Finastra and Mashreq Bank want to rethink corporate banking

Industry experts and corporates come together to discuss and how to tackle corporate banking challenges

Tags: Banking and financeFinastra (www.finastra.com)MashreqUnited Arab Emirates
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Finastra and Mashreq Bank want to rethink corporate banking Wissam Khoury, Managing Director, Middle East and Africa, Finastra (Supplied)
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By  Kevin Sebastian Published  April 9, 2019

Finastra and Mashreq Bank, recently came together in Dubai, for a workshop around the future of corporate banking. Over 40 bank customers and participants, including CFOs and SVPs from the telecommunications, utilities and transportation industries, took part in the conversations to identify challenges that face the industry, and how best to tackle them.

The power of emerging technologies such as AI, Machine Learning, Blockchain and Digital personal assistants, which provide an opportunity for banks to enhance their corporate banking offerings, were some of the key themes emerging as areas of focus for the industry.

Karim Labadi, Managing Director, Head of Global Transaction Banking at Mashreq Bank, said, “Over the last decade the UAE has experienced a significant economic expansion, particularly in the technology and financial services industries. Driven by a digitally savvy market, endless innovations have seen the day, noticeably in retail banking. Our vision at Mashreq Bank is to bring these innovations into the corporate world to better serve our customers. Mashreq Bank is dedicated to delivering next-generation digital banking experiences that will keep us at the forefront of the banking industry, and this workshop organized with Finastra was a vital step in improving our corporate offering.”

The event was designed to support Mashreq Bank’s ongoing digital transformation journey, enabling senior business executives to discuss the growing impact of technology on the corporate sector.

Wissam Khoury, Managing Director, Middle East and Africa at Finastra, said: “Financial institutions in the Middle East are exploring ways to drive innovation, reach new customers and expand their revenue streams. Offerings in corporate banking have traditionally lagged behind retail, but Mashreq is a true visionary, spearheading changes in this region. It is a privilege for us to team up with them on this project and lead discussions that will shape its future and that of its customers. We look forward to continuing to work with them in the future.”

Ganapathi Bhat, Senior Vice President – Treasury and School operations at GEMS Education, who attended the event, said, “The idea of a workshop is very creative as it offers a platform for banks to understand their customers’ requirements and gives customers a chance to explore new experiences. Both banks and customers want real-time results, and going digital allows the day-to-day operations to be less mundane, which ultimately benefits both parties.”

Nader Aboushadi, Group Treasurer, Al Fahim Group, also in attendance, said, “Mashreq Bank has always led the way in terms of innovative services and keeping their customers at the center of what they do. The workshop with Finastra and Mashreq shows that they are leading transformations not only with retail customers but corporates too. We’re looking forward to seeing some of the ideas discussed come to life in the future.”

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