Retail operations recorded impressive earning during Q1 2014
Dubai – UAE, 7th June 2014: Mashreq, one of the UAE’s leading financial institutions, has been named as the Best Retail Bank in the prestigious Banker Middle East industry awards. This is the second time Mashreq has been named as the top retail bank in the awards, cementing its position as one of the leading banks in the region.
The award comes as Mashreq continues to outperform its competitors. In the first quarter of this year alone, it reported a 35% increase in its Net Profit, climbing to AED 575 million with all indications showing that this pattern will continue throughout the rest of the year.
The award was received by Mashreq’s Head of Retail Banking, Farhad Irani. He said: “Mashreq continues to be the bank that is re-writing the way the UAE approaches its banking needs. Our innovative approach is well-known in the region – our customers know we are always striving to give them banking on their terms, and know that we only employ the most dedicated people in the industry. Our revenue growth continues to beat all benchmarks as more and more people realize that we are the best financial partner that they can engage with, whether it is a retail bank they need, or indeed our other divisions, including commercial banking and asset management.”
Farhad continued, “Our focus is to delight customers in service quality and its delivery. Innovation is the centre of Mashreq’s philosophy of delighting the customers. Every touch point, every interaction must be quick, efficient and most of all offer a rewarding experience to the customer.”
Mashreq has long enjoyed a reputation as one of the most innovative retail banks. This is evident in the product and service solutions it has been launching. Through several initiatives aimed at physical and digital channel convergence and state-of-the-art mobile apps the bank has fast become the primary financial app of choice for customers who demand banking anywhere, anytime. In 2013, Mashreq reinstated its challenge and disruption of traditional retail banking in the UAE, and continues to deliver heightened levels of customer engagement through its multi-award winning digital (eCube Retail Concept) branches, social media strategy and video conferencing service capabilities.
In 2014, TapnGo was launched. This is the country’s first NFC (Near Field Communication) Sticker solution which allows to makes low-value purchases exceedingly simple by converting any mobile phone of any generation into a credit card that can then be used to make contactless payments at thousands of retail outlets in the UAE and abroad. The newly launched Tap n Go is already accepted at over 4000 merchants and growing in the UAE.
The Banker Middle East awards ceremony was attended by senior banking executives and decision makers from the financial industry. The annual event seeks to showcase successful institutions within the region and highlight not only profits, but performance measure and recognizing innovation and development achieved by the most forward thinking institutions in the Middle East, setting the benchmark for excellence amongst the region's financial institutions.