Mashreq’s Digital Transformation Spurs Financial Success

The banking industry is undergoing a seismic shift; the competitive landscape is no more restricted to other banks. Banks today compete with big tech firms, e-commerce providers, telecoms, and various other digital-first sectors. Customers expect their banks to be always on, to follow them where they go and not the other way around. It is not enough just to have a digital banking offering. It is imperative to have a customer-centric innovative culture consistently powering these digital banking initiatives. Mashreq’s rich history of innovations, its focus on being a digital disruptor and challenger bank, and consequently its early pivot towards introducing future-ready, customer-centric initiatives have enabled it to remain synonymous with excellence in banking.

Mashreq’s retail banking business is recognized by its customers, competitors and stakeholders as the best-in-class end-to-end customer experience provider in the sector across the entire region. The bank not only offers the full range of products and services to customers – from deposits, lending and wealth management to insurance, securities trading and other Shariah-compliant offerings – but has also enabled sustainable, profitable growth and enhanced financial returns for its shareholders.

The numbers tell a strong story. In 2022, revenues at Mashreq’s retail banking arm jumped by 45% from 2021 to AED 2.9bn, and deposits by an equally mpressive 30% to AED 50bn. Net profits, meanwhile, more than doubled to AED 1bn.

Mashreq’s retail banking success is testament to its visionary and inspirational leadership. It is a reflection of its ability to harness the power of technology to offer access to a range of highly personalized banking solutions as well as innovative financial products and services – aimed at meeting customers’ personal and professional goals to Rise Every Day

Mashreq’s focus on expanding its pioneering digital banking platforms like NEO, NEOBIZ and NEO PAY, have played a significant role in the bank’s remarkable growth. The firm’s push for digital leadership enabled its robust financial performance in 2022 and has propelled the rapid growth of its customer base. Building on its remarkable growth so far, it remains committed to prioritizing strategic initiatives, with digital transformation continuing to be its central focus.

EDGING OUT PEERS

Mashreq has proven banking excellence on many fronts. It has invested heavily in digital innovation over the past few years, particularly in data analytics, artificial intelligence and the use of robotics to automate processes. The result of its in[1]house ability to bring out new digital offerings and be a disrupter in the UAE’s financial segment has led to Mashreq seeing a record number of new clients onboarded in 2022.

Mashreq’s retail banking operations has two pillars: relationship banking and platform banking.

The relationship banking pillar emphasises providing clients with focused and specialised offerings, across the gamut of mass affluent, affluent, wealthy, high net worth, private banking and business banking group of clients. The platform banking pillar, meanwhile, works as the digital engine for the whole operation, focused on acquiring and servicing mass clients entirely digitally, as well as offering loans and enabling fund transfers through digital channels.

It is clear that Mashreq’s digital emphasis has always been a cornerstone of its growth strategy. In 2022, Mashreq’s retail banking arm unveiled a host of features to make banking even easier for clients. These included biometric facial recognition-based instant onboarding of customers, digital personal loans, digital IPO leveraging, instant supplementary cards and in-app loyalty rewards redemption programmes. Mashreq additionally boasts the first-in-the-UAE insurance proposition called My Insurance Market, which allows users to access a whole host of insurance options online to cover their needs.

WAY FORWARD

while building a world-class digital operating model that includes a seamless onboarding experience, as well as the availability of a full range of products and services though digital channels – in yet another reflection of where the UAE’s retail banking market is headed.

Such impressive strides are reflected in its recent recognition as the ‘Best Retail Bank – United Arab Emirates’ at The Digital Banker’s 2023 Global Retail Banking Innovation Awards.

Mashreq remains steadfast in its commitment to power digital-first, customer-centric innovations, to enable its expansion plans into new geographies within the Gulf Cooperation Council, in the Middle East and Sub-Saharan Africa.

It also plans to double down on enhancing its cost-to[1]income ratio, safeguarding the business from future challenges, being a market leader with scalable tech architecture and growing further with agility, leaner operations and robust compliance systems. Given the numerous feathers already in Mashreq’s cap, such ambitions are likely well within reach.

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