its digital transformation strategy

Revealed: how Dubai's Mashreq is adapting to a new era in banking
The move comes as retail banks in the region are witnessing a significant shift in consumer habits, with customers increasingly migrating to online and mobile banking.

Dubai banking major Mashreq on Tuesday unveiled a reimagined branch format as part of its digital transformation strategy.

In response to the evolving customer needs, Mashreq Bank said it will now have distinct types of branches - Full Format Branches, Express, Express Business, Express Gold and Smart Branches.

The move comes as retail banks in the region are witnessing a significant shift in consumer habits, with customers increasingly migrating to online and mobile banking while others demand for advisory services at the branch.

The new branch model at Mashreq blends digital innovation with the services of a traditional branch, with an increased focus towards automated services.

Mashreq said it has also introduced the concept of a Universal Banker - an officer who will be available to assist customers for transactions, through digital devices.

Subroto Som, executive vice president, head of Retail Banking Group, Mashreq Bank, said: “The financial sector in the region and beyond is witnessing a digital disruption. The changes in customer behavior and developments in technology have led banks to transform their networks into futuristic formats to make it more convenient to customers.

"Banks are considering branch transformation as an ongoing and evolutionary process as opposed to a one-off upgrade. Mashreq Bank has been making strategic investments that has revolutionized our operations and transformed us into a smart, connected and agile bank that is ready for the future.”

He added: "From Mashreq’s perspective, the digitisation of the bank’s services will radically simplify the business while allowing our staff to focus on improving the customer experience dramatically through greater efficiency, quality, and speed.”

Mashreq Bank unveiled its latest digitally enhanced branch in Al Muraqqabat, the first of what will be a new generation of branches across the UAE.

Aladdin Al Deesi, regional head of distribution, Mashreq Bank said: “We have observed a remarkable shift in the expectations and banking habits of our customers. Today, automated transactions across all the branches are as high as 97 percent. Going forward, we will be growing the number of touch points across the UAE.”

Mashreq Bank recently announced that it will invest AED500 million over the next five years towards digital innovation and transformation.

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