ghazal.malhas@pio-tech.com

About Ghazal Malhas

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So far Ghazal Malhas has created 50 blog entries.

Bank-BI Enterprise Anti Money Laundering

2021-04-14T09:13:57+00:0012th, April 2021|

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.

·         Early alerts for suspicious customer behaviors.

·         Reduce human errors by AI and Machine Learning.

·         Minimizing the chances of false positives.

The shift to Robotic Process Automation in the Banking Industry

2021-04-05T07:25:48+00:005th, April 2021|

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.

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Digital Onboarding as a Key Tool for Banking Development

2021-03-14T07:45:40+00:0020th, January 2021|

Traditional on-boarding vs Digital on-boarding

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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Author: Ghazal Malhas

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4 Advantages to Adopt Block-Chain Technology for the Fintech Sector

2020-12-28T09:47:45+00:0028th, December 2020|

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:

  1. 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.
  2. 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?

  • Better services.
  • 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.

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Robotics the Next Big Thing for Your Bank

2020-12-20T08:25:40+00:0017th, November 2020|

Robotic Process Automation is better known as RPA is 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.
  • Leads to better compliance as PioTech implements RPA to enhance their Bank BI Compliance platform.
  • 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.

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Disrupting the Banking Industry with Artificial Intelligence

2020-11-08T07:36:56+00:005th, November 2020|

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.

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Banking Employee Experience Vs. Customer Experience

2020-10-07T06:45:52+00:006th, October 2020|

Banking Employee Experience Vs. Customer Experience with Technology

What is the link between employee experience (EX) and customer experience (CX)? The answer is simple: employees who are more engaged in the happy with what they are doing are expected to create better customer experiences! Thus, leading to more satisfied and loyal customers. Market-leading banks recognize that a thoughtful focus on managing employee experience and equipping them with the right technologies is not only good for their workforce but also good for the overall success of their bank.

This article will not discuss how to get a culture of engaged employees, rather answer the question of how to enhance employee and customer experience using technology. There are a lot of suggestions/methods that can contribute to the employee experience but what if we deploy software or a robot to help deliver the mundane tasks? Would this help free people to do other important tasks, collaborate, and connect with the bank’s target customers? and result in enhancing the customer experience!

There are a lot of great examples and information that can be found in a study published by Gartner in January 2019 with a topic “Gartner Predicts 25 Percent of Digital Workers Will Use Virtual Employee Assistants Daily by 2021“. This prediction from Gartner gives an indication that at some stage in our lives we will be interacting with robots to remotely access services by our trusted organizations. However, does this mean a better customer experience? You may take a moment and answer this question by yourself. Just look back at that one time or several times you interacted with a robot (in any kind of shape or form) and rate it from 1 to 10.

In any case, can you imagine having a robot that will assist you at work to deliver the tedious tasks, how great is that? Pio-Tech and UiPath have a vision for today’s modern workplace called “A robot for every person”, this will allow employees to use and benefit from automation. Of course, this will enable employees to focus on important and creative tasks and give them more time to collaborate with the organization’s customers. Customers in return will have better experience interacting with the organizations they work with and so their loyalty increased as a result, knowing that at Pio-Tech we have also launched the vision “Virtual assistant to every client”.

These are just simple examples of how much technology can contribute not only to your bank operational excellence, but also enhances your employee experience and productivity, and therefore, enhancing your customer’s experience and improving your customer satisfaction of the services provided by your bank.

Banking Employee Experience Vs. Customer Experience

The advanced science and technology we have today are enabling us to see some futuristic ideas come to life. In the last 10 years, we witnessed great evolution in how businesses are interacting with customers, as an example: you can open a bank account via your mobile device or laptop while sitting at home! Whoever thought that we could do that? In short, the world is changing, there are new technologies available to help us improve and enhance our experiences around a lot of aspects of our lives, and eventually no one will be left behind unless they refuse the change.

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.

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Author: Omar Al-Shishani

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Banking Operational Excellence

2020-10-01T06:45:35+00:0030th, September 2020|

Banking Operational Excellence

According to multiple surveys conducted by leading organizations, almost half of global executives believe that the key challenge they face today is achieving operational excellence, which evolves mainly around changing and improving their company culture and making the leap to technology. As they say, digitization is not only about doing old things faster but about scalable, tech-led smooth operations.

The banking industry has constantly accelerated its boundaries for embracing technology and directing it towards its services. Both developing customer needs, and emerging market opportunities, have led the evolution of the industry towards fulfilling service necessities and expanding new opportunities. As technology has increasingly evolved with the pace of time by reaching beyond its primary purpose of addressing people’s needs, banking has taken hold of its extensions by including it within its operations.

Core traditional banking operations, still present, have been upgraded through technology. Banking operations have made the most of the technology momentum to advance the banking offerings. This trend has become apparent in different dimensions within the range of banking products and services offered these days.

Over the past few years, the shifts made in the following areas have put pressure on bank’s ability to challenge and survive this ever-changing business environment, not to mention the pandemic, which only made business even more complex and challenging:

Banking Operational Excellence
  1. Competition: the non-banks, like Fintech companies and payment processors.
  2. Market conditions: innovation and economic pressure.
  3. Talent training and retention: change in employee’s preferences and career expectations.
  4. Regulatory demands: local and international increased requirements for disclosures, compliance, and standards.
  5. Increasingly demanding clients.

Technology has now become apparent in banking operations through transitioning product traits. Banking Operational Excellence is able to perform a mobile payment with the same easiness of sending a text message (some people consider it even easier!) or opening an account with few clicks while you are resting on your couch, or any other tech-powered services made possible with the huge advancement in technology.

Banking Operational Excellence

Whereas internet banking has expanded the banking experience beyond the physical presence of the branches, it has established new ways in which customers are approaching banking. An engaging experience is essential besides the fundamental need for integrated services accessed through all-in-one solutions. Remote transactions such as utility payments, money transfers, or currency exchange transactions are perceived as standard if the value of an engaging experience is not noticeable. In this regard, both functionality and customer experience are considered banking operational excellence. Operational excellence behind the scenes makes an essential contribution to the quality of customer experience people cannot have one without the other.

The days in which banks served only for keeping people’s money safe and performing trade transactions possible seem distant, while the days in which new emerging products and services are growing seem in the vicinity. Banking Operations Excellence is the threshold every player engaging its activity across it is trying to reach. The effective use of technology is the appropriate element that makes its attempt possible. Solutions like RPA, smart call centers, and AI/Machine Learning-powered Compliance Platforms create new opportunities and make way for new banking reality. It’s time to ask how to eliminate dependence on all low-value, high-volume manual processes, is not just about liberating staff to do real business – it’s about reducing error and the risks that go with it. In my personal opinion, it’s about freeing people’s time to do things that matter.

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Author: Abdelrahman Altayyeb

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Capital Bank of Jordan deployed Bank-BI©

2020-09-30T08:33:50+00:0028th, September 2020|

Capital Bank of Jordan deployed Bank-BI©

Bank-BI© solution helped the bank build a single source of information, streamline the information sharing and delivery across various departments, comply with the regulatory requirements allowing the bank to automatically generate various reports with minimum efforts and with high accuracy.

By using Bank-BI© , the bank can access a pool of technology built with great financial experience and methodology that deliver the right solution while harnessing best practices, making the process efficient and effective, reduces the time to analyze and share information.

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Banks of 2020 and Beyond

2020-09-27T07:19:13+00:0027th, September 2020|

Banks of 2020 and Beyond.

Despite these unexpected challenging circumstances that the world has been subjected to, the technological sector has seen unbelievable growth during this short period of time.  With these technological advancements that have dominated the new age, our dependence on digitalized features in the banking industry continues to escalate. Every sector and industry as of now is working on transforming their working environment into a fully digitalized one.

Banking customer’s demands for digitalized services continues to spike up, which acted as a pushing force for many banks worldwide to become more digitally empowered leading to a full transformation in how they perform various operations at hand. This global crisis that we are experiencing has made many customers aware of how convenient it is for all banking services to be conducted remotely and virtually. Having services that are easily accessible and practical is always deemed more desirable to consumers as we are becoming more technologically advanced meaning any service that follows the “go-to” method will always be favored.

Pio-Tech offers many solutions to help banks embark on the process of expanding to virtual branches, and virtual assistants, as Pio-Tech Chatbots. Pio-Tech developed Chatbot ABOT  which offers a 24/7 virtual support system and helps the C-level and the executives’ employees in the bank monitor their employee’s
performance and the transactions directed in real-time without needing to refer to the IT department or having to be present physically.

Banks of 2020 and Beyond

Pio-Tech Portable Sales Office (PSO) solution helps banks conduct all their sales operations remotely, which plays a huge role in gathering data as it is a very evolved software that uses advanced analytics that allows banks to recommend the right products to the right customers. Ensuing this global crisis, banks will be actively looking for a solution that predicts customer’s behavior to be able to recommend useful insights about certain products. It also allows for the early detection of any fraudulent transactions to ensure a higher level of security is present and to be able to give an early warning about the customers’ future relations to the bank (churn analysis).

In conclusion, the world will continue to witness growth and development technologically now and in the near future, which means that banks need to use the virtual transformation era to their advantage by applying solutions such as what Pio-Tech has to offer.

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