14 February 2016· Mashreq, the first bank to go live with the Al Etihad Credit Bureau advanced Application-to-Application (A2A) feature.
· Retrieving & using credit data will be streamlined across all users within a bank through full system to system integration.
· The automation of internal processes will ensure a higher level of security and confidentiality as data will be extracted and analyzed with limited human intervention.
· Retail branches will have the ability to make on-the-spot loan decisions in accordance with the risk appetite set by the bank through its own internal systems that now includes valuable data from Al Etihad Credit Bureau.
Dubai, UAE - Al Etihad Credit Bureau, the UAE's credit reporting company, launched the Application-to-Application (A2A) advanced feature in January, granting lenders direct access to the Bureau's database to extract that data they need and use it as direct input into their own decision-making systems. UAE's Leading financial institution, Mashreq has become the first Bank to enable this advanced feature.
Banks as well as finance companies and telecom operators can now start making use of the Application-to-Application (A2A)feature. In a typical scenario, an entity would be able to use personal information extracted from an Emirates ID chip, automatically use that information as input for making a credit report enquiry, retrieve a set of data fields chosen by the entity and input it directly into an internal decision-making systems in order to shoot back and an immediate response. This transformation is going to improve internal processing, eliminate human errors in data entry and ultimately benefit the customer in obtaining preapprovals on the spot.
Marwan Lutfi, CEO of Al Etihad Credit Bureau, said: "It is important to be at the forefront of digital integration and Application-to-Application (A2A) feature is the newest way of connecting to the company's database in a seamless and effortless manner. Banks, finance companies and telecom operators can now design internal decision-making systems that instantly read information from Al Etihad Credit Bureau and use it for customizing products, offers, services and rates while customers are being serviced. With Mashreq being the first bank to adopt this advanced feature, we believe that financial institutions will not only become more creative and innovative in the way they make use of such feature but also differentiate their offerings and services towards consumers."
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.
About Al Etihad Credit Bureau
Al Etihad Credit Bureau was established by Federal Law No. (6) of 2010 (dated 7 October 2010) regarding Credit Information. It was formed as a Public Joint Stock Company operates under the Articles of Association No. (18) of 2011 issued by the UAE Cabinet of Ministers (dated 5 July 2011).
It is mandated to collect data from Banks, Financial Institutions, and other Nonfinancial Institutions such as telecoms, government, etc., collate and produce Credit Reports to individuals and companies in the UAE with the objective of enhancing the UAE's financial and regulatory infrastructure. Both consumers and companies will be able to access the consented Credit Reports that include vital stats, credit information, payment behaviour and other information to assist lenders and customers in making responsible lending or borrowing decisions, understanding debt obligations and exposure and accessing credit facilities in line with international best practices.
Mashreq is the oldest bank in the UAE with an extensive branch network across the Emirates. Mashreq is also present in 11 countries outside UAE with 21 overseas branches and offices spread across Europe, USA, Asia and Africa providing a comprehensive range of international financial services. Established in 1967, Mashreq has established itself as a market leader by delivering award-winning customer experiences and innovative thinking across its financial products and services. Mashreq's various banking divisions cater to its own unique specialisms and expertise and include: Corporate Banking, Retail Banking, International Banking, and Innovative Treasury Services. The bank also allows for customers to experience Sharia'h Compliant financial banking solutions. As a leading financial institution, Mashreq is committed to supporting every community it serves. In the UAE, the bank pays particular attention to recruiting, training, and developing UAE National employees. Mashreq is the only financial institution in the UAE to have been awarded the CSR Label by Dhabi Chamber for five years in a row.
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© Press Release 2016