19/11/2018 08:19 AST

Mashreq, the oldest bank in the UAE, is all set to take its digital transformation journey to the next level by extending the use of internet, mobile solutions, social media, artificial intelligence and robotics in all possible areas of banking functions. This was revealed by Subroto Som, Mashreq’s head of retail banking to Gulf News in an interview.

The bank has a long history of embracing innovation and technology to remain ahead of the curve in the digital transformation of the region’s banking industry. Mashreq is extending end-to-end digitisation starting from branches to customer service, back office operations and advisory functions.


The bank is one of the early adopters of electronic and automated channels in branch-based banking services. “We were seeing that the branch traffic was reducing, and lot of small value non-financial and financial transactions were getting done in the branches. Our approach was basically to route these transactions as much as possible through digital, electronic or automated channels,” said Som.

Extensive use of new generation machines such as automated teller machines (ATMs), cheque deposit machines (CDMs), the Mashreq Online (MOL) and the bank’s mobile app SNAP was successful in delivering a significant amount of services through digital and automated channels.

With the introduction of all these machines across branches, the bank has been able to increase the share of automated transactions from 85 per cent some three years ago to 92 per cent last year. Today, automated transactions across the branches are as high as 97 per cent.

“Such a massive shift in branch-based financial transactions to automated channels has reduced the burden on branches substantially. Now, only about 3 to 4 per cent of our customers need branch-based personnel to assist. We are migrating to automation across all our branches. This brings about customer convenience and helps us reduce costs,” Som said.

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