Mashreq introduces UAE's first account opening through mobile

No more branch visits to open accounts. 

Dubai, UAE, May 16, 2016:  Want to open an account, but are delayed by queues and long waiting times? Mashreq, one of UAE’s leading financial institutions has rolled-out a new concept of an E-Account - the only 100% online current account - where UAE residents can open a bank account via the Bank’s Website. It is a simple and an effortless process. 

As the only bank in the UAE which is able to digitally on-board new customers, the launch of the E-Account reaffirms Mashreq’s commitment to innovation and  extend its technology to almost every part of its customers’ lives to offer convenient banking.

The new E-Account allows customer to open an account online without the need to leave their home. New customers who wish to apply for a current account can simply now do so online. All the applicant needs to do is to fill in E-Account form and upload the required identification documents. The new account will be opened and an account number & IBAN no. will be generated immediately without the need to further visit any Mashreq branch physically; Mashreq Representative will schedule an appointment with the customer at his convenience to complete KYC process required by the bank.  

Aref Al Ramli, Regional Head of Digital Banking at Mashreq commented: “In the near past, paperless on-boarding seemed like an impossible idea. Today, we made that possible through advanced technology and our determination to continue in the path of innovation which is in our DNA. Whether it is via Desktop or Mobile, a bank account can be opened instantly. At Mashreq, we are constantly working ahead to ensure that we have technology and the required capability working hand in hand to make us we offer to customers what we call innovative banking. The E-Account is yet another example of our efforts to migrate our current physical and traditional distribution channels to create a future-proof business model.”

Customer can have instant access to Mashreq Online and Snapp Mobile banking application by registering using the account number generated and can make an initial deposit using online transfers or any of Mashreq Cash Deposit machines available across the country. This feature is the first of its kind in the region allowing easy on-boarding of new customers to the bank.

Tooran Asif, Regional Head of Personal Banking at Mashreq said: “We want to create instant and digitally-driven solutions – and the new E-Account allows us to do just that: making banking a seamless part of our customers’ lives. With most banks, new customers have to visit the branch to complete the account opening process; often associated with queues, delays and, essentially, frustration. The E-Account challenges all that, making the process of account opening a lot less cumbersome and much more rewarding.”