Latest news with #MashreqBank
Arabian Business
4 days ago
- Business
- Arabian Business
Rania Nerhal sheds light on humanising the digital banking system
As digital transformation continues to reshape the global banking landscape, the challenge is no longer just about delivering convenience; it's about designing experiences that are personal, trustworthy, and meaningful. For Rania Nerhal, Chief Client Experience & Conduct Officer at Mashreq, the path forward lies in combining cutting-edge innovation with deep human insight. In an interview, Nerhal outlined how Mashreq is redefining customer engagement in a world where digital is dominant but empathy is essential. Redefining experience in the digital age Gone are the days when speed and simplicity were enough. Today's clients expect intuitive, emotionally intelligent service without delays and errors. As per Nerhal, in today's ecosystem, banks are being compared not to other banks, but to the best tech platforms in the world. 'An exceptional client experience today goes beyond efficiency and convenience. Our customers also demand relevance and emotional connection,' said Nerhal. 'In the digital banking environment, clients expect seamless, secure, and personalised interactions across all touchpoints – whether online or in-branch – but the real differentiator is how consistently we can anticipate needs, resolve issues quickly, and build relationships based on transparency and empathy.' This evolution is particularly relevant in the Middle East, where culture emphasises trust and personal service. Measuring what matters For Mashreq, performance isn't just about operational efficiency. It's about what the customer experiences and feels. 'We rely on a wide range of metrics to measure success from many perspectives,' noted Nerhal. 'Metrics such as cost per transaction or process, processing time and automation rate enable us to assess our productivity, while customer satisfaction scores, customer retention rates and customer effort scores tell us what our customers think of their interactions with us, and how easy it is for them to achieve their aims with these interactions.' Aligning the customer experience agenda with broader business strategy and regulatory expectations is central to Mashreq's role in building long-term trust and resilient, sustainable growth. This alignment means cross-functional collaboration is non-negotiable. 'Alignment also requires close collaboration across functions, particularly risk, compliance, and digital transformation, to ensure our experiences are not only seamless but also safe, fair, and fully compliant with evolving regulatory standards,' said Nerhal. 'We work closely with regulators to stay ahead of expectations around transparency, data protection, and ethical conduct.' Innovation in action Technology plays a key role in refining this experience. 'We assess personalisation accuracy to ensure our genAI is helping us deliver tailored, relevant solutions, and we use data analytics to capture customer feedback sentiment, especially with our use of AI.' One of Mashreq's first major investments designed to enhance digital customer engagement was the Mashreq mobile banking app, which currently has a 4.9 rating. Besides the app, the bank has invested heavily in AI, machine learning, and data analytics and chatbots to transform the customer journey. 'Conversational chatbot assistants offer natural-language support for routine tasks such as transactions, balance enquiries, and spending insights, relying on advanced data collection and analytics to ensure accuracy and appropriate personalisation,' noted Nerhal. Hyper-personalisation, powered by AI, allows the bank to respond to individual needs proactively. 'Instead of using broader segmentation, the technology allows us to tailor products, services, and advice to individuals, vastly enhancing the customer experience.' Real-time feedback has become a core driver of Mashreq's digital evolution. The bank uses a combination of always-on feedback tools, such as in-app surveys, net promoter scores (NPS), and real-time sentiment analysis via AI – to capture client insights across every digital touchpoint. 'This intelligence is operationalised through agile squads that work cross-functionally to rapidly iterate, test, and roll out improvements—whether that's refining a mobile feature, streamlining onboarding, or clarifying transaction flows,' explained Nerhal. 'In a region where expectations are rising fast, acting on client voice in near real time isn't optional—it's a competitive advantage.' Preserving the human touch Even as automation becomes widespread, human connection remains vital in providing a well-rounded customer experience. 'Somewhat ironically, we rely on technology such as AI to enable us to ensure we offer interactions that are as intuitive, hyper-personalised and entirely empathetic – as human – as possible,' said Nerhal. 'Through AI and automation, we enhance – not replace – human involvement and interaction, using real-time insights to anticipate needs and proactively deliver tailored solutions that make every engagement effortless.' Technology isn't replacing humanity, it's enhancing it. Nerhal noted that the next era of banking success will be defined by those who can balance technology with human insight, blending the best of both worlds for maximum impact. Data privacy With rising awareness around data privacy, Mashreq is prioritising transparency and security to ensure customer satisfaction. 'Security and compliance are embedded into our corporate strategy and structure and as such, are very much at the forefront in all of our functions, which, although separate, operate very much cohesively,' said Nerhal. 'We invest heavily in technology, such as blockchain, and work in close collaboration with respected entities such as Dubai International Financial Centre to enable us to enhance data safety and security in our banking operations.' However, this is an integrated approach that requires educating not just the employees but also the end user on privacy and security. 'To empower our clients, we run regular campaigns that explain key concepts such as data sharing, biometric security, and fraud prevention. These are designed in multiple languages and tailored for different customer segments. Internally, we implement regular training programs for frontline staff and product teams to reinforce the vital importance of data privacy.' Future of digital banking Evolving regulatory dynamics will require banks to invest in technologies and systems that bolster operational resilience. This will include deploying advanced solutions that simplify compliance, enhance regulatory reporting, and support overall stability. From regulation to open finance, several trends are set to redefine the next generation of banking. 'The pace of digitalisation will accelerate further,' elaborated Nerhal. 'Innovation-led trends such as open banking and embedded finance will also gain momentum. Greater sharing of financial data across platforms will drive deeper integration of banking into non-financial environments, enabling customers to engage with financial services seamlessly as part of their daily routines. To enable this, banks will increasingly partner with fintechs, reshaping how people interact with financial products and making banking more intuitive and accessible.' Engaging younger audiences will remain a priority, with tailored strategies including financial education tools and youth-focused products. Nerhal believes these efforts will foster trust, build financial literacy, and support long-term customer loyalty. Mashreq's client experience strategy is a case study in how to humanise technology while scaling innovation. As Rania Nerhal puts it, the key isn't choosing between automation and empathy, it's blending the two seamlessly.
Time Out Dubai
07-07-2025
- Business
- Time Out Dubai
5 hidden Emirates ID perks you probably didn't know about
If you live in the UAE, you've almost certainly got an Emirates ID. It's a legal must-have for all residents and citizens. Issued by the Federal Authority for Identity and Citizenship, this little card does more than prove who you are. In fact, your Emirates ID is packed with more power than you might realise. Not only does it store 20 vital details about you, but it can be used for some pretty handy day-to-day things too. Here are five ways that your ID could make your life easier (and less expensive in some cases!) You might also like: How to check the status of your Emirates ID Emirates ID perks and how to use them 1) You can withdraw money from an ATM Several banks in the UAE allow customers to withdraw money by using their Emirates ID. You must bank with the bank and different banks have different rules. If you are an Emirates NBD customer. You can withdraw cash with your EID if you have the Emirates NBD mobile app on your phone. You'll use the app to generate a code that you'll then use at the ATM to withdraw the amount you need. Mashreq Bank allows customers to open accounts, pay their bills, update their personal information and withdraw and deposit cash by just showing their Emirates ID. You might also like: The secret to a cheaper AC bill? Set it to this temperature When using a Mashreq ATM, the customer's existing bank cards will appear on the ATM screen, allowing them to choose from a number of options including cash withdrawal, local and international transfers and chequebook and statement requests. Emirates IDs can also be used for cash withdrawals and transfers through Al Hilal Banks' ATMs. 2) You can pay for fuel at petrol stations If you want to use your Emirates ID to pay for fuel you need to download an ADNOC Wallet. Once you have the app, your Emirates ID is linked to it and you can add money to your account. When filling up your petrol tank at ADNOC petrol stations you can insert your EID into the card payment slot and follow the on-screen instructions to pay for your fuel. You can also use your EID to pay for stuff at ADNOC Oasis convenience stores and car washes if you have an ADNOC Wallet. 3) You can use it as your health insurance card Don't worry if you forget your health insurance card during your next visit to the doctor's clinic as you can show your Emirates ID. Medical service providers can use EIDs to process medical insurance. You might also like: How to get medical insurance in Dubai — what you need to know 4) You can use it at DXB airport's e-gates Smart gates are an automated self-service border control system. They use facial recognition technology to identify travellers and can be found at Terminal 3 of DXB airport. Smart gates match faces to data connected to immigration databases which will know if the traveller is a UAE National, GCC National, UAE resident or a visa-on-arrival guest. You might also like: Travelling soon? Top lounges anyone can access at Dubai International Airport If you want to use your Emirates ID to head through the smart gate then all you need to do is register your Emirates ID with the ICP, swipe your Emirates ID card and look into the green light at the gate. You must remove glasses and hats before passing through. 5) And get loads of discounts Probably the most fun aspect of holding an Emirates ID is that it can unlock discounts across the UAE. Several hotels and attractions offer cut-price deals to residents, and all you have to do is flash your EID. You might also like: 7 Emirates ID Discounts that are too good to miss More things to do in Dubai 10 things to do at Dubai International Airport Manicures, workouts, gaming, great food and more 13 free things to do outdoors at night in Dubai Explore Dubai after dark without spending any money The best dining deals and offers in Dubai Don't miss these incredible discounts across the city today
The National
28-06-2025
- Business
- The National
Dubai's biggest lender Emirates NBD to start charging for remittances
Emirates NBD, Dubai's biggest bank by assets, will start charging fees for international transfers made via its app or online banking from September 1. The bank will charge a fee of Dh26.25 for remittances, including those made through DirectRemit, it said in an email to customers. DirectRemit is a platform that allows customers to transfer money via online or mobile banking in 60 seconds to countries including India, Pakistan, Sri Lanka, Egypt, the Philippines and the UK. Emirates NBD will also charge a fee of up to Dh26.25 for recalling and cancelling local and international transfers, it said. The move by the lender may prompt other banks to start imposing fees on remittances and may be a boon for exchange houses who offer lower charges, an analyst said. 'Introducing a Dh26.25 fee from September 2025 marks a shift, and as the largest local bank sets the tone, it's possible others may follow,' Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm PhillipCapital, told The National. Some lenders such as RAK Bank already impose a fee for international transfers, charging Dh15.75 for the Philippines and Dh26.25 for India, according to its website. Mashreq bank has zero fees for Pakistan and India, but charges a flat fee of Dh26.25 for the Philippines, according to its website. Others such as FAB have zero transfer fees for instant transfers to countries including India, Pakistan, Philippines, Sri Lanka, the UK and the EU, according to its website. 'For exchange houses, this presents a renewed opportunity to attract price-sensitive customers with lower transfer fees and competitive rates. Still, many mid- to high-income customers may continue to choose banks for the convenience, even with a nominal charge,' Mr Tanna said. Based on World Bank data, remittances to low- and middle-income countries are expected grow by 2.3 per cent in 2024 and 2.8 per cent in 2025, reaching $690 billion in 2025. Remittances by expatriates in the UAE and wider region to their home countries are a major source of foreign currency inflows for those economies.
Arabian Post
26-06-2025
- Business
- Arabian Post
UAE's Mashreq Bank Launches Office in Türkiye to Boost Capital Flow
Mashreq Bank has inaugurated a representative office in Türkiye, marking a significant stride toward enhancing financial collaboration between the Gulf and Turkish markets. This strategic move is central to Mashreq's initiative to channel risk capacity and capital flows directly to Turkish banks and corporates. Dubai's Mashreq is already a familiar correspondent to Turkish financial institutions, actively participating in syndicated loans, trade finance, payments, treasury services and capital markets. Now, with its local presence in Istanbul, the bank aims to deepen engagement, offering on-the-ground support to clients and bolstering access to global capital markets. Group Chief Executive Officer Ahmed Abdelaal underscored the office opening as a step into 'Türkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE'. He emphasised that the expansion was aligned with Mashreq's vision of building 'a truly global banking network that connects key economic corridors.' ADVERTISEMENT Mashreq has already established itself as a leading bookrunner for Turkish borrowers, playing a key role in structuring bond issuances for prominent Turkish banks. This activity highlights the bank's significance in supporting capital raising on behalf of Turkish clients. Operating across 14 countries and regulated by the Central Bank of the UAE, Mashreq has demonstrated robust international growth. Its footprint spans the Middle East, South Asia, and key financial centres including New York, London and Hong Kong. The new Türkiye office is part of this wider expansion, underscoring a concerted push toward strengthening global capital market presence. The financial landscape in Türkiye has evolved in the past decade, with local banks seeking international partnerships to diversify funding sources. Inflationary pressures, high interest rates and currency volatility have made access to foreign capital especially valuable. By providing a direct conduit to Gulf and global investors, Mashreq's İstanbul office could become a gateway for Turkish entities to tap into new liquidity pools. Analysts point out that Gulf-based banks are particularly well-positioned to support emerging markets such as Türkiye thanks to their large capital buffers, risk appetite and regional proximity. 'Regional banks play a pivotal role in bridging the funding gap for emerging economies,' according to Mohammed Al Hashmi, a senior analyst at Gulf Financial Insights. He added that embedding operations within local financial ecosystems helps to facilitate quicker decision-making and improve transaction efficiency. Mashreq's strategy reflects a broader trend among UAE banks to transfer capital into regional markets experiencing structural growth and occasional market stress. Earlier this year, Mashreq was lauded as the Middle East's fastest-growing banking brand and received recognition as the Best Digital Bank five years running, achievements which underscore its strong balance sheet and technological edge. ADVERTISEMENT Since its establishment, the Istanbul office has already been involved in several mandates. Mashreq served as a lead manager for corporate bond issuances and leveraged its syndication capabilities to support Turkish banks' funding and expansion programmes. Further mandates are reportedly in the pipeline, including debt structuring and trade-finance support for mid-market Turkish corporates seeking international reach. The timing is opportune, with global investors eyeing Turkish assets amid a shift in interest rate policies worldwide. Türkiye's policy rate remains elevated, while comparative opportunities in fixed income and FX-linked instruments continue to attract foreign interest, although accompanied by elevated macroeconomic risks. Mashreq's capacity to structure sukuk and conventional bonds, combined with its regional relationships, offers an appealing solution. The bank's international banking wing has steadily increased its footprint. Over the years, it has expanded correspondent banking relationships in jurisdictions such as Oman, Bahrain, Qatar, Kuwait and India, while diversifying its services to include sustainable and digital financial products. Integration of ESG and digital banking has been a focus, with the bank earning accolades including the Euromoney Trade Finance Award and recognition for its internet and digital banking capabilities. For Turkish corporates, more than ever, the need for cross-border liquidity, international financing platforms and diversified risk capacity is pronounced. Mashreq's local team is expected to fast-track access to structured debt solutions, Islamic finance products and syndication mechanisms tailored to both corporate and financial institutional clients. From a geopolitical standpoint, the expansion reflects the deepening economic linkages between Türkiye and the UAE. Bilateral trade has grown consistently in areas such as energy, infrastructure, railways and tourism. The establishment of the office provides a financial channel to support these sectors, potentially fast-tracking infrastructure project financing, private equity deals and structured transactions. Concerns persist regarding Türkiye's macroeconomic stability, with inflation still above the central bank's comfort zone and currency fluctuations posing challenges. Nevertheless, institutional investors express confidence in strategies that anchor on diversified funding and international partnerships. Mashreq's capital buffer and experience in risk transfer could help Turkish entities manage idiosyncratic volatility. The representative office comes at a time when regional banks are competing to become preferred partners for emerging markets. Mashreq hopes its established digital platforms, seasoned capital markets team and deep experience with Islamic finance will distinguish it among competitors. In Türkiye's competitive banking sector, this onshore presence could tilt selection in its favour for mandates spanning debt, treasury, trade and sustainability-linked products. As the İstanbul office scales operations, the bank intends to recruit local talent, enhance its underwriting capabilities and explore collaborations with Turkish banks in areas such as fintech, cash management solutions and ESG financing.
Zawya
25-06-2025
- Business
- Zawya
Mashreq Bank inaugurates office in Turkey to expand global presence
Mashreq Bank has opened its representative office in Turkey as a part of its commitment to supporting Turkish financial institutions and corporates. The UAE-based lender has an effective role in channeling risk capacity and capital flows to Turkish banks and corporates, according to a press release. Mashreq is also a leading bookrunner on key bond transactions by Turkish borrowers, including capital issuances for prominent Turkish banks. This also aligns with the bank's growth strategy to expand its local as well as global presence. Ahmed Abdelaal, Group CEO at Mashreq, said: "This strategic milestone strengthens our ability to support clients in Türkiye and the broader region with world-class financial solutions, while advancing our vision for sustainable and diversified growth." Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, said: "Leveraging Mashreq's digital-first infrastructure and global expertise, we are well-positioned to facilitate cross-border trade, enhance capital access, and contribute meaningfully to Türkiye's financial ecosystem." It is worth highlighting that the bilateral trade volumes between the UAE and Turkey exceeded $20 billion in 2024. In the first quarter (Q1) of 2025, Mashreq Bank generated net profits after tax valued at AED 1.79 billion, an annual drop of 12% from AED 2.04 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
