Amman- Jordan, March 23. Pio-Tech the leading provider of Banking Business Intelligence and Performance Management Solutions in the Middle East and Africa Regions, participated as an exhibitor at The World Fintech Summit 2022 held at St. Regis.
The summit-themed FINTECH: EMPOWERING A GLOBAL DIGITAL ECONOMY, brought attendance from around 10 countries of over 1000 FinTech professionals and speakers who are shaping the current and future of payments and digital banking & financial products & services.
Pio-Tech experts who took part in the conference presented the latest leading solutions such as; Digital Transformation,Robotic Process Automation (RPA), and other bank-related technologies that serve the banking sector and enhance the performance of banks’ operations and decision-making processes.
Our Director of Digital Transformation, Mr. Jamal Dweik, discussed pointers about “Building an A.I. Platform to Retain Connected Customers” where he illustrated the importance of having “good” quality data, the main element for creating viable Artificial Intelligence (AI)models and algorithms.
During his speech, Mr. Dweik explained how finding anomalies is uncomplicated if the “INFORMATION PLATFORM” is constructed correctly. He, also, gave examples of some of the utilities that can be employed to govern the quality of data, sustain its validity, and the association between sample data size and bounds – bigger sample tighter bounds – whilst building the bank’s information platform. Mr. Dweik, furthermore, described four factors that contributed to the realization of Artificial Intelligence (AI): the use of Massive Data, Massive Models, Trial & Error, and Feature Engineering.
He concluded by echoing the importance of maintaining quality data, investing in refining the necessary tools and applications to generate proper analysis and insights, and, lastly, the use of AI Models and how to prevent them from “rust” becoming impractical.
Pio-Tech is proud to announce that it has won in the Peacock Awards “Best Digital Transformation Solution”
Pio-Tech won the award based on several aspects such as impact and engagement, creativity, and strategy to make banks Faster, Better, and Smarter.
National Bank of Yemen signs an agreement to implement Bank-BI® AML (Anti-Money Laundering) Solution from Pio-Tech
Jordan – Yemen.
December, – 2021
National Bank of Yemen, the Award winner from the Arab Organization for Information and Communication Technology, has signed an agreement with Pio-Tech, one of the leading companies in digital transformation and business acceleration to implement Bank-BI® AML (Anti-Money Laundering) Solution.
Bank-BI® AML (Anti-Money Laundering) Solution, will grant National Bank of Yemen the ability to combat all types of money laundering, terrorist financing, and monitor suspicious activities immediately.
By implementing Bank-BI® AML from Pio-Tech, in the NBY, the bank will be able to track and analyze all types of financial operations easily. AML solution is build upon pre-defined scenarios, detection alerts, and monitors illegal financial activities detected to conduct the necessary and effective investigations. Thereby enhancing, improving and accelerating Anti-Money Laundering processes.
Dr. Mohammed Hussein Halboob, Chairman of the Board of Directors of NBY, expressed his pleasure with the agreement, saying that “the implementation of Bank-BI® AML (Anti-Money Laundering) Solution will enhance NBY’s ability to confront and reduce the risk of money laundering, in addition to gaining the ability to classify customers, which will contribute to accelerating and maximizing the efficiency of the anti-money laundering operations. In addition to increasing customer confidence in the safe banking environment provided by NBY to its customers from all sectors,”.
Mr Tariq Al-Safarini, CEO of Pio-Tech, stated: “We are working in dedication to meet the needs of our clients and provide the best solutions and modern systems in the banking sector. Our systems contribute to providing the requirements and interests of NBY customers. We are proud to apply the NBY’s Anti-Money laundering Solution, which reduces the risk of money laundering and any suspicious transactions.”
The National Bank of Yemen, the winner of the Excellence and Achievement Award from the World Union of Arab Bankers, cooperates with the possession of more advanced systems and solutions and the provision of many distinguished commercial values in the Middle East with many large banks in the Middle East. It is the first government bank to be established after the country’s independence from British colonialism The Bank has exercised and still plays important roles represented in organizing the financial and banking process and financing large and small projects in various fields.
Pio-Tech is one of the leading companies in the development, digital transformation solutions, and business acceleration in the banking industry in the Middle East and Africa, created using advanced and modern technologies. Since its inception in 2003, Pio-Tech has been characterized by a range of innovative banking solutions and systems that have greatly improved the various internal services in the banking and technology sector, so that Pio-Tech is always keen on entrepreneurship and achieves real value for the clients in local and global financial markets, as well as improving the efficiency of strategic decision-making, resulting in business growth for more than 80 financial sector clients in 22 countries across the Middle East and the continent.
Pio-Tech solutions use Bank-BI®, Bank-BPM®and Bank-CEP® on the cloud SaaS – either fully on the cloud or using a hybrid model.
Amman, December 2021. MedLabs Consultancy Group, one of the largest networks of medical laboratories in the region, has signed an agreement with Pio-Tech, one of the leading companies in digital transformation and business acceleration to implement the Lab Analytics (Labs Performance Analytics Dashboards) using Microsoft Power BI system.
The Lab Analytics (Labs Performance Analytics Dashboards) system aims to enhance the decision-making process and the accuracy of data provided by the client’s own system. This tool offers a seamless way to access any required information that efficiently serves clients and meets their needs.
The agreement was signed as part of MedLabs’ vision to adopt and harness technology to keep pace with key technical developments that are taking place globally. On this occasion, Dr. Hassib Sahyoun, CEO of MedLabs Consultancy Group, commented: “We are always looking for technical solutions that will help us make better decisions that in turn lead to better patient service. We are working hard to employ the latest technologies in the world of laboratory medicine and we are happy to have chosen Pio-Tech for its long experience in the field of information technology.”
Commenting on the signing ceremony, Mr. Tariq Al-Saffarini, CEO of Pio-Tech, stated, “We are committed to continuous efforts to provide the highest value to our customers, taking into account the interests of the clients of MedLabs, with a clear vision to develop technical solutions and advanced technology. We are proud to present and implement the Lab Analytics (Labs Performance Analytics Dashboards) system at MedLabs Laboratories who continuously strive to keep pace with technological development. The system can improve decision-making processes and ensure that they are up to date with the modern technology revolution”.
Established in Jordan in 1993, MedLabs Consultancy Group is a pioneering Jordanian Company in the field of diagnostic laboratory medicine that has become the fastest-growing network of private medical laboratories in the Levant region, operating 46 branches in Jordan, 5 branches in Palestine, and 5 branches in Iraq. MedLabs is the only private medical laboratories institution in Jordan to be fully accredited by the College of American Pathologists (CAP), ISO 15189, and the HCAC. It is also ISO 9001 management certified and has received the King Abdullah II Award for Excellence (2011), reflecting MedLabs’ commitment to the highest levels of testing quality, safety, and patient care within an integral culture of community building, self-development, knowledge sharing, and sustainability.
For more information, please visit www.medlabsgroup.com.
Pio-tech is one of the leading companies in the development, digital transformation, and business acceleration solutions, which are built using advanced and modern technologies. Since the company’s establishment in 2003, Pio-Tech has been distinguished by providing a set of innovative solutions and systems that have greatly contributed to improving the various internal services in financial and technology institutions. In addition to improving the efficiency of strategic decision-making, which has resulted in business growth for more than 80 financial sector clients in 22 countries across the Middle East and the African continent.
With 18 years of experience in technical solutions and advanced technology, Pio-tech offers a wide range of digital solutions and systems that cover many IT functions, such as decision-making, customer requirements, risk, and compliance, and they are fully compliant with all local and international standards.
For more information, please visit www.Pio-Tech.com.
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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