Financial Institutions in the MENA Region Mashrek Introduced Electronic Facial Recognition (EFR) for its wholesale banking customers. The move allows large corporate bank customers to open bank accounts without a physical signature.
For Mashreq’s UAE-based wholesale banking clients, the account opening process is now fully digital and paperless. Customers can now use a web-based account opening process to enter information and upload mandatory documents.
All information sent to Mashreq is automatically scanned and read by its systems to minimize data entry.Once the application has been reviewed and completed, anyone with a valid signature emirates airlines ID You can also use your mobile phone to upload a sample signature and give your consent electronically face recognition.
EFR is a five-second live video feed that authenticates users against the UAE Ministry of Interior database.
“Instant digital consent…from anywhere in the world”
Joel VanDusenMashreq’s Head of Corporate and Investment Banking Group discusses the need to introduce the EFR.
Van Dusen explained: “Mashreq’s vision is to provide our customers with a seamless More than 50 signatures are required to open a corporate account.
“On the other hand, we are very proud of our journey: In 2022, we introduced a one-page account opening form and reduced the number of signatures required from 50 to one. In 2023, we eliminated wet signatures entirely.”
Rania NehalMashreq’s Chief Customer Experience and Conduct Officer also commented on the freedom and flexibility the new capabilities afforded to its banking customers: “While many retail banks provide retail banking customers with digital technology and solutions, wholesale banking customers often lack the same technology and solutions. plan.
“Mashreq was one of the first banks to address this issue and offer this customer-friendly solution to contracting parties for wholesale clients. Account opening is delayed because the signatory will be abroad.
“With our EFR solution, they can provide immediate digital consent Accounts can be opened from home, office or anywhere in the world. And the whole process only takes two minutes. “