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Mashreq weaves AI into new app, plans superapp in the future: Mashreq plans to double down on research and development on generative AI to add more features to its newly revamped Mashreq app over the coming year, Mashreq’s executive vice president and head of Neo and personal banking, Radu Topliceanu, told Enterprise UAE. The bank is looking to “substantially” increase user engagement rates through the introduction of new, more individualized features.
“GenAI is especially exciting for us because it has the potential to unlock an extraordinary level of intuitive personalization,” he said.
“For banks, GenAI has enormous potential for process automation, cost efficiencies, security, and customer services, be it for predictive analysis, personalized engagement, chatbots, fraud detection and prevention, anti-money laundering or risk management,” he told us. “It will truly revolutionize how banks run, radically change the interface between banks and their customers, enabling lightning-fast, highly relevant, and nuanced experiences,” he added.
Mashreq launched its new consolidated mobile banking app, Mashreq UAE, which merges the Mashreq app with Mashreq Neo, late last year. The app creates a unified, single-login platform for clients to access different financial services, and weaves in AI through a virtual assistant and digital chatbot, the bank said in a press release at the time. It also streamlines the digital onboarding process for new customers, enabling them to open an account with biometric face recognition.
WATCH THIS SPACE-In the long term, the bank wants to develop the app into a superapp, integrating both financial and non-financial services, Topilceanu told us.
Feedback on the new app has been “overwhelmingly positive,” Topilceanu said, adding that the update has boosted the number of users on the app to 1.25 mn. Customer satisfaction with the digital onboarding process also significantly improved, he said.
The app allows users to access all of the bank’s financial services through a single platform — that includes investment solutions, trading, retail banking and Mashreq’s young adults-focused NeoNXT, he explained.
