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Wed 4 Feb 2015 03:31 PM

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Revealed: imashreq, the fully automated bank branch

Mashreq says Deira City Centre branch is regional first; latest launch in bid to innovate in banking sector

Revealed: imashreq, the fully automated bank branch
(Photo for illustrative purposes only)

Mashreq, Dubai's third-biggest lender by assets, on Wednesday announced the launch of imashreq, the region's first fully automated branch.

The concept branch in Deira City Centre, which guarantees no waiting times, also offers Mashreq VTM (virtual teller machine), which delivers self-service, video-enabled engagement between Mashreq customers and the bank's call centre, and have access to various banking services.

Powered by Avaya SmartEngage, the service will also enable Mashreq customers to apply for various bank services and products, including cheque books and bank statements, update customer records such as addresses and trade licenses, and initiate a video-chat with the Mashreq's customer agents.

Following on from its E Cube branch where customers could carry out their everyday banking transactions using the latest technology, Mashreq said there is virtually nothing you can't do at imashreq that you would normally go to a regular branch.

Farhad Irani, head of retail banking group, said: "Mashreq is setting the precedent for everyday banking in the region, and is already seeing its market share increasing as a result of its innovative leadership.

"Consistent with Dubai's vision to transform the Emirates into the smartest city in the world, we want to play a role in achieving that. No longer intent on just providing traditional banking services and products, the bank is executing its multi distribution strategy to become the everyday bank and primary financial partner of the consumer."

Shaker Zainal, Mashreq's regional head of distribution added: "The imashreq concept has been created to empower customers and assist them to carry out complex transactions at their own pace. No queues, no waiting time, just walk in and carry out quicker and smarter banking transactions or requirements.

"imashreq is set to transform the industry, the experience and most of the entire customer journey."

Mashreq last month posted a 28 percent rise in fourth-quarter net profit, boosted by strong performance in operating income.

The lender made a net profit of AED644.3 million ($175.4 million) for the three months to December 31 compared with AED504.6 million in the corresponding period of 2013.

Mashreq's statement cited strong growth in operating income.

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