Mashreq Bank introduces technological innovations to its branches
In a move its CEO says would be a way of the future, Mashreq Bank had planned to open its first fully electronic branch without any staff by January. The plans were unveiled by Aziz Abdul Al Ghurair together with seven new technological products that would be available in selected branches.
This was the bank's response to the dramatic changes as to how banks operate and its offers to its customers. The new technology would include 24-hour video conferencing with a bank employee, a number of online banking options in a preloaded tablet allowing customers to manage their accounts at home through the use of tap 'n' go technology to allow small purchases to be done in a store.
The upgrades would cost about USD50,000 per branch and the additional technology had been introduced in three Mashreq branches. The plan is extend the technology to five others by year's end and complete twelve during the first stage introduction of the overall plan.