Santhosh Mahalingam, Managing Director of MGS, talks about how technology is transforming the bank’s business processes.
Mashreq Bank, the largest private sector bank in the UAE, embarked on an ambitious digital journey a couple of years ago. One of its goals was to reduce the bank’s physical footprint to half and thus transform the experience of the customers. Today, about 95 percent of the bank’s transactions are ‘digitally originated’.
The key facilitator of this digital journey is the bank’s innovation center based in Bengaluru—Mashreq Global Services (MGS)-- which has evolved beyond being a technology support center for the bank. The center now has broadened its scope to more critical areas such as information security, credit underwriting, risk & compliance and retail & wholesale operations.
MGS has also invested significantly on technologies like RPA and machine learning to support the bank’s digital journey. The center is now working on ‘digitally fulfilling’ the transactions, which are originated through various digital channels.