Do you call yourself a digital organization? If yes, why?
Digital is the first point of contact between a bank and its customers. Al Masraf in line with its vision wants to become innovative and a preferred financial partner for all banking services in the region and aims towards adding value to our customers, user experience and convenience to our Customers. There was a need felt to enhance Customer Experience, hence the organization started working towards Customer Delight by providing high quality services at convenience of its customers. The core idea behind being digital is to automate the mundane tasks which enables technology and facilitates employees to work more effectively, reduce the cost of services and increase competitiveness.
The leadership of Al Masraf has set its course towards achieving excellence by means of innovation & transformation. Al Masraf wants to be a leader when it comes to innovation & adopting progressive technologies and practices. Management nurtures creative thinking and out-of-the-box problem solving, harnessing the power of the imagination with a can-do attitude that is reflective of the way Al Masraf delivers services to the customers.
It is a practice at Al Masraf to conduct SWOT analysis to determine whether it will be innovative or not and not its status as an incumbent or the arrival of some external technology. We as an organization have innovative culture and are in the midst of developing, embracing and deploying the innovations and marching our digital journey. This zeal has led to multiple innovations in the past and a number of projects in pipeline for transformation. As part of digitalization plan, the Bank has introduced digital banking solutions within multiple departments. Some of them are FTS Straight Through Processing, AML Screening, e-Statement Implementation, Graphical Intelligent Electronic Operations Manual (GIEOM), Trade Finance Approval Matrix, Recon for (GL, e-Guarantee, UAE Switch transaction), Centralization of Letter issuance, Motif Digital Banking Platform and Middleware Implementation, Mobile App Implementation, Utility Bill Payment Services, Self-service Kiosk, Table Top Kiosk, Security Information and Event Monitoring (SIEM), Advanced Endpoint Detection and Response (AEDR) and many other initiatives. Additionally, we have initiated major projects including Al MASRAF Core Banking (ACB), Digitalization and Implementation of Corporate Credit System. All the innovation and transformation initiatives resulted in better customer satisfaction, enhanced customer experience, minimizing turnaround time and cost of processing.
In addition to the above, some innovations like Anti-Money laundering SWIFT, Intrusion Prevention Systems (IPS), Integration of ATMs with SIEM, etc. have resulted in adding more controls to the process and better security.
What are your top projects for the next 6 months?
- Temenos, T-24. Core Banking, Regulatory System Enhancements
- ATS (Automated Teller System), MFK (Multi-Function Kiosk) and ILT (In Lobby Teller)
- Watch Banking
- QR Coding
- Robotic Processing
- Artificial Intelligence
What are the key technologies challenges faced by your sector?
- Legacy – The age difference between an organisation and the industry standard
- Risk management – Inability to asses Client’s needs and provide capital
- Short life span – Due to the ever-growing and rapid technological advancements, the lifespan of technology is very short
- Restrictive governance – Multiple level of committees overseeing projects.
What kind of vendor/solution provider engagement do you look forward to in 2018?
- Core Banking System & Regulatory Systems
- System Integrators
- AI & Process automation solution providers
- Managed Services solution providers
- Infrastructure Systems vendors
To do list for 2018
- Temenos, T-24. Core Banking: n ATS (Automated Teller System), MFK (Multi-Function Kiosk) and ILT (In Lobby Teller)
- Watch Banking
- QR Coding – Assets & Documents n Robotic Processing
- Artificial Intelligence