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So far Adel has created 44 blog entries.

Why having a Banking Chatbots in 2020!

2020-09-14T09:36:55+00:002nd, September 2020|

Chatbots continue to make breakthroughs in the booming banking industry. During these unprecedented times, we have seen evidence worldwide of the effects the COVID-19 crisis and the outbreak of this pandemic on every sector and industry in the world. Due to the constant development in today’s technologies software applications like Chatbots have seeped through the banking industry aiding in overcoming challenges such as the global pandemic that is proven to be one of the biggest economic threats worldwide. 

The banking sector in specific is utilizing all the AI powered technologies they could use amidst this crisis to ensure that their service is available and working whilst maintaining a healthy working place to attract new customers and retain their existing customers. This could be seen in the full digital transformation that ensued in banks like mobile and online banking that Pio-Tech approaches in a creative and innovative way with certified and effective solutions. 

Why having a Banking Chatbot in 2020!

While some perceive the COVID-19 outbreak to be a threat to the continuity of the banking sector, it is observed that Chatbots have helped in: 

  • Delivering a personalized customer experience, where it is easily accessed and customers can tailor it to their needs anytime they want. 
  • Connecting the customer with their services in an easier, faster and simpler way. 
  • Fully transforming the customer experience, through giving them financial tips, detecting fraud through machine learning, assisting customers easily and lastly tailored marketing. 

Banking Chatbots can help form a positive customer experience through answering customer’s questions easily and efficiently as it is very easily accessed through a phone or laptop. They can also help in handling various banking activities.

Pio-Tech developed a sustainable solution (Chatbot PIBO) that ensures that the long process of customer support, checking balances, transferring money between accounts, loan application, and getting more knowledge on interest rates can be eliminated through their AI integrated Chatbot. Also, the Chatbot is able to recommend products for its users based on their data, therefore improving the marketing and sales of the bank.

As well as supporting the customers of the bank, Pio-Tech’s solution (Chatbot ABOT) also supports the management of the bank by displaying insights and real-time numbers of the branch/bank’s performance which enables them to make fast decisions and minimizes the time that’s usually spent on collecting this information.

In conclusion, I believe that our Chatbot solutions are pivotal to banks in the world’s current situation and even for the future to keep up with the technological evolution.

Author: Haya Al-Saffarini

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Remote Work Environment

2020-07-26T11:25:07+00:003rd, June 2020|

Remote work is our new reality!

How can we make this sudden shift! Tsedal Neeley[1], a professor at Harvard Business School, provided the needed guidance. The following summary, drawn out of the conducted video call in which listeners were able to ask questions she offers guidance on how to work productively at home, manage virtual meetings and lead teams through this time of crises.

  • Organizations are not prepared for this sudden transitions. Looking at the scale and scope of what we are seeing, with organizations exceeding 5,000 employees, asking employees very quickly is unprecedented.
  • First thing that leaders and individual managers can do to help their employees get ready is to get the infrastructure right. To insure the technology requisite or access is delivered to all employees. Laptops, mobiles, software,
  • work resources and any other special requirements should be facilitated to all, so no one feels left behind.
  • As for people who are not accustomed to remote work, and to get themselves psychologically ready, schedule a starts and an end time. Have a rhythm. Take a shower, get dressed, even if it’s not what you would usually wear for work, then get started on the day’s activities. If you’re used to moving physically, make sure you build that into your day. If you’re an extrovert and accustomed to a lot of contact and collaboration with others, make sure that still happens. Ask yourself: How will I protect myself from feeling lonely or isolated and stay healthy, productive, and vibrant? Create that for yourself.

Remember, too, that you might actually enjoy working from home. You can play the music you like. You can think flexibly about your time. It can be fun. As for managers, they need to check in on people. Make sure they’re not only set up but also that they have that rhythm and contact. Ask: “What can I do to make sure that this sudden and quick transition is working for you?”

How those check-ins should happen? As a group or in one-on-ones? Via phone calls or videos chats? Well, first thing managers should have a group conversation about the new state of affairs. Say First, you should have a group conversation about the new state of affairs. Say, “Hey, folks, it’s a different world. We don’t know how long this is going to last. But I want to make sure you all feel you have what you need.” This should be followed by a team launch to jump-start this new way of working. Figure out: How often should we communicate?

  • Should it be video, phone, or on one of the communication and collaboration platforms that you use. Strat doing this regularly at least once a week. Frequency of contact cannot go down! In fact, contact should probably go up for the whole team and its members. Newer employees, those working on critical projects and people who need more contact will require extra one-on-ones. Remember, too, that you can do fun things virtually: happy hour, coffee breaks, lunch together. All these things can continue the connection you had at the office. And there’s ample research showing that virtual teams can be completely equal to co-located ones in terms of trust and collaboration. It just requires discipline.
  • People get used to having these unplanned watercooler or cappuccino conversations with colleagues, and they are actually big, important parts of the workday that have a direct impact on performance. How do we create those virtually? For some groups and individuals, it’s will be constant instant messaging. For others, it will be live phone conversations or video conferences. Some people might want to use WhatsApp, Facebook, or any other preference. A leader can encourage those types of contact points for psychological health. People are not going to be able to figure this out organically. You’ve got to coach them. There’s one more thing: Exercise. It’s critical for mental well-being.
  • Top three things that leaders can do to create a good remote culture. Leaders should make sure that their team members constantly feel like they know what is going on. You need to communicate what is happening at the organization level. Being remote at home might bring the feeling of extraction from the organization mothership. Make sure to email more, share more…

People will also start getting nervous about revenue and goals, so you also have to make sure the feel like they are all going to be ok.

Lastly, leaders need to make sure that no members feel like they have no less access to the leader than others. At home people’s imagination begin to go wild. So leader have to be accessible and available to everyone equally. While running group meetings, a leader also need to aim for inclusion and balance airtime to everyone feels seen and heard.

  • Productivity does not have to go down at all. It can be maintained, even enhanced because commutes and office distractions are gone. Of course, you might be at home with your partner or kids and those issues will need to be worked out.
  • If social-distancing policies go on for a while, entrusting employees is the most effective measure for employees’ productivity.
  •  Virtual meetings best practices, beyond the general advice to clarify the purpose, circulate an agenda, prepare to be called and so forth, to have some explicit ground rules about multitasking during the meeting, turning off phones. Whenever you have the ability it is recommended to have video calls conferences. It really makes a difference when people are able to see each other, and then trust people to follow the ground rules. When a meeting starts, spend the first six to seven minutes for checking in. Don’t go straight to your agenda items. Use this time to go around and ask everyone “how are you guys doing?”. Lastly, insure to follow up these virtual meeting with redundant communication to ensure that people have heard you and they are OK with the outcomes. You should have multiple touchpoints through various media channels to continue the trial of conversation. Don’t forget to encourage speaking up and allow people to disagree in order to sharpen the teams thinking which is a very positive thing.
  • For people in client-facing functions, the best advice is to do the exact same things. Take whatever you would be doing face to face and keep doing it. Maybe you can’t wine and dine. But you can do a lot. Be creative.
  • In organizations where you have blue-collar workers (blue-collar worker is a working class person who performs manual labor). You need to support those workers, by kind of collective action to help them because otherwise you are completely isolating people who are critically important to your operations.
  • In case you sense that, despite your best efforts and employee is struggling, not focused, lonely, what can you do? In light of such signs, fewer emails, inhibition in group conversation, talk to them. Increase contact and encourage others to, as well. Understand where they are, and what they need.
  • This crisis is for sure changing the teams and organization priorities. Organizations, teams, and people will experiment more with virtual work. Many of them have always wanted to test it as way of expanding their reach or labor force. It’s not that people are going to permanently adopt this new format of work, but this experience will expand everyone’s capacity. If there’s a tiny positive aspect to this mess we’re finding ourselves in, it’s that we’re developing certain skills that could helpful in the future.

Author: Ammar Daghlas

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Cloud impact on the banking sector during the COVID19 crisis

2020-06-23T07:37:37+00:003rd, June 2020|

Cloud is unlocking potentials on the banking and financial sectors during the COVID19 crisis

Ever since the World Health Organisation (WHO) declared the 2019–20 coronavirus outbreak a pandemic on 11th of March 2020, we have seen dramatic turn of events in the world! Today we hear words like social distancing, telecommuting, remote access, remote work… etc. more than ever, in fact COVID-19 outbreak even required the leaders of the Group of 20 nations come together for a ‘virtual G20 Summit.

The economic impact is evident according to International Monetary Fund (IMF), as a reaction the banking sector started taking some measures to support customers by offering loan instalments deferrals for periods that vary between three and six months, with a waiver of interest for personal and auto loans, and other measures.

Banks, who started their platform digital transformation have their services available on their digital banking platforms like mobile and online banking, and are urging their customers to utilise these platforms to be able to benefit from their usual banking services, honestly what else can be more convenient? Now is the right time to take advantage of the technology we have between our hands, and if you are not there yet you can still do it, at Pio-Tech we have developed solutions that will help the banking sector overcome a great deal of challenges in these tough times, solutions available on the cloud and could be deployed remotely with ease and in no time, as an example let’s take a look at the Portable Service Office solution (PSO), a solution which enables the banks to deliver services at the customer location anywhere, anytime. PSO will enable individuals to:

  • Originate loan application.
  • Apply for credit card.
  • Open an account.
  • Access key data, content, case files, reports, and tasks to take actions directly from Smartphone or Tablet… and much more.

At Pio-Tech we also provide C level virtual assistant chatbots, which can help the leadership team of the bank to request reports, monitor the operations in real time at all times by chatting with our chatbot from their mobile devices, and a similar chatbot that is dedicated to the clients of the banks to answer all their questions and respond to their requests 24/7.

Another example, Pio-Tech has automated the process of reaching out to the right customer with the appropriate service/offer, the segmentation engine developed by Pio-Tech experts in the banking sector and technology will classify the customers according to certain characteristics based on criteria identified by the bank and then generate campaigns that would fit the need of the designated customer. And there are more added-value solutions to discuss.

At Pio-Tech we aim to help the banking industry provide remote and secure solutions especially during this difficult time of COVID-19, but also help them leverage the experience and technology that Pio-Tech can provide. it is all about knowledge sharing and giving the right advice to overcome the challenges that recently came to surface.

Our mindset nowadays is focused on how much we can help our communities around the world as technology companies to provide the means and remove any obstacles in order to be safe and eventually be a true enabler of “#stay_home” message…

If you need any support or require any additional information about how can you help you can always reach out to us.

Contact us

Author: Omar Al- Shishani

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Digital Banking VS. Factual Customers’ Needs

2020-08-27T07:23:26+00:003rd, June 2020|

THE HISTORY OF DIGITAL BANKING:

The operation of the first ATM machine on June 27, 1967 at the Barclays Bank branch in Enfield, North London, is considered the first step towards the Self-Banking Services, while the actual launch of what is now known as Digital Banking Services had started in conjunction with the launch of the Internet, when four banks in New York City (Citibank, Chase Manhattan, Chemical Bank and Manufacturers Hanover) tested the first innovative solution in 1981, to enable their customers to use a range of banking services from their homes via the Internet.

Since then, the banking industry is still witnessing many articulated transformations and rapid developments through the implementation of numerous innovative digital banking solutions that support to improve its performance in customer service and meet their various banking needs in the fastest time, less effort and cost, in order to enhance the banking experience and raise the level of satisfaction for all customers from different segments.

Online Banking and Mobile Banking Apps, are considered one of the most important transformations witnessed by banks during the last two decades, as banks around the world race to provide digital platforms that enable customers to manage their accounts and savings easily and without the need to visit any of the bank’s branches, as well as enabling them from paying the government and service dues in a highly effective manner, which was highly appreciated by a large segment of bank customers.

WHAT CUSTOMERS REALLY NEEDS?

Although banks always strive to motivate their customers to practice banking activities through digital banking platforms, the reality of the situation of the branches’ crowding with customers confirms that many customers do not rely on these platforms in many cases for various reasons.

The Financial Brand published a recent study conducted by “Raddon”, the specialised institution in conducting statistical and diagnostic analytics related to the financial institutions ’markets. whereas the study demonstrated that the vast majority (60%) of customers preferred a combination of Self-Service, Digital and  Face-To-Face banking options.

On the other hand, Forbes published a recent study (March 2020) in which it presented the results of a survey conducted on a wide segment of bank customers in the US market, where the survey determined the most important characteristics preferred by customers in their Primary Bank (preferred) they depend on to manage their financial life, which are:

  • The Bank makes it easier to manage my financial life.
  • The Bank helps me to make better decisions about my financial life.
  • The Bank helps reduce the stress of managing my financial life.
  • The Bank exist when I need help managing my financial life.
  • The Bank provides products and services that meet my preferences and needs.

According to the study, the digital banking scored highly on the first two attributes in particular, which emphasize the results of the first study, which is the need for customers to have a combination of digital banking services and traditional banking services through a Hybrid Platform that ensure to combine the best of both methodologies.

THE BANK OR THE BANKING EXPERIENCE:

We can clearly notice that the main attributes that define the primary bank (preferred bank) for clients in the study published by Forbes never touched on the brand, number of branches, or even the number and types of banking products, while the most important indications that can be captured from this study, is that banking sector customers do not prefer a particular bank over another bank, but rather prefer a particular banking experience over another experience.

Therefore, it becomes an essential strategy for all banks to pay sharp attention to the importance of the variety of customers’ engagement channels and the importance of rapid response to their interactions emerges, in addition to the importance of exploring, analyzing and understanding their wants and needs, taking a proactive approach that exceeds customers’ expectations.

DIGITAL BANKING IMPROVERS:

Fortunately, the world today is witnessing an exceptional boom in the field of information technology using the distinct capabilities of data science as well as artificial intelligence and machine learning techniques, which enabled the development of a number of advanced solutions that helped in developing the digital banking platform and improving the banking customer experience.

  • PREDICTIVE ANALYTICS

Predictive analytics is a type of advanced analytics, and it is defined as the process of building predictions about unknown future events, using a number of techniques starting from Data Mining, Statistics, Modeling, Machine Learning, Feature Engineering and Artificial Intelligence, in order to analyze both current and historical data to predict what will happen in the future.

Among the most famous predictive analytics applications used in the banking industry are:

Next Best Offer: Enables banks to optimize their marketing strategies by detecting the exact customers wants & needs, engaging them with Personalized Offering. It also considered as a valuable tool for better marketing resources management, which leads for profits maximizing and effective customer engagement.

Churn Prediction: Enhanced by complicated scientific algorithms, Churn Prediction module run multiple analytics (Data Science Based) to explore the possibility of customers to be churned and raises early warning signs for Retention Unit as well as marketing department for necessary preventive actions.

These applications have contributed to improving customer relationship management and raising the level of their satisfaction on the one hand, and safeguarding the banks’ assets, rights and market reputation on the other hand.

  • CHAT-BOTS

Chat-Bots is a chatting platform, designed to simulate conversation with human users over the Internet, which is very efficient to answer a wide range of user’s inquiries along with handling variety of their possible requests, which leads to accelerates the respond to customer’s interactions as well as reducing the load from other service points such as call centers and branches.

  • ROBOTIC PROCESS AUTOMATION (RPA)

Software using Artificial Intelligence & Machine Learning to handle high-volumes of repeatable tasks that previously required humans to perform, it’s also considered as Processes Accelerator utility that is supporting the reduction of Operational Cost and reduce the routine workload on bank’s human resources.

  • PORTABLE SERVICE OFFICES

Advanced portal that provide a combination of the best characteristics of both digital and traditional banking, delivered through a secured enterprise mobile platform with a custom web browsing interface to support Sales and Collections workforces by arming them with all the capabilities of actual branches wherever they are and at any time.

Author: Ammar Daghlas

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Maintaining your customers’ and employees efficiency while working from home

2020-08-25T09:31:20+00:003rd, June 2020|

The COVID-19 crisis changed our everyday life and the way we operate business. Many changes have accrued in a very short notice and many companies were busy with one question: “How to ensure productivity and effective collaboration when working from home?” Especially if working remotely is a new concept for them Working remotely will become a culture that expects people to show flexibility to work from anywhere while showing the same discipline and commitment.

What would make the difference?

Excellent leadership will make a safe transition from old practices to new result-oriented work methods and here are the best Tips for Managing Remote Teams that we can share from our experience.

If working remotely is new Give yourself and your team time to adapt; don’t worry if it takes a little time. You’ll need to establish new ways of working; remember it’s a new approach of work and it’s okay to learn, apply and enhance so start by trying different ways of communication and collaboration and see what’s best, learn about how to use collaboration tools such as Teams and Zoom, and it’s definitely the right time for having a tasks sharing tool that helps you monitor the work progress.

Establish a clear plan of work and a clear expectation from your employees and ensure that you’re all on the same page to push the wheel of success forward. Check-in regularly on progress, successes, challenges, and next steps.

Set up frequent video calls to support employees settle into the new way of work by checking the running tasks, offering support and motivating them. Once the team has settled into the new way of working you can reduce the frequency, but you need to keep this routine to maintain a good communication with the team and not letting anyone working in a bubble.

Result oriented mindset, set clear tasks, targets and deadlines. Also, establish norms around email response time, reporting, etc. and focus your management on what is getting accomplished, rather than what is happening on daily basis.

Working from home doesn’t mean working endless hours so be sure that your remote workers have a routine for themselves so they have a work-life balance to keep their spirit up for work.

Finally, Frequent Achievements Review with the team will keep them informed and aware of the company goals and vision during those meetings you shall motivate your remote team and show them how much their work is driving the company to achieve its goals. This might include sharing updates about other teams’ work achievements or involving other team members to have a full picture of the achievements and showing them that they are part of the chain of success

As for employees, working remotely will become a culture that expects people to show flexibility to work from anywhere while showing the same discipline and commitment. And here are some tips for employees working remotely

Set up an area of your house to use as a workspace. Create a workspace in your house that is conducive to work from home away from distractions for you and also clear from distractions for your colleagues with whom you collaborate.

Make sure that you have the right equipment’s to stay connected home-office and Learn how to use the collaboration tools that will give you the chance to perform and communicate with your colleagues. You can use Slack, Zoom, Trello, Google Suite, and many other supporting tools, speak to your IT department for any help you need, including setting up a VPN if required.

Start Early. When working in an office, your morning routine can help you be active and ready to work so keep your normal routine, wake up at your normal time, take a shower, and get dressed. If you don’t have a routine start one immediately and dive into your to-do list and don’t let the morning sluggishness cool your fire.

Plan your daily tasks and use a task list. Make a list of tasks that you need to complete each day and try to use a planner to keep track of your progress and make your list for the following day. This will help you stay on track of deadlines, appointments, and meetings.

Communicate, Communicate, Communicate

Communication is one of the key success factors in achieving productivity and maintaining strong working relationships at all levels so

  • Work with your colleagues to decide what collaboration tools to use and how you will use them, such as using Slack for chatting and Zoom for videoconferencing.
  • Agree with your colleagues to always use video on calls, unless low connectivity prevents it.
  • Set up regular meetings with your manager to be aligned with the work plan and getting continuous feedback.
  • keep in touch with your colleagues and have fun with them
  • Whenever you feel stressed inform your direct manager or the HR department to support you and remember it’s a new thing for all of us not just you

And the most essential tip is to Keep a healthy Lifestyle, Remember to take breaks, exercise and eat healthy meals and snacks.

Now! Its time to test your understanding from this article and take our Remote Work Quiz. 

Start test

Author: Umniat Al-Abadi

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Cloud Banking the Inevitable Future

2020-06-25T13:10:40+00:003rd, June 2020|

Since the 1960s, a number of computer bureaus compete to provide some technological services to the companies by allowing them to rent a specific time on a mainframe, rather than have to buy one themselves; later, the ‘Time-Sharing’ services have been developed to the rise of ‘Corporates Data Centers’, which enabled companies to store vast amount of data, without the need for the huge investments on servers and storage units.

On the late 1990s and the early 2000s, these revolutionary concepts resurfaced again and again in the shape of application service providers, utility computing, and grid computing, until it was followed by the ‘Cloud Computing’ as it’s known in our current-times.

Since then, the world is still experiencing a rapid increase towards the shift to use of Cloud Computing, while ‘Analyst Gartner’ predicts that half of the companies around the globe will switch to full dependence on cloud computing environment by the year 2021.

WHAT IS CLOUD COMPUTING?

The simplest definition of Cloud Computing is “It is a technology that allows a business to store its servers and data off-site within secure data centers which can then be accessed by users through the internet”

(Ernst & Young, 2019)

In other words, cloud computing is the provision of any / all types of technology services (applications, data storage, data processing, data security, information delivery) over the Internet, through one or more Cloud Service Providers (CSP), so that they can be accessed by the organization itself or its customers anywhere, anytime.

Perhaps one of the most important and common examples of the use of cloud computing are the cloud storage spaces provided by Gmail and Smartphones, which allows the consumers to save their photos and messages on the cloud rather than using the device storage unit; while some of the largest international companies have become providing their full services using cloud technology such as Netflix, which relies on cloud computing services to run video streaming services, as well as its other vital business systems.

CLOUD SERVICE-MODELS:

SOFTWARE-as-a-SERVICE (SaaS):

Where the Software and its related data are hosted by the Cloud Service Provider (CSP), while end-users would be able to access the software from anywhere via their own web browser subject to granted access rights.

The greatest advantage of SaaS Cloud-Model that the software will be compatible with desktops as well as tablets and smartphones, which will ensure the maximum scalability capabilities as the application can be used by unlimited number of users regardless their locations or the devices they use.

PLATFORM-as-a-SERVICE (PaaS):

Where the Cloud Service Provider (CSP) offers a comprehensive platform for applications, interface, DB development, storage and testing; this cloud-model enables the corporates to streamline the applications development, testing them and perform necessary maintenance procedures without the need to invest in the hardware, software or hosting environments.

PaaS provide cost-effective environment for developers that enables them to use a specific programming language, syncs it up with a specific operating system and database on a specific server, thus, the corporate will manage its applications and data, while the Cloud Service Provider (CSP) will take care of other resources.

INFRASTRUCTURE-as-a-SERVICE (IaaS):

This Cloud-Model enables the corporate to buy their exact needs of servers, software, data storage and network equipment without the need for the costly investments on the IT on-premises infrastructure.

IaaS can be used by multiple users as all the computing resources, infrastructure and architecture are in the virtual environment. The resources of IaaS include virtualization, data storage, networking, and servers. These resources are usually managed by vendors while users can manage apps, data, middleware, and runtime.

CLOUD DEPLOYMENT MODELS?

PRIVATE CLOUD:

The cloud environment that is operated and controlled by the organization itself or an authorized 3rd party, while it can be managed either internally or externally. Private Clouds are considered as the most secured environment of all cloud deployment models.

PUBLIC CLOUDS:

In this cloud environment, the users are not required to purchase any hardware or software, as the cloud is made available for public users, while it’s owned and managed by the Cloud Service Provider (CSP).

HYBRID CLOUDS:

This type of clouds environment is composed of two or more environments (Private Cloud / Public Cloud / On-Premises) that each remains unique entitles but linked and integrated with each other, in order to provide the required service, which enables the companies to manage essential applications and keep sensitive data within a traditional data center or private cloud.

MULTI-CLOUDS:

Using multiple cloud services from more than one Cloud Services Provider (CSP). Many businesses can benefit from using various cloud services for greater flexibility.

FEATURES OF CLOUD BANKING:

The cloud is proving to be a superior option to boost capacity to handle data, and is now providing an unrivalled level of agility, security and scalability to banks. For use cases such as data analytics, batch processing and data storage, banks can access the cloud as and when required, which means they can utilize such resources more flexibly and efficiently.

Cloud computing is also enabling financial institutions to achieve considerable gains in efficiency and reductions in costs, as the technology requires banks to pay for only the services they use. Ultimately, this means that for testing new applications, it is much more cost-effective to be done on the cloud than on-premises IT infrastructure (International Banker, 2018).

British Bankers’ Association (BBA), have identified the three key drivers for the adoption of Cloud-Based Services by Banks:

AGILE INNOVATION:

Accessing the cloud can increase banks’ ability to innovate “by enhancing agility, efficiency and productivity”. It can also help banks to reallocate resources away from the administration of IT infrastructure, and towards innovation and fast delivery of products and services to markets.

RISK MITIGATION:

The cloud can help to lower risks associated with traditional technology, such as capacity, redundancy and resiliency concerns. Moreover, the ability of cloud computing to scale can equip banks with more control over issues such as security.

COST BENEFITS:

The cost savings of public cloud solutions are significant, especially given the reduction in initial capital-expenditure requirements for traditional IT infrastructure. During periods of peak customer demand, moreover, the cloud can allow banks to manage computing capacity more efficiently. And when the cloud is adopted for risk-mitigation and innovation purposes, cost benefits arise from the resultant improvements in business efficiency.

Moreover, the scalability of the cloud services enables the banks to scan potentially thousands of transactions per second, which will improve the bank’s ability to explore and identify customers’ wants and needs, which will support effective marketing strategies and enhancing rapid personal offering; On the other hand, it will help the banks to understand the customers’ normal/unusual behavior to confront financial crime such as Fraud and Money Laundering.

LEVERAGE THE CLOUD – MAXIMIZE BUSINESS GROWTH:

Since the rise of Cloud Computing, this technology was promoted as a contemporary cheaper, faster, and more “elastic” alternative to the traditional on-premises IT infrastructure, while vast of banks’ leaders already started to plan on how to leverage Cloud Computing to expand their business opportunities from one side, and to optimize the internal processes and the overall banks’ performance from the other side.

EXPAND BUSINESS OPPORTUNITIES:

  • Leveraging the capabilities of cloud analytics, to produce deeper meaningful customers’ insights, which enhancing banks’ KYC processes to benefit from potential business opportunities as well as safeguarding banks’ assets (Customer Profitability, Customer LTV, Risk Analysis … etc.).
  • Enhance customers’ banking experience, through a sophisticated CRM platform that incorporates vast real-time predictive analytics (Next Best Offer, Churn Prediction, Fraud Prediction … etc.), which contribute greatly to provide distinguished personal banking services.
  • Promote an effective customer engagement platform, by improving the capabilities of banking digital channels that simulate and mimic the human behavior in traditional banking (Chat-Bots, PSOs).
  • Enablement of efficient integration between different banks units through Data-Sharing capabilities, which ensure the standardization and harmony between various banking functions.
  • The ease of creating an efficient Big-Data environment, and taking advantage of the huge capabilities offered by advanced technologies such as Machine Learning, Feature Engineering, Natural Language Processing, Internet of Things, Image Recognition, Voice Recognition … etc.

PROCESSES & PERFORMANCE OPTIMIZATION:

  • Promote the bank’s agility of rapid response to future market changes, by enhance the innovation environment to develop many effective solutions that are compatible with current market conditions.
  • Abandon the enterprise on-premises Data-Center, and maximize the benefits of using the cloud computing environment by being able to replicate data and applications on more than one data center or geo-region.
  • The extreme security standards adopted by Cloud Service Providers along with their track record of securing corporates’ IT assets, makes banks data more secured than being stored within on-premises data centers, in addition to exempting banks from the tension and cost of complying with the information security standards.

Reduce the operational cost, as the banks will no longer need to invest with heavy up-front capital for IT infrastructure, while on cloud environment, the bank can increase or decrease the cost of operation based on its exact needs of cloud services/resources (pay-as-you-go).

GROWTH TRENDS OF CLOUD BANKING:

Despite of vast proofs and evidences of Cloud Computing benefits, some are still arguing on the shift of banks around the world to cloud computing is still modest, due to many concerns related to data security, privacy of customer information, data governance and the absence of laws regulating cloud computing in the banking sector.

That’s remind us when Christopher Columbus set sail for the New World in 1492, when many people at that time believed that earth was flat; Columbus failed to change peoples’ minds or convince them that the earth is round; However, nearly 100 years later, the majority opinion changed when Magellan proved that the world is actually round.

Speaking to the Financial Times in April 2018, Microsoft said it believed that the key to successful cloud adoption in financial se rvices “will be a tight partnership between regulators, financial institutions and cloud providers to ensure that the right frameworks, programs and processes are in place as financial services providers increase their usage of cloud services”  (International Banker, 2018).

According to Forbes, a survey of banks conducted by Accenture found that just 3% of respondents didn’t have a cloud strategy and had not started to think about it. That’s not to say the rest have a mature cloud strategy: Only a quarter of the firms surveyed said they have cloud-based practices and tools with ongoing efficiency measures in place.

However, the Financial Insights estimates that the biggest global banks are saving $15 billion from cloud adoption, cutting technology infrastructure costs by 25% (Forbes, 2019).

On January 2018, the European Banking Authority (EBA) published its guidance on the use of cloud-service providers by financial institutions. The recommendations focus mainly on risk management by identifying specific challenges to banks, including “data protection and location, security issues and concentration risk, not only from the point of view of individual institutions but also at industry level, as large suppliers of cloud services can become a single point of failure when many institutions rely on them” (International Banker, 2018).

Finally, the National Bureau of Economic Research (NBER) published on Oct 2018, a working paper that asserts ‘The growth of cloud computing has its roots, at least in part, in the competitive advantage the cloud offers customers in terms of cost, flexibility, and scalability’ (NBER, 2018).

CONCLUSION:

According to Accenture’s MD, Sergi Calvet, the sooner the banks adopt cloud technologies, the better ROI banks will gain in the near future, due to the growing demand for scalability and global growth in the banking sector, while Cloud Industry Forum, stated that by 2030, ‘a corporate with No-Cloud policy, would be as rare as a corporate with No-Internet policy is today’ (Accenture, 2017).

Therefore, the future of banking over the next decade will become totally different than it looks at current days, due to changing customers’ needs and expectations, which will force banks to start immediately to redefine their strategies towards embracing emerging technologies and remain flexible to adopt evolving business models, in order to be ready for continue Banking on 2030 and onward.

Pio-Tech Chatbots “A,bot & Pibo” are available on Oracle Cloud.
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Author: Ammar Daghlas

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Are you ready to operate in the new Reality?

2020-07-26T10:22:01+00:003rd, June 2020|

Now more than ever it is crystal clear to all organisations, and especially Banks and the financial sector, how important it is to focus on their digital transformation and it is solutions, specifically from a marketing and business continuity perspective.

As Marketers and Business leaders, we are always thinking about how can we best reach to our clients and better serve them in order to differentiate ourselves and add more value to the people who deal with us, and if you are like us, then the current situation must have impacted you. Now is the time we change tactics in order for us to regain our leading position in the market and ensure that our business will prosper.

The current worldwide situation dictates that we must keep distance, must keep our employees, clients, and stakeholders safe, yet we should not stop our operations and we should continue working and continue with our plans. Some of us see this as an opportunity to enhance our services. Since we are a technology company enabling digital transformation with a concrete focus on the banking industry, our experts in Marketing, Banking business, and Technology came up with this list for your to consider if you want to differentiate your Bank and the services you provide to your customers.

1. An all Digital winning strategy

With the current worldwide situation and the forced and accelerated transformation Banks and financial institutions should pay more attention to embracing new technologies and on building winning digital strategy which will enable them to handle the different and increasing demands from customers, regulators, and central banks around the world while keeping everyone safe, and avoid crowding people at their offices or at their branches, which in turn will enhance the work environment for the people, improve the customer experience, and keep the regulators happy.

2. Virtual assistant

An Advanced user-friendly chatbot application that is specifically designed to serve the bank’s customers and the banks executives through predefined directed chat scenarios and actions coupled with Machine learning in order for the virtual assistant to learn more about your needs and requirements to better help you and ensure delivering the right value, service or report to you as per your demand, with voice recognition capabilities.

3. Virtual Branches (Portable sales office)

Last year our Banking and technology experts came up with a new product which was didactic to improve the Bank’s clients experience and provide them with all they need without having to visit their branch or speak to a representative, we call it the Portable sale office (PSO) this product is a fully functioning Bank Branch available on your sales team tablet/mobile device, which can provide any service the client might ask for at their office, home or even in a coffee house while they’re sipping on their coffee during their break.

4. Cloud empowered Banking Solutions

Banks and financial institutions are usually fighting tides to stay compliant with the central bank’s reports and the regulatory bodies reports which is a time consuming yet critical for the bank, and for that reason companies like Pio-Tech which is a combination of banking experts & SME’s and technology scientists working hand in hand to develop solutions and platforms that enables the sector’s digital transformation, takes care of these mundane tasks, and accelerate and improve the standards of the work environment, freeing the employees to do the more important and creative tasks and automating the daily tasks such as the reports requested by central banks and regulators. In addition to enhancing services provided to the bank’s clients through a custom made customer engagement platform and technologies such as Artificial intelligence, Machine Learning, Big Data, and Robotics.

These powerful solutions and platforms could be fully deployed remotely at ease and are available on the Cloud.

All of this means that with such technologies and solutions your operations can run in a more agile manner, there will be no waiting time for your clients to get the service they seek, and there will be a strong business continuity channel which will allow your bank to assume a leading position no matter the situation, and all of this adds up to the value your offer your clients and employees while keeping your stakeholders happy.

If you’d like to know how can we help your bank go to the next level contact us and an expert from our team will be with you shortly.

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Author: Mahfooz Khrawish

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Partnering with Top Global RP Software Provider

2020-06-25T13:31:00+00:0028th, May 2020|

Banking Digital Transformation Leader partnering with Top Global RPA Software Provider

Amman, May 2020, a promising strategic partnership was announced between Pio-Tech and UiPath, which would provide clients of both institutions from the banking industry with more sophisticated contemporary solutions that provide many distinct business values that focus on maximizing the level of efficiency and productivity of the various banking internal operations across all banking functions.

This partnership, strategically aims to utilize the capabilities of the Robotics Process Automation (RPA) technology, in order to create an innovative technology environment that accelerate the banking operations, reduces their costs and ensures their sustainability through suite of robots that mimic recurring routine human activities, which leads to a significant reduction in the workload of employees in parallel with improving the banking experience for customers, as well as enhancing the brand positioning of the bank as an enterprise that keeps pace with the latest contemporary technology developments.

During many years, vast range of organizations around the world, have gained many benefits and advantages offered by RPA technology such as:

Increase production capacity by virtual-workforce (robots).
Refocus of human resources on effective customer service.
Reduce average processing time approximately by 75%.
Eliminates human errors (100%) & maximize customer satisfaction.
Reduce operational cost up to 65% (based on type).
Realistic decision recommendations powered by AI & ML.
Smooth implementation with zero infrastructure requirements.
Uninterrupted 24/7 operations.

About Pio-Tech

Pio-Tech is the leader of Digital Transformation and Business Acceleration in Banking Industry across the Middle East and African Continent.

Combining 17 years of extensive banking experience with solid knowledge of related modern technologies, the strong entrepreneurial spirit of Pio-Tech is always keen to bring real observable differences to local and global financial markets, through vital business values that ensures better, faster and smarter banking, while its sophisticated solutions providing a crystal-clear vision around potential opportunities as well as possible threats, which enhancing decision-making process and leads to assets safeguarding, business prosperity and sustainable growth.

Pio-Tech platforms and business suites, Bank-BI®, Bank-BPM® and Bank-CEP® are also available as SaaS instances on the cloud and could be deployed either fully on cloud or hybrid.

To learn more, please visit www.pio-tech.com. 

About UiPath 

UiPath is leading the era of Robotic Process Automation (RPA), championing a robot for every person and enabling robots to learn new skills through artificial intelligence (AI) and machine learning (ML). Through free and open training, UiPath brings digital era skills to millions of people around the world, improving business productivity and efficiency, employee engagement, and customer experience.

The company’s hyper automation platform combines the #1 Robotic Process Automation (RPA) solution with a full suite of capabilities, including process mining and analytics, that enable every organization to scale digital business operations at unprecedented speed. The company has already automated millions of repetitive, mind-numbing tasks for businesses and government organizations all over the world, including more than 50% of the Fortune 500 and 8 of the Fortune 10.

UiPath was recently recognized as the top company on The Deloitte Technology Fast 500 for 2019 , and #3 on the 2019 Forbes Cloud 100.

To learn more, please visit www.uipath.com.

BANK-BI® is Now available on Oracle Cloud

2020-06-25T13:33:50+00:0030th, March 2020|

Pio-Tech the leading provider of Banking Business Intelligence and Performance Management Solutions in the Middle East and Africa, successfully deployed Bank-BI® solution on Oracle Cloud Infrastructure (OCI) with Oracle Database and Analytical Chatbot with the support of Oracle A&C – Cloud Transformation & Platform Solutions team.

Bank-BI® is a Performance Acceleration Platform and an Enterprise Banking Analytics solution that integrates data from disparate systems into a unified internationally recognized banking data model. The platform is technology agonistic powered by Big Data, Machine learning, Artificial Intelligence, and Predictive Models to provide the bank with a current and futuristic view about its performance and the best strategies to enhance the services and customer engagement. Bank-BI® is available on the cloud and could be deployed either fully on cloud or on hybrid cloud.

Our module platform is built on the most advanced cloud technology components and algorithms that are designed for speed, scaling, and extraordinary accuracy. Bank- BI® is powered by Big Data, Machine Learning, Artificial Intelligence, and Predictive Models to provide the bank with a current and futuristic view about its performance and the best strategies to enhance the services and customer engagement.

Bank-BI® platform combines top of the line products with leading technologies along with proven banking industry experience. The result is a distinctively integrated data-warehouse that empowers users with information for enhanced decision making on the cloud.

We designed Bank-BI® cloud platform as an all-embracing business intelligence solution, which aims to summon answers to the challenging needs of today’s banking industry, provides an ample enterprise platform that appraises business performance from various essential angles through on collecting data from numerous valuable sources, enabling banks to operate more effectively and to develop a deeper understanding of their customers.

About Pio-Tech is a System Integrator and Business Solutions provider that has become, since inception in 2003, an innovation hub that provides most effective and creative banking solutions, across the Middle East and the African Continent. Pio-Tech platforms and business suites, Bank-BI® and Bank-BPM® are available as SAAS instances on the cloud and deployed either fully cloud or hybrid.

 

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