Mashreq bags Open Banking Initiative of the Year - UAE at ABF Retail Banking Awards 2024 for its innovative Global Non-Resident Platform

The initiative transforms the Non-Resident banking experience globally with seamless, secure, and personalised services.

Mashreq secured the Open Banking Initiative of the Year - UAE win at the prestigious ABF Retail Banking Awards 2024 for its Global Non Resident platform for account opening, which leverages innovative technology and a collaborative approach to address the challenges faced by customers in the account opening process.

The process has traditionally involved a significant amount of paperwork, with customers having to provide numerous documents. It has also required customers to physically visit a bank branch to complete the account opening process. This has resulted in a significant waste of time, effort, and resources, which can be a considerable burden for customers.

To mitigate this, Mashreq has leveraged its UAE-first integration with the Ministry of Interior through the Electronic Federal Registry, which allows the bank to share an authenticated Know Your Customer (KYC) certificate from the given source with the most updated customer details and status. 

This process also utilises an integrated application programming interface approach with partner banks that enables existing Mashreq customers to go through a digital journey seamlessly within the Mashreq Mobile App and open an account. As a result of this streamlined process, turnaround time has been reduced from approximately an average of 30 days to less than 10 minutes.

At the same time, the platform lets customers transfer money to their new account since the new account details are ‘seamlessly added to the customer list of beneficiaries’. The money gets credited to the customer's account in minutes with ‘instant remittance’.

Mashreq’s Non Resident account opening platform keeps the customer always informed with real-time status updates within the Mashreq Mobile App for the partner bank account throughout its lifecycle. Customers are also notified instantly on the app regarding the status of the account action, without the need to call a partner bank or visit branches.

In looking at potential for the platform, Mashreq notes that it can scale this platform across geographies with it proving concept initially in the Indian market, revolutionising the banking experience for non-residents globally. This expansion would enable expats from different countries to access a unified digital account opening experience, eliminating the complexities associated with multiple banking relationships.

“We believe that our NRI Account opening journey is a market-first solution that showcases our commitment to delivering exceptional customer experiences through innovative digital solutions. It enables our customers to open an account digitally and instantly, offering unparalleled convenience and accessibility” the company said. 

The prestigious awards programme honours outstanding entities that are reshaping the retail banking landscape through innovative solutions, retail products, digital banking breakthroughs, and exceptional customer experiences.

The ABF Retail Banking Awards is presented by Asian Banking & Finance Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be recognised for your company's cutting-edge products, services, and solutions that made a positive impact on your customers, please contact Julie Anne Nuñez at [email protected].