Finastra and Mashreq Bank team up to rethink the future of corporate banking
Dubai, UAE, April 7, 2019 – Finastra and Mashreq Bank, one of the leading financial institutions in the UAE, recently came together in Dubai, for a unique one day workshop around the future of corporate banking. Over 40 bank customers and participants, including CFOs and SVPs from the telecommunications, utilities and transportation industries, took part in the conversations to identify challenges that face the industry, and how best to tackle them. The power of emerging technologies such as AI, Machine Learning, Blockchain and Digital personal assistants, which provide an opportunity for banks to enhance their corporate banking offerings, were some of the key themes emerging as areas of focus for the industry.
Karim Labadi, Managing Director, Head of Global Transaction Banking at Mashreq Bank, said, “Over the last decade the UAE has experienced a significant economic expansion, particularly in the technology and financial services industries. Driven by a digitally savvy market, endless innovations have seen the day, noticeably in retail banking. Our vision at Mashreq Bank is to bring these innovations into the corporate world to better serve our customers. Mashreq Bank is dedicated to delivering next-generation digital banking experiences that will keep us at the forefront of the banking industry, and this workshop organized with Finastra was a vital step in improving our corporate offering.”
The exclusive event was designed to support Mashreq Bank’s ongoing digital transformation journey, enabling senior business executives to discuss the growing impact of technology on the corporate sector.
Wissam Khoury, Managing Director, Middle East and Africa at Finastra, said: “Financial institutions in the Middle East are exploring ways to drive innovation, reach new customers and expand their revenue streams. Offerings in corporate banking have traditionally lagged behind retail, but Mashreq is a true visionary, spearheading changes in this region. It is a privilege for us to team up with them on this project and lead discussions that will shape its future and that of its customers. We look forward to continuing to work with them in the future.”
Ganapathi Bhat, Senior Vice President – Treasury and School operations at GEMS Education, who attended the event, said, “The idea of a workshop is very creative as it offers a platform for banks to understand their customers’ requirements and gives customers a chance to explore new experiences. Both banks and customers want real-time results, and going digital allows the day-to-day operations to be less mundane, which ultimately benefits both parties.”
Nader Aboushadi, Group Treasurer, Al Fahim Group, also in attendance, said, “Mashreq Bank has always led the way in terms of innovative services and keeping their customers at the center of what they do. The workshop with Finastra and Mashreq shows that they are leading transformations not only with retail customers but corporates too. We’re looking forward to seeing some of the ideas discussed come to life in the future.”
Finastra is well placed to support workshops in this space, having recently been named a Leader in IDC MarketScape for end-to-end corporate banking solution providers.
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Established in 1967, Mashreq is a leading bank in the UAE with award winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 26 overseas branches and offices across Europe, USA, Asia and Africa.
Mashreq launched its new Vision and Mission, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region's most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for five consecutive years from 2014-2018. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 90 of the world’s top 100 banks use Finastra technology.
Please visit www.finastra.com.
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