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GITEX 2019: AI bots set to transform the banking industry

October 8, 2019 • Artificial Intelligence, Features, Finance, Top Stories

Mashreq, a leading financial institution in the UAE, announced on Tuesday, 8 October 2019, that it has partnered with Avaya and Koopid to recreate its banking experience – the transformation focusses on customer experience, including self-service capabilities, with the introduction of 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 – instantly at any time of the day or night.

“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. This solution represents a massive step forward in customer experience, by enabling instant access to finances from any device,” says Sandeep Chouhan, Head of Operations and Technology, Mashreq. “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.”

“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. We look forward to enabling Mashreq and its customers with even further innovations in the future,” says Fadi Hani, Vice President – Middle East, Turkey & Africa, Avaya.

Venky Krishnaswamy, CEO of Koopid, concludes, “Virtual banking and rich visual automation experiences are the greatest disruptors for organisations 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”.

Edited by Jenna Cook

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