By Mangesh Kulkarni, Head of Engineering, PayMate (@kulman19)
With the digitisation of banking and financial services across the world gathering momentum, banks in the UAE have started adopting digital solutions. Technological advancement has shown significant impact on banking activities like money transfer, foreign currency exchange and payment services. It has also has helped them provide faster and enhanced due diligence (EDD) KYC process. Another area where progress has been seen is the automation of AML screening during the account onboarding process which has proven to be an effective solution.
Stepping up infrastructure with changing times?
Witnessing the change after implementation of these advancements, businesses are demanding more cost-effective digital solutions which will help them to streamline and effectively manage their payments and receivables cash-flows; with faster settlement times.
While traditional banking, focuses on core offerings and digitisation of the same, its challenging for banks to develop new services using the latest technologies and delivering them in a fast-paced manner. Banks also tend to be heavily regulated and tightly controlled in their budgets, making it difficult for them to develop innovative solutions in-house. And lastly, availability of talented man-power who is well versed with latest technology.
Ready solutions offered by Fintech companies
The new age Fintech which do not follow banking traditions, are focused on making financial services faster, cheaper and user-centric. They focus on leveraging the latest technologies and delivering the solutions at a faster pace; in turn helping businesses provided access to real-time financial information and improve organisational performance.
Most of the banks are keen on partnering with Fintech companies like ourselves, who provide a bouquet of services addressing the business needs; making them stay relevant. This arrangement allows the banks to extend their services through Fintech platforms, retain existing business engagements and broadening the services; while make new business acquisitions through partner platform services.
With the UAE government at the forefront of embracing new technologies and leveraging Fintech companies, this has strategically positioned the country on the path to becoming one of the most digitally advanced countries in the world.
