Mashreq Bank’s digital shift paves the way for a greener future

Mashreq Bank’s digital shift paves the way for a greener future

Mashreq Bank’s strategic shift from traditional banking to digital platforms is making a substantial environmental impact, according to a senior official of the bank. During a conversation on the sidelines of COP28 in Dubai, Fernando Morillo, the Group Head of Retail Banking, said the transition from traditional banking methods to digital platforms not only enhances convenience for customers but also significantly reduces carbon footprints.

He noted that the strategic move toward digitalisation by banks like Mashreq has considerably minimised carbon emissions associated with physical branch visits and commuting, facilitating a double-win situation. “Digital is one of the ways to avoid carbon emissions. Remember those days when we all used to go to branches once, twice, thrice a week? With that comes all the carbon emissions of going with your car, parking your car and going back home or back to work. Now you can do it just with a tap on your smartphone. That is something that has had a huge impact on the way we operate,” he said.

Morillo noted that the plastic implication in physical cards is a concern, as the sheer volume of credit and debit card plastics renewed every few years amounts to millions of units.