Discover how Mashreq, a financial institution in the MENA region, has implemented Electronic Facial Recognition (EFR) for its wholesale banking customers.
For its wholesale banking customers, the financial institution Mashreq in the MENA region has used Electronic Facial Recognition (EFR). Large business banking clients can now open bank accounts without providing a physical signature thanks to the change.
Mashreq’s wholesale banking customers in the UAE can now open an account entirely online and without paper. Customers can now submit required papers and enter their information via a web-based account opening process.
To minimize data entering, Mashreq’s computers automatically scan and read every piece of information that is provided to it. Any signatories with valid Emirates IDs may use their mobile devices to upload their sample signatures and grant consent using electronic facial recognition after the application has been evaluated and completed.
EFR is a five-second live video broadcast that uses the database of the UAE Ministry of Interior to verify the user’s identity.
Instant digital consent is available from any location in the world
Mashreq’s group head of corporate and investment banking, Joel Van Dusen, spoke about the necessity of implementing EFR.
Van Dusen stated: “This solution gives exactly what Mashreq’s aim of enabling creative options with a seamless experience for our clients promises. Some banks are still requiring over 50 signatures on hundreds of pages to register a corporate account in 2023.
On the other side, we are really happy of our path. In 2022, we released the one-page account opening form and decreased the number of signatures needed from 50 to one. We completely did away with the wet signature in 2023.
The freedom and flexibility the new feature offers Mashreq’s banking clients was also noted by Rania Nerhal, chief client experience and conduct officer: “While many retail banks offer digital technology and solutions to retail banking customers, the same is frequently missing for wholesale banking clients.
“Mashreq is one of the first banks to address this issue and provide signatories for wholesale clients with such a user-friendly solution. Due to frequent travel by high-profile signatories in such major organizations, account opening procedures used to be delayed while signatories were abroad.
Finally they can give rapid digital consent for account opening from their home, office, or anywhere in the world using our EFR service. Additionally, the entire operation only takes two minutes.