Mashreq: Digitising the entire credit card life cycle

As the world moves towards Digital, consumers also want digital-first products that provide them with the convenience of 24/7 access on the go, without having to deal with the bank’s working hours, standing in queues or waiting for key officers.

Recognising the implications of this customer behaviour, Mashreq moved towards a fully digital application journey for credit cards. Mashreq’s Credit card onboarding journey is 100% paperless, contactless and digital. Customers can apply for a credit card from anywhere, anytime without the hassle of visiting a bank branch for any documentation or verification. Upon completion of the digital journey in a few clicks, the customer gets an instant digital version of their card which they can use to shop online at their favourite e-commerce sites and apps, as well as use their digital wallets (Apple pay, Samsung pay, Google pay). All of these without having to wait for their physical card delivery.

The instant digital card feature is also applicable to Mashreq’s co-branded cards. Mashreq has a seamless integration with its co-brand partner ‘noon’ where, if a customer applies for a card, the card details get updated instantly on the noon app to enable purchases and allow automatic customer enrolment into the noon VIP program.

The initiative was so successful for its innovation that recently, Mashreq Bank was awarded, Winner, Outstanding Digital Acceleration in response to COVID-19 and Highly Acclaimed, Best Pure Play Digital Initiative.

“With an aim to make digital channels the first touch point for all customer interactions with the bank, we have digitised the entire life cycle of credit card usage to enhance the customer experience throughout the relationship. A customer can avail of any of our portfolio or instalment products digitally through our mobile app or online banking instantly and straight through with no sales involvement or manual interaction,” said Kartik Taneja, Head of Payments & Consumer Lending, Mashreq Bank and Chairman of Neopay, a fully owned subsidiary of Mashreq.

Customer experience and

satisfaction

Mashreq’s credit card onboarding journey is highly focused on customer experience and satisfaction. A seamless customer experience, quick application and 100% digital journey are some of the features that make this card unique. Other service features such as card cancellation, setting transaction limits, and restricting a few merchants or countries for card usage can all be done using Mashreq Online or Mobile App. The Bank provides instant cancellation of Pay Protect, an embedded insurance on credit cards clubbed with reversal of billed premium on its online platforms.

In addition, Mashreq’s rewards program, which allows Salaam points to be exchanged for miles on Etihad and Qatar Airways, is also digitally managed end-to-end via online and Mashreq Mobile App.

A rundown of the unique features of the product:

• Digital - customers can apply for a credit card from anywhere, anytime without the hassle of visiting a bank branch for any documentation or verification.

• Paperless - with its 100% digital onboarding journey, there is no need for paperwork or lengthy processes, which can be a source of frustration and inconvenience for customers.

• Contactless - no physical interaction is required for applying for the card. Also, the cards issued are enabled with contactless technology for payments.

• Instant digital card - keeping in mind the need for the customer to make use of limited period offers/discounts, Mashreq has launched the Instant Digital card feature. The instant digital card has been carefully designed to ensure the safety of the credit card as well as the convenience of customers.

• Digital Wallets - digital wallets make online and in-store shopping easy and secure. Mashreq offers more convenience and security by making it possible for customers to add their Credit Cards to Apple Pay, Samsung Pay and/or Google Pay, in just a few clicks.

Top line growth

In digitising the entire credit card life cycle, Mashreq Bank banks on a strategy of convenience and scalability to achieve top-line growth.

From the point of application of a credit card to the process of issuance of a new credit card, efficiency is achieved through the digital integration of key processes. From verification of documents to salary verification, credit checks etc, neither the customer nor the bank officer has to attend personal, face-to-face meetings – all actions are done digitally with shorter turnaround time.

In addition, to ensure maximum reach and make customers aware of the Bank’s latest offerings, Mashreq relied on various marketing platforms, with a digital-first approach. Using digital marketing, Mashreq ensured that it reaches out to its entire target audience irrespective of the reach of its branch network or reach of direct sales officers. Virtually the entire market is open for advertising and customers can apply for a credit card at any time from any place.

Through these efforts, Mashreq saw an increase in the number of new acquisitions. The Bank also got access to a much larger number of customers month on month. These customers helped grow revenue by virtue of their spending and borrowings as well as offer opportunities to cross-sell other banking products and services to them. With Digitisation, Mashreq’s customers are now more engaged with the bank and the transparency in the process has led to greater trust in the products and services, which translated to higher activity and ultimately, higher revenue per customer.