Mashreq receives accolades at the Middle East Technology Excellence Awards 2024 for groundbreaking account opening solutions
The company has made innovations in its digital onboarding capabilities to widen its customer base and increase revenue.
Mashreq bagged two wins at the Middle East Technology Excellence Awards 2024 for the successful launch of its digital account onboarding journey that leverages the Banking-as-a-Service (BaaS) concept in Egypt, as well as its global Non-Resident platform for account opening for residents that allows them to open an account digitally and instantly.
Mashreq’s digital onboarding journey with a telecom company aims to revolutionise banking by allowing customers to open bank accounts with Mashreq directly through the partner app in a few minutes, making it more accessible and convenient than before. Moreover, it simplifies the account opening process by requiring minimal documentation. The Digital Account Onboarding solution also features a 24/7 artificial intelligence (AI)-powered chatbot service, which marks a significant innovation in customer service. This AI chatbot provides real-time assistance, answering queries and offering support, ensuring customers have continuous access to information and serices.
Its success in catapulting its target customer base with this market initiative has earned it the Middle East Technology Excellence Awards win in the Digital Banking category.
Meanwhile, its Global Non-Resident (NR) Account opening platform utilises an integrated API approach with partner banks that enable existing Mashreq customers to go through a digital journey seamlessly within its mobile app and open an end-end account with the partner bank in their home country.
The banking company also enables customers to transfer money within seconds to their new Non-Resident Account, since the new account details are “seamlessly added to the customer list of beneficiaries.” The money gets credited to the customer's NR Account in minutes with “instant remittance.” Customers can also view the available balance of their home country account with partner banks from the Mashreq Mobile App, which “mirrors the real-time balance.”
This platform has the potential to scale not only to other partner banks in India but also across geographies, revolutionising the banking experience for Non-Residents globally. This expansion is expected to enable NRs from different countries to access a unified digital account opening experience, eliminating the complexities associated with the current physical paper process.
“We believe that our NR Account opening platform is a market-first solution that showcases our commitment to delivering exceptional customer experiences through innovative digital solutions. It enables our customers to open an account digitally and instantly, offering unparalleled convenience and accessibility,” the company said.
Mashreq took home the API - Banking category win for this capability.
The Middle East Technology Excellence Awards 2024 honours pioneers of technological innovation in the region, having significantly contributed to the pursuit of excellence within the industry. It celebrates companies, initiatives, and leaders that have utilised advanced technologies in improving business outcomes.
The Middle East Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].