First Iraqi Bank successfully deploys Bank-BI® AML & RBA from Pio-Tech
First Iraqi Bank (FBI) started a new era of effective financial crimes prevention processes, through the successful deployment of both Bank-BI® AML & Bank-BI® RPA from Pio-Tech.
Jordan – Iraq, November 2021. First Iraqi Bank (FIB), the newly established fully digital bank in Iraq, has successfully went live on both Bank-BI® AML (Anti-Money-Laundering) and Bank-BI® RBA (Risk-Based Approach) solutions from Pio-Tech, the leading company in digital transformation and business acceleration for the banking industry across the Middle East & the African Continent.
Bank-BI® AML will grant FIB the ability to confront all styles of money laundering, through consistent track and analysis of all types of financial transactions, based on dynamic predefined scenarios, raising instant alerts of any detected suspicious financial scenario for necessary investigations and effective due diligence, leading to enhance, optimize and accelerate AML processes.
Moreover, Bank-BI® RBA, will enable the bank’s compliance officers to perform a fact-based customers’ risk classification throughout fully automated dynamic mechanism that analyzes the customers’ financial patterns and utilizes the due diligence outcomes of any related suspected cases, which contributes to providing a realistic view of customers, along with enhancing the accuracy of related regulatory reports.
First Iraqi Bank, a fully digitalized bank established to serve customers within the Iraq market; FIB started its operations in 2020, focusing to empower the customers by guiding them into tomorrow, today. FIB offers everything a traditional bank offers, and is more, compliant with Islamic banking standards.
To learn more, please visit www.fib.iq
Pio-Tech is one of the leading companies in creating and developing innovative and comprehensive digital transformation solutions that dedicated to serving the banking sector, which was built in line with the latest banking practices, using the most contemporary advanced technologies.
Since its establishment in 2003, Pio-Tech has been distinguished by providing a set of qualitative banking solutions that have significantly contributed to optimizing various internal operations, in addition to improving the efficiency of strategic decision-making, which led to business growth for more than 80 clients from the banking sector within 22 countries across the Middle East and the African continent.
Crowned with an exceptional mix of banking & technical experiences, Pio-Tech offers a wide range of digital-modules suites that cover various key banking functions such as Service Points, Credit, Finance, Risk and Compliance, which are fully compatible with both Conventional and Islamic banking schemes, while complying with all Local & International Standards.
Pio-Tech, Banking Digital Transformation Leader, and Refinitiv, One of the World’s Largest Financial Markets Data and Infrastructure Providers, agree partnership in the MENA region
Partnership integrates AML with trusted risk data to combat financial crime
Amman, November 2021. Pio-Tech and Refinitivare partnering to provide banking clients of both companies in the MENA region with more sophisticated contemporary solutions that provide many distinct business values. The partnership focuses on maximizing the level of efficiency and productivity of the various Anti-Money Laundering (AML) internal operations across all banking functions.
This partnership integrates Refinitiv’s World-Check Risk Intelligence data and Pio-Tech’s Anti Money Laundering (AML) solution to support online and offline working practices. This integration will help banks and financial institutions combat money laundering and financial crimes and enable customers to comply with the changing regulations more efficiently.
The online integration between Refinitiv’s World-Check Risk Intelligence data and Pio-Tech’s Anti Money Laundering (AML) solution benefits the financial institutions as they conduct ongoing screening for pre-existing clients and online screening on all activities, including through payment channels and on-boarding processes. In addition to the existing benefit of integration that will empower the AML solution to meet due diligence obligations, it also helps clients to identify potential sources of financial crime risk using information from reputable public domain sources.
The solution helps banks and financial institutions make more informed decisions, support money laundering, and illegal gambling compliance processes, and implement know-you-customer (KYC) principles.
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 years of extensive banking experience, since 2003, 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 crucial business values that ensure better, faster, and smarter banks.
Pio-Tech’s sophisticated solutions provide a crystal-clear vision around potential opportunities and possible threats, which enhances the decision-making process that leads to assets safeguarding, business prosperity and, sustainable growth. Pio-Tech platforms and business suites, Bank-BI®, Bank-BPM®, and Bank-CEP® are available as on-prem and SaaS instances on the cloud which could be deployed either fully on cloud or hybrid cloud.
About Refinitiv Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With over 40,000 customers and 400,000 end-users across 190 countries, Refinitiv is powering participants across the global financial marketplace. Refinitive provide information, insights, and technology that enable customers to execute critical investing, trading, and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, they connect people with choice and opportunity – driving performance, innovation, and growth for their customers and partners.
Can your bank incorporate future technologies in its operations?
Future Technology Trends Transform the Banking Industry.
The financial industry has had drastic technological improvements in its systems all over the world.
Following the popularity of FINTECH, banks have been exclusively automating their processes, while new banks are establishing and adopting NEO banks which are launched digitally without the existence of physical branches. Various technological trends have emerged and have seeped their way into each bank’s internal system.
Let’s take a look at five future technology trends in business that are shaping the future of digital banking:
Artificial Intelligence (AI): today, several banks are trying to be fully automated by implementing AI in their services. A recent study reported that 73% of consumers believed the gap-fill in the financial market is applying self-serving technology platforms that enable a consumer to conduct all the banking services remotely. Hence, the new generation will demand further technological shifts in banking services in 2022 and beyond.
Robotic Process Automation (RPA): banks use RPA in Operations, Sales, Human Resources, Admin, Finance Functions to optimize the process with eﬃciency, reduce cost, enhance security, and accuracy.
Big Data: the demand for consumer data (big data; nonetheless) is high, organizations and financial institutions have become vastly invested in the digital world. One system can analyze and help financial institutions make good decisions and accelerate digital transformation in the banking industry.
Machine Learning (ML): it can make accurate predictions of future bank spending and income, which eliminates human errors, saves time, and improves accuracy.
Blockchain: This trend replaces the traditional and manual data recording and analysis. Blockchain allows faster, less costly, more accurate transactions and protection from any fraudulent behaviors.
To conclude, future technology trends transform the banking industry into businesses that offer plenty of advantages for their consumers while satisfying their needs in the banking industry. Adopting and implementing these technology trends will accelerate the digital transformation in the future of the banking industry.
Pio-Tech Enterprise AML solution enables banks to become more proactive in the sense of predicting suspicious transactions with high accuracy and confidence and offering timely detection of such transactions for informed and effective decision-making on course of action powered by Machine Learning & AI.
ENTERPRISE AML SYSTEM COMPONENTS & FEATURES
· Optimization of suspicious scenarios.
· Full Automation and less human intervention.
· Visual link analysis down to the grain level data.
· Social Media Integration.
· Better visual analytics.
· Detects suspicious Money Laundering by AI and Machine Learning technologies.
Have you noticed that the financial and banking industries are trying to be consistent with the technology revolution focusing on RPA in the future?
In other words, the Robotic Automation process is powered by Virtual Assistants, Machine Learning, and Artificial Intelligence technologies. RPA helps banks manages their challenging tasks and services, operating more efficiently as they embrace all of the technological and automated trends that have been progressively developing today.
Now, let us talk advantages:
Process Optimization; It allows the optimization of processes, as the risk of human error can be avoided due to the use of more advanced analytics that for better customer and user experiences.
Advanced Analytics; ensures that banks are reaching their operational efficiency, improving their customer’s experience, and making properly analyzed decisions.
Anti Fraud Detection; analyzes customers’ behavior data and detects suspicious behaviors and false negatives.
Compliance; prevents bankers from breaking the law and keeps them informed about fines and legislation to fulfill their contractual obligations.
How RPA systems benefit the banking & FinTech industry?
Reduces processing & response time.
Increases revenue & cash flow.
Improves operational efficiency.
Increases agile businesses.
Enhances customer loyalty.
Overall, banks will step forward to make reliable decisions and promote greater precision through automating processes & Robotics; that results in more consistent results to accelerate the digital banking revolution.
You can reach out to us to see how we can help you in advancing your technology development and improving your employee and customer experience or perhaps help you with your full digital transformation journey.
Onboarding is the process of acquiring new customers or emphasizing the relationship with existing customers, across all banking products.
The traditional onboarding process keeps customers waiting for a long time to complete all requirements and get the relationship started; this causes existing customers to re-fill the banking applications with information that the bank already has, while new customers will suffer to fill and sign many long forms. It is a long time-consuming process for both clients and bank officers, as it requires client’s physical attendance, physical ID document, complete manual processes, as well as waiting queues for applying and approvals.
Digital On-Boarding is an advanced solution that can be considered as a part of the digital channels of a bank, designed to accelerate customers onboarding from anywhere at any time, without the need to visit any of banks branches and without going through an exhausting process.
Why Digital On-boarding?
Most recent studies found that traditional banking will completely vanish in the coming 5 – 10 years, as more financial institutions are realizing the great features digital onboarding is providing on the level of process acceleration, operational cost reduction, lower workloads, and higher customer satisfaction. Which leads to more revenue generation and business growth.
On the other hand, banks that adopted the digital onboarding policies are 8 times more capable to expand their market share in comparison to others who are still following the traditional onboarding approach.
According to The Financial Brand, top digital banking transformation tends in 2021. Focus on digital banking experiences, financial institutions will come under greater pressure to provide digital functionality that is both simple and fast. As opposed to new account opening or loan application processes that can be completed in 5-10 minutes (or longer), organizations will focus on internal processes, procedures, and flow of data to enable completion in less than a minute to meet rising customer demands set by big tech organizations.
Benefits of Digital Onboarding
• Remote process. No need for physical attendance at bank branches.
• Digital engagement. Flexibility in processing facial recognition using the mobile application.
• Identity theft prevention. Facial recognition and ID verification powered by AI & ML.
• Automated process. Can be easily integrated with any banking system to achieve full digitized workflow.
• Maximize customer experience. The digital process will lead to a loyal and more interactive customer.
• Operational cost reduction. No need to consume anytime or effort to meet the customer fill the application, feed data on systems, as it all will be done by the customer remotely.
• Total cycle time reduction (TCT). As 50% of usual traditional processes are completed remotely by the customer.
• Enhances process quality. Reduces human errors caused by manual efforts.
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Did you know that it is predicted that in the year 2021 and moving forward more than half of the financial institutions will acquire Blockchain technology systems?
In simpler words, Blockchain would be a type of database that contains a digital recording of all transactions that are put into one big ledger. This is seen as a replacement to the traditional and manual recording of transactions and this type of database has various purposes.
Now, let us talk advantages:
Reduced costs and faster transactions; block-chains aim to remove intermediaries and middlemen in the data recording process this can lead to a decreased amount of spending for banks which enables them to focus more on their internal activities. This also means that since it is a technological system that is decentralized more tasks and processes will be completed in less amount of time.
Security is drastically improved; since it is a ledger that nobody can administer this means that there is a lower chance for it to be altered or changed. Thus it would be able to protect itself from theft and aim to predict and prevent fraudulent behavior.
3. Compliance; allows for complete transparency and eases the auditing process substantially.
4. Reduced human errors; since the block-chain is one of the industry’s most cutting-edge technological systems, the chances of any human errors occurring is very low. This also allows for easier traceability when it comes to any detection of issues or problems as it would be able to identify it before the transaction is completely leading to more accuracy overall.
How Blockchain systems benefit the banking and the Fintech industry?
Enhance data security systems.
Focus on core banking systems rather than tracking systems.
The fact is that blockchain as a technology is inevitable and will be taking the banking industry by storm, this is not about riding the wave but being ahead of it. The sooner you apply Blockchain technologies; the you will be taking your first steps into the future of Fintech.
Robotic Process Automation is better known as RPAis one of the newest technological advancements that companies are trying to bring about nowadays. Considering automation is taking over many sectors in the world and more specifically the banking sector, it is possible that in the near future manual and traditional work will be overpowered by RPA and AI.
Most banks at this moment of time are implementing the use of RPA in their software leading it to be one of the largest disruptive innovations that banks can leverage from. The banking sector needs to accommodate and adapt to this new technological development in order to ensure that all of their departments from finance, to human resources, to the operations and sales are being adjusted to become more efficient and labor-saving without compromising the quality of work.
PioTech recognized the vast benefits that RPA has to offer the banking industry, and due to that a strategic partnership took place in May 2020 with UiPath; which is a company known for its contemporary RPA powered solutions. This partnership helped PioTech provide banks with the most effective RPA equipped strategies which can be seen through the many benefits that come with the execution of it in the banking industry as observed below;
The human error rate is reduced, as RPA offers a highly accurate and precise routine process.
Increased productivity and efficiency, as RPA proposes a labor-saving solution that also works on minimizing time and effort spent on employees doing labor-intensive work.
RPA ensures that there is a more sophisticated early detection platform for PioTechs Bank BI for Fraud Detection that exposes fraudulent behavior before it negatively impacts the bank.
Improves customer service, as it allows for fewer communication barriers and engages customers in real-time.
Incorporating RPA with AI can offer the banks with a higher quality of work which Pio-Tech has an upper hand in as we have recently introduced our Enterprise AML System that uses both RPA and AI, and integrates the benefits that both have to offer. This highlights the fact that with a higher use of technological strategies in banking solutions we see an upward spiral in the quality of work and the level of customer satisfaction and loyalty to that bank.
Thus to conclude, implementing RPA could be the next big thing for your bank, as it not only aids in optimizing the banking process but it also allows for more accuracy, precision and less human error in their line of work. Which is why it is highly encouraged that banks adopt RPA in their automated processes.
Disrupting the Banking Industry with Artificial Intelligence
Artificial Intelligence is disrupting the traditional banking industry in many ways as its huge impact is being observed in various sectors, however, it has been more prevalent in the financial and banking sector in specific. At the present moment, the finance industry aims to ensure that they are taking advantage of all the new technologies that are surfacing especially artificial intelligence. AI in particular stands out due to its being an innovation that is predicted to have long-lasting effects on the world as a whole.
Artificial Intelligence is bringing a plethora of advantages to the banking industry and the fact of the matter is that it was proven that with the use of AI, banks were able to gain proper and accurate insight from their data with a reduced level of error. It was also able to produce higher quality along with more efficient data analysis to guarantee that their customers’ overall needs are being understood in an effort to deliver an up to par customer experience.
Because of the advantages that come with the capitalization of Artificial Intelligence in the finance industry, the banking sector is working even more on investing and in heavily incorporating AI into most of their operations. There are many cases where AI can be implemented, and they can be seen in the examples below:
Anti-Money laundering; which needs an intense AI solution to be able to detect a pattern in the data received that might entail that laundering is happening hence an AI-empowered prevention tool would be implemented.
Anti-Fraud solutions; like Pio-Tech’s Bank-BI fraud detection which allows for early detection of any transactions that can be considered fraudulent which ultimately gives the banks warnings about the customer at fault.
Virtual assistants; such as Pio-Tech’s Chatbot ABOT enable ease of communication in real time between employees or customers without the need to be present physically. One of the most common forms of artificial intelligence is chatbots and it is one of the most successful types of virtual assistants which allows for remote access and use for any service needed by the customer at any place and at any time
Compliance efforts; which Pio-Tech’s Bank-BI Compliance Platform targets. Its aim is to protect companies from falling into law violations and keeping them informed in matters regarding penalties and regulations, in order for them to meet their working requirements.
In brief, although the banking industry has always been dependent on human labor and the physical workforce, it has become more apparent that with the technological development that we are currently experiencing many of these tasks and services can be fully automated and digitalized which in the foreseeable future will guarantee a win for the banking industry.