Mashreq modernizes UAE banking industry with E Cube Retail Concept

Continuing to lead the innovation space in the financial industry and delivering revolutionary banking solutions, Mashreq has officially set the standard regionally. Committed to maximising customer experience, the Bank has steered banking away from a traditional platform into up-to-date technology based with the launch of its E Cube Retail Concept in Dubai Internet City Branch.

E Cube Retail Concept is the UAE’s first of its kind initiative. A press conference was held to announce the official launch, which was attended by Mashreq’s Head of Retail Banking Group, Farhad Irani and senior management.

As society has embraced advanced technology in all its forms, banking has been in danger of being left behind. But the option of blindly rushing to catch up may not be the best approach, as the market is littered with technologies that failed or which alienated their intended consumers. Mashreq believes that the principle that guides their concept of new age banking is based on keeping pace with Evolving needs of the customers, the Bank’s need to Engage them in effective ways such that the customer Experience in the branch is unique and enhanced.

The latest launch follows a series of unparalleled financial products and services launched by the Bank, which reflects Mashreq’s Retail strategy and its commitment.

Mashreq’s E Cube Retail Concept offers customers speedy, smart banking and most of all interactivity with the latest technology led devices. Upon entering the branch, customers and passersby will be greeted by a 75” exterior attractor screen. This screen visually interacts with people, engaging them with products and lifestyle choices to accommodate their requirements.

Farhad Irani, Head of Retail Banking Group, Mashreq commented, “We asked ourselves, what do our consumers really want from the technology out there? The simple answer is, they want technology that improves that quality of their banking interactions. It is not about replacing staff with machines. It’s about using machine to help customers and staff engages more deeply. Mashreq’s E Cube Retail Concept offers more than just banking, it is our way to make our customers evolve, engage and most of all experience banking at its best.”

Irani added, “Today is another innovation we present to our customers and the industry, which we believe will lead the way forward. Customer engagement is the core of our brand proposition.”

When customers step into the branch, their journey is met by interactive screens, empowering them to carry out any activity they prefer. Now, customers have the choice to experience banking at their own pace.

On the screens, Mashreq’s online representative, introduces 15 different lifestyles. Customers can then discover various products and services pertaining to each of these lifestyles, with the option of physically downloading application forms and additional product information onto their smartphones through QR codes. All this is done through touch screen technology. Adding to this interactive experience, each screen will constantly showcase news feeds that will be updated in real time.

Shaker Zainal, Head of Distribution, Mashreq, “We are proud to take our branches to the next level by making it more engaging and interactive. Mashreq’s endeavor is to integrate technology with the conventional banking to exceed customer expectations. We plan to roll-out the initiative quickly across our network. The new age of banking begins today.”

For customers who opt for a more relaxed approach to their banking requirements, there are eight interactive tablets placed on tables across the branch. The tablets enable customers to browse through products and services and apply for them then and there. They may also check their social media accounts, surf the Internet and make the most of online services. Also situated in the branch is a Microsoft Surface table that allows customers to make any necessary financial calculations and customize products to their requirements.

Giving customers the option for a more private banking environment, the branch comes equipped with a private kiosk where customers can access their personal banking information among other services, including immediate video conferencing with the call centre.

With the promise of revolutionary banking, Mashreq has appointed customer service representatives to help customers familiarize themselves with the new technology and assist them with any queries they may have.