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     Subroto Som, H. o. (2018, January 17).
Retrieved from World Finance, banking Website:

Mashreq Bank’s innovative approach sets it apart from the crowd

Part 1 – Brief summary of the article:

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United Arab Emirates (UAE) whose economy is mainly dependent
on oil and gas sector, is trying to diversify its economy to various other
sectors such as construction, manufacturing, tourism, and finance. Of all the other sectors financial sector is playing a
significant role, as it provides the capital to consumers and businesses when
they are in need.

Mashreq, a 50-year-old bank in UAE, has become one of the
UAE’s leading financial institutions today by making strategic innovative moves
throughout its journey. Mashreq started its commitment to becoming a leader in
digital banking way back in 2008, by releasing a mobile banking app to its
customers. Mashreq with a focus on its future survival, and to bring expeditious
change in the areas of speed, agility and client experience has introduced a
new branchless digital bank called “Mashreq Neo”. Neo is a comprehensive suite
of products that includes credit cards, debit cards, current
accounts, personal loans, remittances, global stock trading, gold trading, and
foreign currency investment capabilities. Mashreq Neo collaborates with a wide range of
market entities, including 100+ stock exchange companies for trading, and
Samsung pay wallet and International pay
wallet for easy payment options. Neo chat box, a social platform for its
customers is integrated with the Facebook
messenger. Mashreq has alliances with a wide range of merchants globally for shopping
via its Neo platform. Mashreq continues to focus on innovation by investing in
Artificial Intelligence, Robotics, and
other technologies to stay as a disruptive force in the banking world.

Part 2 – A clear explanation of the management,
ethical, legal, or social issues this article addresses:

This article addresses the
issue of reckless growth and unsustainable profits by saying that Corporate
Social Responsibility(CSR) should be part of all corporate initiatives. Mashreq bank runs several initiatives such as Foloosy to provide financial
literacy education to customers and help to prevent them from taking on too
much debt.This also addresses the issue of digital solutions threatening the
existence of physical banks by pointing out that technology will transform and
improve the banking experience rather than eliminating the physical channels. It
also talks about how digital banking solutions such as Neo meets the demands of
today’s connected generation with its advanced features such as instant account opening,  comprehensive payment capabilities, rewards management,
shopping with a wide range of
merchants, and personal financial insights
all without ever visiting the physical branch. Mashreq
is also investing in next-generation technologies and automation to reduce its
reliance on human resources and reduce recurring costs.

Part 3 – My opinion on this issue based
on this article:

The word “Innovation” is a very old term, that has been
driving us for decades. As there is a
huge revolution in the technology area,
firms are chasing innovation in every
aspect of the business today to survive in the competitive world and standout
as a leader in their business area. In my opinion,
one must be continuously eyeing on the new digital technologies long ahead to
sustain as a leader in this digital world. Mashreq, with its innovative
strategies in digitization and ability to implement
them well ahead of its competitors, became a
leader in providing digital banking
solutions. Collaboration with a wide range of partners helped Mashreq provide all-encompassing functionality using
Neo platform.

Providing good
customer service along with continuous innovation in disruptive technologies according
to the changing customer interests and market moves
will make a firm a leader in its line of

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