Mashreq introduces ‘Electronic Facial Recognition’ to secure onboarding for corporate clients

Mashreq introduces ‘Electronic Facial Recognition’ to secure onboarding for corporate clientsBy Delisha FernandesToday Bankscorporate accountdata entry ShareMashreq, a financial institution in MENA, has introduced Electronic Facial Recognition (EFR) for wholesale banking clients, allowing large corporate clients to open bank accounts without wet signatures. The account opening process for UAE-based wholesale clients is now fully digital & 100% paperless. Rania Nerhal, Chief Client Experience & Conduct Officer at Mashreq, said: “While many retail banks offer digital technology & solutions to retail banking customers, the same is often missing for wholesale banking clients. Mashreq is amongst the first banks to solve this and offer such a customer-friendly solution to signatories of wholesale clients. Even in 2023, some banks continue to ask for over 50 signatures on hundreds of pages to open a corporate account.”