Mashreq Bank Partners With Koopid

Mashreq, one of the leading financial institutions in the UAE, has partnered with Koopid and Avaya to create a new banking experience.

The new banking experience will represent a giant leap forward for Mashreq Bank’s customer experience, including self-service capabilities, with the region’s first digital engagement banking bot.

The new system, which acts as a visual and conversational virtual assistant, enables Mashreq customers to access banking services and complete service requests almost entirely through an AI-powered ‘agent’.

The ‘chatbot agent’ will be able to verify customers, complete transactions, and sign up for new services on the customer’s behalf – from anywhere and through any device.

The solution paves the way for the bank to open new channels whilst allowing its customers to complete banking transactions. Additionally, the service is immediately responsive, offering instant service and being available 24-7.

The solution is the latest being rolled out in a process of accelerated digital transformation, which sees Mashreq keeping pace with its ever-expanding list of customer demands while also maintaining a leadership position in the evolving landscape of digital banking regulation.

“Innovation is embedded in Mashreq’s DNA and we firmly believe in building on our AI and digital capabilities, so that we can continue to introduce value-added solutions such as these,” said Sandeep Chouhan, Head of Operations and Technology, Mashreq.

“This solution represents a massive step forward in customer experience, by enabling instant access to finances from any device.”

“By putting customer-centricity at the core of our business, the bank’s Mashreq’s AI-based services will make it easy for our customers to safely and securely have their banking needs met.”

Sumit Bhatia, Head of Direct Business Channel at Mashreq Bank, added: “The new chatbot will not only play a role in transforming banking self-service, but will also make banking more intuitive, easy to use and enjoyable when it comes to performing tasks such as enquiring about your balance on an account, or requesting a statement, or applying for a product.” 

“It will also assist our call centre agents in enhancing service delivery. We will continue to provide and develop innovative services as well as deliver a modern and interactive experience to our customers.”

“Mashreq has always been a step ahead of every technological development. This latest deployment sees the bank dive headfirst into the emerging AI category and use the latest tools to take the lead on digital customer engagement,” said Fadi Hani, Vice President – Middle East, Turkey & Africa, Avaya.

“We look forward to enabling Mashreq and its customers with even further innovations in the future.”

Venky Krishnaswamy, CEO, Koopid, added: “Virtual banking and rich visual automation experiences are the greatest disruptors for organizations and self-service-based industries.”

“With this collaboration, Mashreq is yet again at the forefront of being an early adopter of new technologies to gain access to new markets and take the digital experience of its customers to new heights.”

The solution deployed by Mashreq was just one of many innovations that Avaya demonstrated at GITEX Technology Week 2019 under the theme, “The Art of Experience”.