overview
Banking with Infinite Paperless Suite
The financial sector has a pivotal role in this strategy of economic diversification. The benefits of financial sector development in the GCC area are twofold. First, the financial sector forms an intermediary that contributes to the collection and efficient allocation of financial resources. Second, the sector itself contributes to the economic development of the GCC countries by means of profits and the creation of employment. To tap this economic potential, the GCC countries have taken the initiative to develop their financial sectors by strengthening the domestic regulatory and supervisory framework, participating directly in financial institutions, and providing grants, subsidies and guarantees.
Industry challenges
Banking challenges
While GCC banks do not expect FinTech disruption in the short-term and expect fairly limited business loss to stand-alone FinTech firms in the medium-term, a significant majority acknowledge that FinTech innovations offer end-customers a noticeably better value proposition. More importantly, there is a strong case for collaboration among participation banks for the mutual benefit from FinTech innovations. Given the nature of the business of participation banking, they can benefit from evaluating FinTech innovations in small and medium enterprises (SME) financing platforms, peer-to-peer financing platforms, digital wealth management and payments related innovations. The UAE banking sector will also need to take positive strides toward artificial intelligence, cognitive computing, and blockchain technology.
– paper-based document flow
– risk of COVID infections
– non-automated proces
– low visibility into the proces
– lossing comptetive advantage
– poor customer service
– ineffective operations
– expensive operations
– Economic slowdown and competition
– fragmented sector
– Reluctance to full-fledged digital transformation
– Skills Gap in the emerging technologies
Going digital, enterprises can realise some tangible advantages such as considerable efficiency gains and higher-quality outputs. The spending on digitalization projects in the UAE have significantly increased over the years. However, many companies are managing the projects in a traditional operating model, which increases the risks of adoption. Partnering with technology leaders and digital disruptors can help streamline the adoptions. If the digital transformation process is well-handled and the challenges are addressed, it needn’t be overwhelming and threatening.
OUR SOLUTION
Solutions dedicated for banking company is comprised of:
Infinite Data Automation Suite
In banking, strict compliance with all regulatory requirements and legislative stipulations, including regulations by central banks, is key. When exchanging financial data between all involved parties, security and reliability are essential when it comes to guaranteeing timely payments, efficient cash management and other large-scale financial transactions.
Infinite e-sign suite
electronic or biometric signature available on mobile devices to sign: credit, new account, insurance, etc. agreements, declarations, forms, protocols, etc within all sales channels (POS, by Sales Representative, Courier)
Infinite e-archive suite
legal and lon-term, audit-proof storage of all eDocuments (bank agreements, declarations, forms, protocols, invoices, custorem KYC, copies of Emirates ID/passport, Moa, etc.)
Infinite workflow suite
supporting eDocument flow, managing and controling approval in eSignature document flow, Process approval in regulatory requests, Customer qualification, Log books
