The Shape of Things to Come From Legacy to Digitimacy
Banking
Implement Big Data Solutions, increase the availability and transparency of services and reduce the need of human intervention.
Supported Solutions by VCL
Solutions
Big Data Solutions
Huge amounts of data about the citizens could be used to gain insights that could be integrated into decision making. Big Data Solutions, such as Hadoop and Tableau, will enhance the data quality and provide accessibility to structured and unstructured data sets, not only as texts but also as images, graphs and more.
Analytics
Analytics could be used to measure the satisfaction of the citizens and predict their future needs. Understand the root-causes of major issues of the community which would enable the decision makers to be better informed while developing new policies for the communities.
Artificial Intelligence Solutions
AI Solutions could be used to improve the business operation and enhance the customer experience via Chatbots or fraud/Risk detection features. Digital platforms could be also used to provide various channels to communicate and engage with the citizens. Cloud based technologies could be used to provide 24X7 accessibility to the databases and intelligent automation to automate tasks within the daily operations across departments.
Who’s spending the most on AI?
Source: AI in the Middle East, Hansson Robotics, 2018
Banking Sector Talents
Agile thinking is required for Banking Sector Talents to reduce the sophistication and increase the pace of development. Training in Strategic thinking is also required in order to better prioritize the initiatives within the digital agenda. Blue Ocean training would assist in enhancing the mindset and the culture to become more digitally oriented.
Benefits
As a Result of Automation and Applying Cloud Technologies There Will Be:
a huge reduction in IT Operational Expenses
an increase of the availability of services
an ease of the maintenance of the IT services
a reduction of the need for human intervention and in the rental expenses
As a Result of AI and Chatbots Solutions:
banks will gain insights to target younger customers
customers will benefit from available services
banks will provide them with better transparency
As a Result of Digital SCM There Will Be:
huge enhancement in the cost transparency
reductions of dependency on the vendors
Source: The State of Digital Banking in 2020, Middle East Business, 2020
