Exclusive: In Conversation with Mohamed Abdel Razek – Mashreq

Kasun Illankoon, Editor-in-Chief at Tech Revolt, spoke with Mohamed Abdel Razek, Mashreq’s Group Head of Technology, Transformation & Information, to discuss the bank’s approach to innovation, AI integration, cybersecurity, and its broader strategy in the fintech landscape.

With nearly 30 years of experience in technology leadership roles, Mohamed has played a pivotal role in shaping digital transformation strategies for multinational corporations. Before joining Mashreq, he held senior positions at Standard Chartered Bank, where he served as Chief Technology and Operations Officer for Africa & the Middle East, and British American Tobacco, where he led global technology services.

Mashreq, known for its forward-thinking approach, has been a major driver of financial innovation in the Middle East. With a strong presence in key global financial centres, the bank has positioned itself as a challenger institution that continuously evolves to meet the demands of digital-first customers. Recognised as the fastest-growing Middle Eastern banking brand by Brand Finance in 2024, Mashreq continues to push the boundaries of digital banking, embedded finance, and AI-driven customer experiences.

In this exclusive interview, Mohamed shares insights on how Mashreq leverages technology to maintain its competitive edge, its approach to partnerships with fintech firms, and the role of AI in transforming banking operations. He also discusses how the bank is addressing cybersecurity threats while ensuring seamless and secure digital transactions for its customers.

1. Mashreq has been a pioneer in innovation. How would you describe its current approach to staying ahead in the fintech space?

Mashreq today holds a market-leading position because we have collectively demonstrated a steadfast commitment to innovation, customer-centricity, and operational resilience. We pride ourselves on being a forward-thinking, future-proof financial institution, which enables us to maintain our position as the region’s most progressive challenger bank.

Several years ago, we made the strategic decision to reduce our branch network by more than 85%, shifting our focus towards delivering a 100% digital banking experience. Our digital transformation initiative has enabled us to transition almost all customer-facing services to digital platforms, allowing seamless interactions for our customers—whether for daily transactions or complex wealth management. By integrating security features such as device binding, we ensure that security and trust remain top priorities.

We continue to prioritise financial inclusion by leveraging next-generation technology, as demonstrated by our recently launched Software Development Kit (SDK) on the Etisalat business, e& Mashreq NEO, within a super-app by Telco in Egypt.

Our approach—thinking like a digital company rather than a legacy bank—has been crucial to our success.

2. With AI transforming industries globally, how is Mashreq integrating AI into its banking operations?

At Mashreq, every customer journey today involves AI in some capacity. Each of our departments leverages AI to enhance efficiency and future resilience.

From an operational standpoint, AI technologies have enabled us to automate numerous back-office processes, accelerating customer service while freeing up our staff to focus on more complex enquiries.

From a customer perspective, AI allows us to hyper-personalise our solutions, tailoring our offerings to suit individual customer needs. This helps us to demonstrate a deep understanding of each customer and deliver solutions seamlessly and proactively.

We also leverage AI to enhance efficiency in risk management and fraud detection. By analysing transaction data in real-time, our systems can swiftly identify unusual patterns, allowing us to take immediate action to mitigate risks and enhance customer trust.

A prime example of our AI-driven approach is the Eagle Eye platform, designed to enhance financial crime risk management. This solution features advanced customer segmentation, enhanced location identification, and behavioural network analytics, reimagining risk signals and data sources while redefining customer-centricity by integrating Know Your Customer (KYC) and Anti-Money Laundering (AML) processes with cybersecurity and fraud risk management.

Additionally, to enhance productivity and innovation, we have deployed CoPilot to assist employees with everyday tasks such as drafting emails, preparing documents, and summarising meeting minutes. For developers, CoPilot has significantly improved coding efficiency, product quality, and code testing, while accelerating time to market. Many of our developers are now certified to maximise CoPilot’s capabilities, driving real-time innovation and the delivery of cutting-edge solutions.

3. Can you shed light on how Mashreq is leveraging technology to enhance customer experience?

Thanks to AI, customers can now access intuitive, personalised services around the clock from anywhere. Generative AI (GenAI) is taking this enhanced customer experience to the next level.

A prime example is our sophisticated AI-driven chatbot. Capable of managing over 80 different scenarios, this chatbot ensures 24/7 service, offering hyper-personalised, efficient, and precise solutions, with a 90% intent recognition success rate. It engages in natural, empathetic conversations with customers via text or voice, anticipates their needs, proactively presents solutions, and tailors interactions in real-time—ultimately enhancing the overall banking experience.

4. What role does software development play in Mashreq’s strategy to maintain regional dominance?

To maintain our leadership in the regional financial sector, we are committed to ongoing investment in technology and innovation. We proactively develop our own solutions to harness innovation strategically, ensuring we deliver maximum value to our customers.

We view technology, including software development, as a crucial tool to enhance operations and customer experience. This approach ensures we remain at the forefront of banking in our region and globally.

5. Fintech partnerships are reshaping banking—how is Mashreq collaborating with startups or tech companies to drive innovation?

We see collaboration with fintechs and other industry disruptors as essential to our goal of redefining banking in the region. Some of our partnerships have fostered a progressive, resilient, and innovative banking environment while strengthening our position as a market leader.

Our partnerships focus on advancing Open Finance, Open Banking, and Embedded Finance, elevating the digitalisation journey for our customers.

Our digital studio is developing new digital assets for fintechs. For instance, we are partnering with TradeStream to deploy our trade asset sell-down AI model.

We are also collaborating with a Turkish fintech firm to introduce securitisation of receivables—an initiative that will be the first of its kind in the UAE. Additionally, we are working with Newbridge, a homegrown startup disrupting the loan syndication and agency marketplace.

The synergy of innovative ideas and solutions benefits both sides and will continue to grow, with customer-centricity at the core.

6. Data security is critical in today’s digital banking era. How does Mashreq ensure robust cybersecurity while staying innovative?

Mashreq has a zero-tolerance policy for fraud. We continuously strengthen our cybersecurity measures by raising awareness among staff and clients, refining operational processes, and integrating robust security protocols.

We invest in IT infrastructure upgrades, advanced threat detection systems, enhanced security protocols, and multi-factor authentication to safeguard customer data and transactions. Additionally, we integrate security considerations into our digital customer journeys, prompting contextual risk awareness at various interaction points.

We employ machine learning and advanced analytics to identify and counteract cyber threats instantly. AI tools evaluate vulnerabilities, ensuring proactive protection for our systems and data. Blockchain technology further enhances secure transactions for international trade and remittances, providing an immutable ledger that mitigates fraud risks. Additionally, we use advanced encryption and conduct thorough security audits to protect customer information.

Cybersecurity is an ongoing journey, and we remain fully committed to upholding the trust our clients place in us. We will continue delivering seamless banking experiences while maintaining the highest security standards.

7. What has been Mashreq’s biggest transformation initiative recently, and how has it impacted operations or customers?

The expansion of Mashreq NEO has had a transformative impact on both operations and customer experience. We have introduced Mashreq NEO to new markets, including Egypt and Pakistan, and developed a family of sub-brands such as Mashreq NEOBiz, NEO PAY, NEONXT, and NEO CORP.

Our roll-out of Mashreq NEO CORP across multiple regional markets has been particularly impactful for our corporate clients, enabling a truly digital-first corporate banking experience.

Additionally, our Banking-as-a-Service partnerships have facilitated flexible payment solutions via Open Banking and Embedded Finance, significantly advancing our financial inclusion and digitalisation efforts.

These efforts have earned us significant industry recognition, including being named the Best Performing Bank in the UAE by The Banker for three consecutive years, the Fastest-Growing Middle East Banking Brand by Brand Finance in 2024, and the Strongest Digital Banking Brand in the UAE for Mashreq NEO in 2024, among many other accolades.

8. Looking ahead, what technologies or trends do you believe will shape the future of banking in the region, and how is Mashreq preparing for them?

The banking landscape is rapidly evolving, with digital-only banks on the rise and traditional banks introducing digital-first offshoots. Further integration of banks into digital ecosystems is also expected.

AI-driven hyper-personalisation is now a necessity, as consumers demand tailored and time-sensitive solutions. Accordingly, innovation-driven advancements such as Open Banking and Embedded Finance will continue to expand.

To remain ahead of the curve, we continue to invest in technology and innovation, developing proprietary solutions and forging meaningful partnerships that redefine customer interactions, making banking more intuitive and accessible.