Digital Banking

UAE-based Mashreq, one of the Middle East's oldest banks, has initiated a significant overhaul of its international operations through a strategic deployment of Oracle Financial Services (FS) solutions. The move aims to modernize and streamline operations across key hubs such as Hong Kong, the US, and the UK. Central to this transformation is the adoption of Oracle's flagship core banking solution, Flexcube, which replaces Mashreq's existing legacy systems, including those from Temenos. This decision underscores Mashreq's commitment to enhancing operational efficiency and customer service on a global scale. In addition to...

J.D. Power's latest survey on retail banking satisfaction highlights the growing concern among bank customers regarding their financial product offerings and customer service quality. With the proliferation of advertisements promoting higher CD rates, customers are experiencing a fear of missing out (FOMO) and questioning if they have the best financial products mix. This apprehension could lead customers to switch deposits elsewhere if their banks fail to meet their service expectations and offer competitive value. Notably, satisfaction with account offerings saw a decline, with customers increasingly considering alternatives that provide...