UAE’s leading financial institution, Mashreq Bank and Newgen Software were awarded the Best Process Automation Initiative in the Middle East at The Asian Banker Middle East and Africa Awards Programme 2019.
Mashreq bank engaged Newgen to introduce a QR code-based remittances for its retail and corporate banking operations to optimise processing of payment cases initiated from branch channel. The implementation enabled the bank to reduce average processing time by 30%, reduction of 90% data entry fields at branches and back office, and a 100% elimination of errors, ultimately leading to an overall increase in customer satisfaction.
The bank is using Newgen’s solution to migrate existing forms to QR Coded forms to eliminate data entry by agents at branch and back office. This was earlier split across multiple processes with manual data entry. The solutions provided have automated the data entry process at branches and operations, referrals through mails and mobile app and communications through SMS and e-mail to customers. This has enabled the bank to drive faster processing, reduction in referrals and assure traceability and transparency to end customers.
“Over the years, Mashreq has focused on an innovation-led strategy to transform its banking operations and to address changing customer needs. We have taken several strides to boost our offerings and provide an unparalleled experience to our customers. We thank Newgen to be a reliable partner in our digital transformation journey,” said Sridhar Karlapudi, SVP, Head – Centralised Payments and O & T (International Banking Group), Mashreq Bank.
“Newgen strives to help its clients in providing seamless, convenient, and secure banking services to their customers, through the right set of technological offerings. This award reinforces our continued commitment towards ensuring our clients have the best technology to reinvent their workplace,” said Diwakar Nigam, Chairman and Managing Director, Newgen Software.