AbdulAziz Al Ghurair, Mashreq CEO, commented: “We are pleased to be the First bank to go live with the new Application-to-Application (A2A) feature. This is yet another industry first for Mashreq and reflects the Bank’s values in embracing new technology and staying ahead of the market. This automated feature will allow us to service our customers better since processing loan applications will be seamless, error free and most significantly enable faster turnaround. Overall this will also help improve productivity and efficiency by enabling straight through processing. Credit Bureau is an important initiative for the banking sector in UAE to enable prudent lending and is expected to improve portfolio quality over time. We fully support this initiative and will continue to use this facility to simplify processes and enhance customer experience.”
Through Application-to-Application (A2A), credit information will be readily accessible by credit lenders around the clock, virtually enabling sales forces and retail branches to make decisions according to defined credit parameters set at the corporate level in each institution. This in turn enables corporates to plug specific data where needed in their own systems to take decisions using the valuable data from the Bureau that has never been available through such a mechanism in the past.
Mashreq Bank is the first to start leveraging this service and several other institutions are scheduled to go live with this feature this year. Application-to-Application (A2A) feature is one of the many innovative value-added services that will be launched this year by Al Etihad Credit Bureau. It is available as an advanced feature for all corporate subscribers.