Dubai bank Mashreq Bank has introduced a new branch format as part of its digital transformation strategy. The bank said in response to the evolving customer needs, it will now have distinct types of branches – Full Format, Express, Express Business, Express Gold and Smart branches. Dubai and the gulf region in general have been seeing vast changes in customer habits, with majority of customers shifting to online and mobile banking while many customers seek advisory services at the branch. The new branch format blends digital innovation with the services of a traditional branch, with an increased focus towards automated services. The bank said it is providing services of staff to assist customers for transactions, through digital devices. Subroto Som, executive vice president and head of Retail Banking Group at the bank, said the financial sector in the region and beyond is witnessing a digital disruption. The changes in customer behavior and developments in technology have led banks to transform their networks into futuristic formats to make it more convenient to customers. Som also said the bank will close 12 of its branches by June as it shifts some of its business online. He said by the middle of the year the number of branches would go down from 39 to 27 and there will be 2 new smart branches.
