- Mashreq's innovation brings Artificial Intelligence to the heart of the bank's self-service capabilities with the region's first digital engagement banking bot.
GITEX Technology Week 2019 – Dubai, United Arab Emirates – October 8, 2019 –Mashreq, one of the leading financial institutions in the UAE, has partnered with Avaya Holdings Corp. (NYSE: AVYA) and Koopid to create a new banking experience that represents a giant leap forward for customer experience, including self-service capabilities, with 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. Additionally, the service is immediately responsive, offering instant service and is available 24-7.
The solution is the latest being rolled out in a process of accelerated digital transformation, which sees Mashreq keeping pace with its ever-expanding list of customer demands while also maintaining a leadership position in the evolving landscape of digital banking regulation.
“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. 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.
Sumit Bhatia, Head of Direct Business Channel, at Mashreq Bank added: “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.”
“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,” said Fadi Hani, Vice President – Middle East, Turkey & Africa, Avaya.
Venky Krishnaswamy, CEO, Koopid, added: “Virtual banking and rich visual automation experiences are the greatest disruptors for organizations 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.”
The solution deployed by Mashreq is just one of many innovations that Avaya is demonstrating at GITEX Technology Week 2019 under the theme, ‘The Art of Experience’. Visitors to the trade show can see these solutions in action at Avaya’s stand, C-10 in Za’abeel Hall, at the Dubai World Trade Center, from October 6 to 10.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices across Europe, Asia, Africa and the US, and a strong presence in all the financial capitals of the world.
As the oldest bank in the UAE, our 51-year old journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart. It also continues to win us numerous awards and accolades in all the fields of banking we operate in – Digital, Corporate, Retail, International, Treasury and Islamic, and across the multiple banking channels we deploy – mobile, digital, online, traditional and telephony.
Mashreq is proud to be the only institution in the UAE to be awarded the Gallup Great Workplace Award for six consecutive years from 2014 to 2019.
For media enquiries, please contact:
Public Relations, Mashreq
Tel: 04 –6083629
Businesses are built on the experiences they provide, and every day millions of those experiences are built by Avaya (NYSE: AVYA). For over one hundred years, we’ve enabled organizations around the globe to win – by creating intelligent communications experiences for customers and employees. Avaya builds open, converged and innovative solutions to enhance and simplify communications and collaboration – in the cloud, on-premise or a hybrid of both. To grow your business, we’re committed to innovation, partnership, and a relentless focus on what’s next. We’re the technology company you trust to help you deliver Experiences that Matter. Visit us at www.avaya.com.
Koopid’s Multimode Virtual Assistant enables dynamic self-service journeys that incorporate natural language and visually rich user interactions, leveraging the full spectrum of today’s smartphone and web interfaces. Using Koopid’s xDesigner - a drag and drop service creation tool - a customer self-service journey template can be created in minutes with no programming required. These digital journey templates can be invoked from a number of channels: web portal, mobile app, mobile browser, SMS, email or consumer messaging. Each journey is instantiated as a cross-channel persistent conversation - therefore a customer can start on one channel (such as web portal), transition to a different channel (such as a mobile app) and simply continue the journey. At the core of Koopid is a powerful data platform that curates interaction context and conversation data in-line. As a result, customer journeys are continually optimized using AI and machine learning algorithms, personalizing the experience in real–time.