Published May 14, 2017 | View complete press releases list |
Date: May 14, 2017
Categories: Financial Technology, Mobile banking, retail, technology
Keywords: Mashreqz, Millenial Bank, Digital Bank, Technology
Mashreq hinted at the launch of its new bank aimed at young, digital savvy people at a ceremony on Sunday celebrating the company’s 50th anniversary.
A short video, played towards the end of the event, announced Mashreq Neo, a branchless bank targeting millennials.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, attended the event alongside Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai.
They watched as Mashreq looked back at its last 50 years of business, and listened as Abdul Aziz Al Ghurair, Mashreq’s Chief Executive Officer, looked ahead at the next 50 years of business.
At an event for the press last week, Ghurair hinted at the launch of a new “branchless bank.”
This was again teased on Sunday, with a short video introducing Mashreq Neo, a heavily digital-focused bank, seemingly aimed at millennials, or those born in the 1980s and 1990s.
In the video, young people were seen banking via apps, and speaking about their dislike of waiting in line at bank branches.
A Mashreq spokesperson confirmed that a press conference would be held on July 6 to officially announce the bank and provide more details.
Mashreq Neo is in line with comments made last week by Al Ghurair, who spoke about having a bank without boundaries.
“There will be absolutely no need for you to visit a branch. You will be able to avail all of our services without the need to actually visit us,” he said.
Ghurair said he was not sure that there would be a role for bank branches in the future, noting that even new customers would not need to visit a branch.
“In the future, 95 per cent of transactions will take place outside of the branch,” Al Ghurair said.
The CEO contended that this kind of bank did not exist today.
In his effort to make Mashreq the “most progressive bank” in the region over the course of the next 50 years, Al Ghurair said that there would be a significant uptake in new technologies, and often these would replace roles currently occupied by human beings.
“Machines will start replacing a lot of processes, and jobs,” he said, adding: “In fact, we have eliminated simple work that we used to do. The future for employees is not in repetitive work.”
From its humble beginnings as the Bank of Oman back in 1967, operating with 10 employees, to becoming one of the biggest banks in the Middle East, Mashreq’s customers, partners and members of the media in attendance at Sunday’s event heard from the bank’s executives on its history and its future. The bank now employees around 5,000 people.
Re-disseminated by The Asian Banker from Gulf News.com
Mashreq hinted at the launch of its new bank aimed at young, digital savvy people at a ceremony on Sunday celebrating the company’s 50th anniversary.
A short video, played towards the end of the event, announced Mashreq Neo, a branchless bank targeting millennials.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, attended the event alongside Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai.
They watched as Mashreq looked back at its last 50 years of business, and listened as Abdul Aziz Al Ghurair, Mashreq’s Chief Executive Officer, looked ahead at the next 50 years of business.
At an event for the press last week, Ghurair hinted at the launch of a new “branchless bank.”
This was again teased on Sunday, with a short video introducing Mashreq Neo, a heavily digital-focused bank, seemingly aimed at millennials, or those born in the 1980s and 1990s.
In the video, young people were seen banking via apps, and speaking about their dislike of waiting in line at bank branches.
A Mashreq spokesperson confirmed that a press conference would be held on July 6 to officially announce the bank and provide more details.
Mashreq Neo is in line with comments made last week by Al Ghurair, who spoke about having a bank without boundaries.
“There will be absolutely no need for you to visit a branch. You will be able to avail all of our services without the need to actually visit us,” he said.
Ghurair said he was not sure that there would be a role for bank branches in the future, noting that even new customers would not need to visit a branch.
“In the future, 95 per cent of transactions will take place outside of the branch,” Al Ghurair said.
The CEO contended that this kind of bank did not exist today.
In his effort to make Mashreq the “most progressive bank” in the region over the course of the next 50 years, Al Ghurair said that there would be a significant uptake in new technologies, and often these would replace roles currently occupied by human beings.
“Machines will start replacing a lot of processes, and jobs,” he said, adding: “In fact, we have eliminated simple work that we used to do. The future for employees is not in repetitive work.”
From its humble beginnings as the Bank of Oman back in 1967, operating with 10 employees, to becoming one of the biggest banks in the Middle East, Mashreq’s customers, partners and members of the media in attendance at Sunday’s event heard from the bank’s executives on its history and its future. The bank now employees around 5,000 people.
Re-disseminated by The Asian Banker from Gulf News.com
