Mashreq NEO to become first Digital Bank in UAE to use Facial Recognition for Bank Account openings
- Mashreq NEO collaborates with Ministry of Interior (MOI) to introduce an innovative face biometric based digital account opening process
Dubai, UAE – 12 October 2021: As part of the efforts to implement the directives of the UAE government in enhancing the quality of life for the Emirati community and its quest to sustain scientific and digital excellence, Mashreq NEO, the full-service digital bank from Mashreq Bank, today announced that it will enable residents to conveniently open a bank account using facial recognition technology.
The initiative, launched in collaboration with the UAE’s Ministry of Interior, leverages the ministry’s existing facial recognition verification system, which uses state-of-the-art technology to validate and authenticate Rightful holder of official Document in real time against government databases to safeguard against fraud. This process, in turn, enables customers to open their new accounts securely and seamlessly
Starting from early November 2021, new customers of Mashreq NEO will be able to access banking services by simply scanning their Emirates ID and using their face as their primary authentication method; eliminating the need to visit a bank branch, as well as making the process more secure.
Fernando Morillo, Senior Executive Vice President, Group Head of Retail Banking, Mashreq Bank, said: “We are delighted to launch this service , the first of its kind by a digital bank in the UAE, in collaboration with the Ministry of Interior. Capitalizing on the latest facial recognition technology, our customers’ identities will be verified instantly through artificial intelligence, thus providing our customers with a convenient and seamless experience without compromising on their data security. The service builds on the UAE’s leading digital agenda, and at Mashreq, we see biometric technologies such as this playing a larger role going forward, as customers look for safe but convenient ways to conduct their financial transactions and benefit from a superior customer experience.
Lt. Colonel Dr. Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at General Directorate of Security Support, MoI said that “We are keen to develop our relations with all national institutions to benefit from modern technologies and the distinguished infrastructure of the UAE Government. This aims to achieve the directions of the UAE government and the vision of UAE wise leadership in enhancing the quality of life of the Emirati community by providing modern and updated services that meet the needs of customers.
He stressed that we are working to expand the integrative work with all institutions in the public and private sectors and support them in enhancing the security of digital transactions and services in the face of the challenges of the times and technical developments in which The Ministry has invested in new technologies, including the facial recognition, and its employment and generalization of its use to achieve the directives of the UAE government.
He expressed his happiness to collaborates with Mashreq Bank to enhance the services provided by this prestigious banking institution through fruitful collaboration whose main objective is the public interest and expanding the scope of benefiting from technologies in the services provided.
Sridhar Iyer, Executive Vice President and Head of Mashreq NEO and Liability Products, Mashreq Bank, added: “Facial Recognition verification system allows customers to open a bank account instantly, in a secure as well as seamless manner. As a bank, we strive to continuously offer innovative products and services to our customers to conduct their daily digital financial transactions with complete ease and peace of mind.
He added that the Ministry of Interior’s facial recognition system provides improved security and enhances “infrastructures compatible with the needs of biometric identification of people and digital document holders” that use the latest facial recognition technology to complete identity verifications in seconds.
To open a Mashreq Neo account in just 3 minutes, customers simply scan their Emirates ID by tapping it to the Smartphone, confirm details and take a selfie. The account will be opened, and the debit card delivered to their doorstep
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 in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our 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 across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World’s Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.
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