DUBAI, UAE, June 13, 2019 /PRNewswire/ -- Mashreq Bank, one of the leading financial institutions in the UAE, 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.
The Asian Banker Middle East and Africa Awards Programme is referred by prominent global bankers, IT consultants and academics, and is the most prestigious of its kind in West Africa. The awards ceremony was held in Dubai, UAE on March 21st, 2019.
About Mashreq Bank:
Mashreq Bank is one of the UAE's best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices across Europe, Asia, Africa and the US, and a strong presence in all the financial capitals of the world. As the oldest bank in the UAE, our 51-year-old journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart. It also continues to win us numerous awards and accolades in all the fields of banking we operate in – Digital, Corporate, Retail, International, Treasury and Islamic, and across the multiple banking channels we deploy – mobile, digital, online, traditional and telephony. Mashreq is proud to be the only institution in the UAE to be awarded the Gallup Great Workplace Award for six consecutive years from 2014 to 2019.
For more information visit https://www.mashreqbank.com
About Newgen Software:
Newgen Software Technologies Limited is a provider of Business Process Management, Enterprise Content Management and Customer Communication Management platforms with large, mission-critical solutions deployed at world's leading Banks, Governments, BPOs and IT Companies, Insurance Firms and Healthcare Organizations.
For more information, please visit https://newgensoft.com/
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