Skip to content
Tiatra, LLCTiatra, LLC
Tiatra, LLC
Information Technology Solutions for Washington, DC Government Agencies
  • Home
  • About Us
  • Services
    • IT Engineering and Support
    • Software Development
    • Information Assurance and Testing
    • Project and Program Management
  • Clients & Partners
  • Careers
  • News
  • Contact
 
  • Home
  • About Us
  • Services
    • IT Engineering and Support
    • Software Development
    • Information Assurance and Testing
    • Project and Program Management
  • Clients & Partners
  • Careers
  • News
  • Contact

Customer centricity: How Mashreq Bank is placing its customers at the forefront of its operations

Q. Could you share some facts and figures about Mashreq’s digital transformation process over recent years? How did these changes help improve your business performance last year?

A. Mashreq’s digital transformation in recent years has been both profound and customer-centric. Our primary goal has always been to innovate in ways that directly benefit our clients, ensuring that our products and processes, particularly in technology, are tailored to meet their evolving needs and daily demands. This approach has significantly enhanced the customer banking experience.

In our journey of digital transformation, we have embraced advanced technologies to improve operational efficiency and customer service. This strategic move has seen a marked increase in online transactions and digital customer engagements. Over the last fiscal year, these efforts have yielded notable improvements in business performance, with increased customer satisfaction, more efficient processes, and higher overall productivity.

As we expand our retail and corporate presence across the Middle East, Asia, and Africa, data residency compliance is a key focus. We are adopting Private Cloud Technology to meet these needs, with Oracle Exadata Cloud at Customer (ExaCC) being a pivotal technology solution for our database workload.

At Mashreq, we are redefining traditional banking by always placing our customers at the forefront of our operations. Our commitment to being a challenger bank drives us to offer innovative, digital-first solutions like Mashreq Neo and Neo NXT, which provide unmatched convenience and efficiency. Moreover, our Wholesale Banking division is crucial in delivering customized solutions to our corporate clients, further establishing our position as a leading bank in the region.

Q. What are the different kinds of technology that Mashreq has been investing in to upgrade its banking system and services in recent years? How is the progress of implementing a digital core banking system to accommodate Internet banking payment services and digital payments at Mashreq at the moment?

A. At Mashreq, we have been focusing on using new technologies to make our banking services better and more modern. We are using cloud technology to bring digital solutions to our customers. This includes using blockchain for safe and transparent transactions, artificial intelligence to create a more personal experience for our customers and making our mobile banking platform easy to use. We have made great progress in developing a digital system for online banking and digital payments. This system works well and helps us quickly adapt to new changes in the digital world.

Blockchain is really important for us, especially for safe transactions that cross borders. Cloud computing helps us work more efficiently and handle more customers without slowing down. Our platforms like Neo and NeoBiz are designed to be quick to respond to what the market needs. NeoBiz is specially designed for new companies, showing our support for new and growing businesses.

Q. Mashreq initiated a strategy to modernize its core systems globally, aiming for open, modular, and scalable solutions through infrastructure upgrades. For this, Mashreq has deployed the Oracle Exadata Cloud Customer solution. Could you tell us what was the problem you needed to solve and why did you decide to work with Oracle?

A. Mashreq embarked on a strategic initiative to modernize its global core systems, aiming for solutions that are open, modular, and scalable through crucial infrastructure upgrades. This journey led us to Oracle’s Exadata Cloud@Customer (ExaCC), a technology solution meticulously engineered for Oracle Database workloads.

The primary challenge we aimed to address was updating our outdated infrastructure to achieve greater scalability and agility. After thorough research, Oracle’s Exadata Cloud at Customer emerged as the ideal solution. This choice was bolstered by third-party benchmark reports, which highlighted significant advantages such as approximately 35% lower total cost of ownership (TCO) compared to traditional solutions. Furthermore, we noticed a 30% improvement in performance efficiencies for Oracle workloads and in the processing of the bank’s Profit & Loss and Balance Sheet generation.

Our decision to partner with Oracle was driven by its established reputation and expertise in financial technology solutions. Oracle’s ability to seamlessly integrate various IT infrastructure components into a cohesive and efficient system was a decisive factor.

Looking ahead, Mashreq is committed to continuing our investment in digitalization. We are transitioning our workload to Hybrid Cloud technology, which will enable us to streamline engineering, ensure data residency compliance, and accelerate our speed to market. This move is a key part of our strategy to maintain agility and efficiency in our operations, keeping us at the forefront of technological advancement in the banking sector.

Q. What benefits this partnership is bringing to Mashreq?

A. Oracle Exadata Cloud at Customer brings numerous benefits to Mashreq Bank. The unified solution simplifies IT infrastructure management, enhancing overall efficiency. Database-level performance issues with legacy hardware are addressed, ensuring optimal performance for critical financial applications. The solution also offers substantial cost savings, aligning with our commitment to efficiency and financial prudence. Additionally, this deployment serves as the foundation for upcoming projects, solidifying our commitment to staying at the forefront of technological innovation in the banking sector. 30% better performance in key processes and 35% lower TCO compared to legacy solution.

Q. What are some of the new technological investments that Mashreq proposes to do this year?

A. This year, Mashreq is steadfast in its journey towards technological excellence, with a focus on several key areas to enhance our banking services. We are looking to make significant advancements in Big Data, General AI, AI, and Machine Learning (ML) to further personalize customer interactions. A major emphasis will be on establishing a responsible AI framework to govern and protect customer data effectively.

We are also exploring the potential of decentralized finance (DeFi) and are committed to strengthening our cybersecurity measures. This step is crucial for ensuring the highest level of protection for our customers’ financial data. Additionally, we plan to invest in emerging technologies that promise to augment our digital banking services, offering our customers greater convenience and security in their financial dealings.

A pivotal aspect of our strategy is expanding our reliance on Oracle Exadata Cloud at Customer (ExaCC). This move highlights the advantages of accessing cloud features while continuing operations within the Mashreq Data Center. It ensures compliance with data residency laws and strengthens our cybersecurity framework.


Read More from This Article: Customer centricity: How Mashreq Bank is placing its customers at the forefront of its operations
Source: News

Category: NewsNovember 26, 2024
Tags: art

Post navigation

PreviousPrevious post:Generative AI in healthcare: benefits and challenges according to CIOsNextNext post:UAE President announces establishment of the AI and Advanced Technology Council

Related posts

Barb Wixom and MIT CISR on managing data like a product
May 30, 2025
Avery Dennison takes culture-first approach to AI transformation
May 30, 2025
The agentic AI assist Stanford University cancer care staff needed
May 30, 2025
Los desafíos de la era de la ‘IA en todas partes’, a fondo en Data & AI Summit 2025
May 30, 2025
“AI 비서가 팀 단위로 지원하는 효과”···퍼플렉시티, AI 프로젝트 10분 완성 도구 ‘랩스’ 출시
May 30, 2025
“ROI는 어디에?” AI 도입을 재고하게 만드는 실패 사례
May 30, 2025
Recent Posts
  • Barb Wixom and MIT CISR on managing data like a product
  • Avery Dennison takes culture-first approach to AI transformation
  • The agentic AI assist Stanford University cancer care staff needed
  • Los desafíos de la era de la ‘IA en todas partes’, a fondo en Data & AI Summit 2025
  • “AI 비서가 팀 단위로 지원하는 효과”···퍼플렉시티, AI 프로젝트 10분 완성 도구 ‘랩스’ 출시
Recent Comments
    Archives
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    Categories
    • News
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Tiatra LLC.

    Tiatra, LLC, based in the Washington, DC metropolitan area, proudly serves federal government agencies, organizations that work with the government and other commercial businesses and organizations. Tiatra specializes in a broad range of information technology (IT) development and management services incorporating solid engineering, attention to client needs, and meeting or exceeding any security parameters required. Our small yet innovative company is structured with a full complement of the necessary technical experts, working with hands-on management, to provide a high level of service and competitive pricing for your systems and engineering requirements.

    Find us on:

    FacebookTwitterLinkedin

    Submitclear

    Tiatra, LLC
    Copyright 2016. All rights reserved.