COVER INTERVIEW
Shaping the future of financial services Mashreq has a history of leading the industry in the adoption of new financial services technology. Here, Tarek El Nahas, Senior Executive Vice President and Head of the International Banking Group, tells MEA Finance how their pioneering spirit has equipped the bank to take the Covid-19 crisis in its stride, providing uninterrupted services, and positioned it to become a significant force in the industry. By Adrian Murdoch
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ashreq Bank has talked about behaving like a BigTech firm with a banking license. What do you mean by this?
We firmly believe that banks must adopt a model similar to that of Big Tech firms, as a result of the huge shift in changing expectations from customers, accelerated by rapid developments in technology. Even before COVID-19 hit, customers expected banks to provide a similar digital experience as they receive when interacting with other large brands or online marketplaces – and these expectations have only increased further during the pandemic as people rely on digital channels for their day-to-day necessities.
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Against this backdrop, at Mashreq, we consider it imperative to be at the forefront of technology, and we regularly collaborate with various Fintech firms; due to their expertise in technology and inherently lean structure which allows them to be more agile and innovative. This collaboration has led to numerous solutions which have enhanced the experience for our customers; in the areas of payments, wealth management, credit underwriting and Know Your Customer (KYC) processes. Banks that want to be at the forefront of innovation in the future will have to employ data analysts, data translators, digital marketers, social media experts, and implementation specialists in the areas of big data analytics and robotics.
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At the same time, employees with more traditional skill-sets will need training to develop the skill sets required to function in a digital-first banking world. This will enable them to play key roles in translating data, leading teams, closing the gap between data and technology, and providing a bridge between the new and old. We also believe that providing convenient, fully digital platforms (from end-to-end) is going to be the way of the future. Ultimately, most consumers want platforms that provide transparency, convenience and simplicity. This is why we launched market-first platforms such as Mashreq NEO and NEOBiz – fully digital banks in the UAE geared towards individuals and SMEs respectively.
