(MENAFN- Khaleej Times) Tired of long queues at bank branches in front of teller counters?
There is reprieve in store if you are a Mashreq bank customer. The financial institution opened imashreq, the region's first fully automated bank branch inside the Deira City Centre Metro Station on Wednesday.
Open from 8am to 10pm, seven days a week, imashreq will let customers update their profile, withdraw cash, deposit cash and cheques, apply for a credit card, cheque book or a loan, pay utility bills, open an account, remit money, apply for investment products, access Mashreq securities, or talk to a relationship manager and customer care representative remotely via video conferencing.
A few bank representatives will be available at the branch in the first six months to help customers navigate the touch screen kiosks. "The human element is still very important for customers to engage with technology," said Shaker Zainal, Mashreq's regional head of distribution. The imashreq has an Apple-store-like environment, with free refreshments on tab and free one-week wi-fi for every customr who walks in. This is an extension of the E-Cube branches Mashreq had rolled out in 2013.
"The opening of this self-service engagement centre is an experiment. Three years ago, Mashreq embarked on a programme of embracing digital technology to enhance the customer experience at the point of transaction and sale. We invested in technology that would almost gamify the customer's banking experience. Now, 29 of our 47 branches have E-Cube technology which enables you to go into a branch, review products on large screens, work out mortgage repayment programmes and investment schemes on a simulation screen," said Farhad D Irani, executive vice president and head of retail banking, Mashreq.
"When customers come to teller counters, they don't fill paper vouchers, they fill details of transaction on iPads. That digital file goes to the teller who obtains the customer's ID and signature and the transaction is complete. The experience is paperless," he added.
According to Mashreq statistics, 92 per cent of all transactions and enquiries the bank receives every month come through Mol (Mashreq online) or Snap (Mashreq's mobile banking service). This prompted the bank to adopt a multi-channel strategy and open a digital branch in a heavy footfall centre.
"Imashreq will work for us if we see increasing number of transactions and customer growth. We will add many more such centres in the UAE if the model works. It is in keeping with His Highness Shaikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai, vision of making Dubai a smart city," said Irani.
Other possible future locations of an imashreq include airports, relationship centres, and post offices. The digital branch is expected to offer cost savings to Mashreq. However, that is not the only driving force. "Ultimately, there will be a lot of efficiency and productivity benefits. Our objective is not cost savings, it is experience enhancement. But cost savings is a very important byproduct of this investment," said Irani.
The executives were quick to dismiss talk of a branchless future. "The role of the branch is changing dramatically. Customers will no longer go to a branch to complete their transactions. They will instead go for advice and counselling. The world is a very busy space. The bank has to come to the customer. That's why mobile banking and imashreq are so important going forward," stressed Irani.
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