Mashreq BankDubai-headquartered Mashreq has partnered with Avaya Holdings Corp. and Koopid to create a new banking system which will enable its customers to access banking services through an ‘agent’ powered by artificial intelligence. The system will be a giant leap forward for customer experience, including self-service capabilities, with the region’s first digital engagement banking bot, it said in a statement.

“…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,” said Sandeep Chouhan, Head of Operations and Technology, Mashreq.

The new system, which will act as a visual and conversational virtual assistant, will enable Mashreq customers to access banking services and complete service requests almost entirely through an AI-powered ‘agent’, Mashreq said. 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 service will be immediately responsive, offering instant service and will be available 24×7.

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

Recently, Mashreq launched its digital bank ‘NeoBiz’ in the UAE, to cater to small and medium-sized enterprises and startups.

by Krishna V Kurup
Senior Market Analyst at IBS Intelligence