Mashreq bank mulls branchless future
Dubai-based Mashreq is planning its future as a branchless bank, according to a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony.
With the rise in digital banking, Al Ghurair used the speech to express his understanding of the real world; and set out the bank’s vision of job cuts and embracing new technologies.
Gulf News, Gulf Business News, Albawaba and Khaleej Times all reported that Al Ghurair says it would soon be launching “a bank without branches”. Banking Technology expects this to be a digital bank aimed at millennials.
“Machines will start replacing a lot of processes, and jobs,” he says. “In fact, we have eliminated simple work that we used to do. The future for employees is not in repetitive work.”
Al Ghurair did offer some specifics, as in his view a bank’s staff structure is comprised of 20% in the front office and helping customers, with the rest behind the scenes.
“This 80% will be eliminated from the bank by use of technology,” he says. This appears to be a much longer term goal.
Nothing is confirmed yet and there has been no official release.
But the bank says it will make the announcement official after Ramadan – which this year ends in late June.
