This article was originally published in the Brand Finance Banking 500 2024 report
Mashreq has made a significant leap in this year's Banking 500, climbing nearly 50 ranks to secure its new ranking of 164th. As the fastest-growing banking brand in the Middle East, Mashreq's value surged 44%, accompanied by an upgrade in its brand strength rating from AA- to AA. This progress is fuelled by a customer-centric approach, emphasising technological innovation and personalised service. Dive deeper into Mashreq's journey of growth in an interview with Ahmed Abdelaal, the Group Chief Executive Officer of Mashreq.
Group Chief Executive Officer,
Mashreq
This year Mashreq was named the fastest growing Middle East brand in the Banking 500 and the brand has grown about 200% over the last 3 years. What are the key steps Mashreq has taken over the last years to achieve this continued brand success?
Mashreq’s journey over the past few years is testament to strategic foresight and an unwavering commitment to our core values, which have positioned us at the forefront of the banking industry's evolution. Our philosophy is centered around offering experiences, not just financial products, with a focus on providing solutions that enhance these experiences for our customers. In our pursuit of excellence, we have created a solid foundation in the form of our comprehensive range of easily accessible banking solutions, underpinned by world-class customer service.
A significant milestone in our digital transformation journey has been the consolidation of our digital banking apps into the single Mashreq UAE app, providing our customers with seamless access to our extensive suite of financial services and significantly enhancing the overall customer experience (CX). By opening up our banking platform to partner services and products, we ensure that our customers view their relationship with Mashreq as a gateway to a comprehensive suite of life solutions— both financial and non-financial. Our people and innovation are also central to our success. We prioritize creating a collaborative culture and empower our team with the knowledge and skills needed to meet the business's evolving demands. And by leveraging cutting-edge technology, we have developed an ecosystem that supports the delivery of simplified, integrated, and impactful digital solutions, which now represent a significant portion of our business.
Sustainability is an integral element of success for Mashreq and in 2023, in collaboration with ecolytiq and Visa you launched the first climate banking platform in UAE and MENA: how do you see sustainability shaping the way?
Sustainability is fundamentally transforming branding, driving businesses toward a future where success is deeply interlinked with positive societal and environmental impacts. At Mashreq, our commitment to sustainability is evident in our actions and strategic direction. We are dedicated to creating shared value for all our stakeholders, in alignment with our 'Rise Responsibly' ethos. This is achieved through our unwavering commitment to sustainable financing and continuous improvement across ESG metrics. Our ambition to facilitate $30bn in sustainable finance by 2030 is a testament to our commitment to supporting our clients on their Net Zero transition journeys, while simultaneously reducing our operational footprint. The launch of Climb2Change, a comprehensive initiative that encapsulates our broad ESG efforts, marks a pivotal moment in our journey. This initiative not only showcases our achievements in sustainable financing and responsible banking but also our dedication to accelerating environmental and social impacts globally.
How has the company adapted to emerging trends and technologies, and how has this influenced Mashreq’s brand positioning in the market?
Mashreq embraces emerging technologies and trends like artificial intelligence, data analytics, and open banking. This is clearly evidenced by our digital offering, with Mashreq NEO now the strongest digital banking brand in the UAE.
Our strategic focus on technological advancements has not only differentiated Mashreq in a competitive market but also enhanced customer experiences through personalized, efficient, and secure banking solutions. Our initiatives showcase our commitment to digital innovation and financial inclusion, further solidifying our reputation as a forward-thinking, customer-centric bank.
Our strategic approach to leveraging cutting-edge technologies and adapting to digital trends has significantly boosted Mashreq's brand positioning, underlining our leadership in the global banking sector. Our brand remains relevant, agile, and resilient, poised to meet the evolving needs of our customers and the challenges of a dynamic financial landscape.
