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Oman’s BankDhofar is the First Bank in the Middle East to Install Diebold Nixdorf’s RM4V Cash Recycling Engine to Deliver a World-Class Customer Experience

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Cash recycling pilot on DN Series® ATMs and CDMs reduces cash management costs and provides additional services to customers

MUSCAT, Oman and HUDSON, Ohio, Dec. 6, 2023 /PRNewswire/ — Diebold Nixdorf (NYSE: DBD) today announced that BankDhofar is the first bank in the Middle East to utilize its RM4V cash recycling engine in its DN Series® ATMs and cash dispensing machines (CDMs). The implementation offers customers additional banking services and is managed in collaboration with CNS, Diebold Nixdorf’s partner in Oman.

This launch puts BankDhofar at the forefront of customer centricity and innovation. The DN Series Recycler ATM/CDM has the capacity to dispense 300 banknotes more than the usual 50 banknotes and complies with the Central Bank of Oman’s cash and fraud detection protocols. Cash recycling reduces cash management costs for the bank by accepting, storing and recirculating cash that’s deposited in the ATM. Creating a closed-loop recycling environment that automatically moves money through the system provides the additional advantages of extending cash-in-transit (CIT) intervals and drastically reducing CO2 emissions.

The RM4V technology optimizes the cash storage solutions within the ATM and is based on a vertical design configuration of the cassettes without compromising the small footprint of the DN series. The cash recycling engine also provides: 

  • Multi-denomination capabilities
  • Larger capacity for more banknotes
  • More secure transport of banknotes
  • Flexible configuration options for dispensing, depositing and recycling

One of the most important advantages of the Recycler ATM/CDM is that it functions like a 24×7 mini cashier, which caters to the diverse needs of individual, medium and large corporate customers. Apart from NFC-enabled technology that enhances customer experience through secure and convenient contactless transactions, customers can increase their withdrawal limits via the BankDhofar mobile app, thereby gaining access to higher withdrawals.

In 2020, BankDhofar also became the first bank in Oman to install DN Series ATMs. The bank’s commitment to transformation is evident in its remarkable network expansion aimed at reaching more customers. Starting the year 2022 with 129 ATMs and CDMs, the bank will grow to more than 300 ATMs and CDMs by the end of 2023. In a strategic move towards a ‘phygital’ experience, Bank Dhofar also expanded its retail branch network from 52 (at the beginning of 2022) to 130 branches by December 2023. This makes BankDhofar the fastest-growing bank in the region with double-digit growth in both physical and digital sectors.

Amjad Iqbal Al Lawati, chief retail banking officer, at BankDhofar said: “Customer experience is at the heart of everything we do. Investing in improving technology for a key banking channel such as ATMs/CDMs will make everyday banking more convenient. We are proud to announce a significant enhancement in our operational efficiency, resulting in an even more seamless and accessible experience for our customers when conducting withdrawals. This advancement is accompanied by a heightened focus on ensuring a secure environment for all transactions. Furthermore, our dedicated team remains committed to actively engaging with customers, fostering interactions, comprehending their needs, and providing thoughtful recommendations for tailored financial solutions.”

Joe Myers, executive vice president, Global Banking at Diebold Nixdorf said: “We are excited that our long-term partner BankDhofar is the first bank in the Middle East to utilize our RM4V cash recycling engine. This technology is driving the recycling market in many countries. The high level of availability of the DN Series, along with its security and efficiency, continue to make it the best solution on the market for cash recycling.”

About BankDhofar
BankDhofar is one of the best banks in the region that is responsive to customers’ needs and requirements and sets the standard for the best customer experience in the banking industry in Oman by using the latest technologies and providing cutting-edge financial solutions. The Bank has more than 100 branches and 300 plus ATMs, CDMs, FFMs and MFKs across Oman. BankDhofar customer can conduct their banking transactions 24/7 through internet banking and the award-winning mobile banking app which offers exclusive financial services. Customers can access the financial services through a wide network of branches, ATMs, CDMs, FFMs and MFKs across the Sultanate, operating 24 hours a day and boasting a highest ATM availability of 99.4%. Website: www.bankdhofar.com 

About Diebold Nixdorf
Diebold Nixdorf (NYSE: DBD), Incorporated automates, digitizes and transforms the way people bank and shop. As a partner to the majority of the world’s top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 21,000 employees worldwide. Visit www.dieboldnixdorf.com for more information.

X: @DieboldNixdorf
LinkedIn: www.linkedin.com/company/diebold
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf

DN-B

Logo – https://mma.prnewswire.com/media/2293516/Diebold_Nixdorf_BankDhofar_CNS_Logo.jpg 

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Validation Cloud Secures $5.8 Million in Inaugural Funding to Propel Web3 Infrastructure

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ZUG, Switzerland, Feb. 28, 2024 /PRNewswire/ — In a significant stride towards revolutionizing Web3 infrastructure, Validation Cloud has proudly announced the successful closure of its first external investment round, amassing $5.8 million. Spearheaded by San Francisco-based Cadenza Ventures, this funding round exceeded expectations with contributions from an impressive roster of international investors, including Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital.

Alex Nwaka, Co-Founder of Validation Cloud, expressed enthusiasm about the funding, “This investment marks a pivotal moment for Validation Cloud as we aim to address the urgent demand for scalable and compliant Web3 infrastructure. We’re honored to collaborate with our investors who are instrumental in propelling the global adoption of our platform among cutting-edge networks, developers, and asset managers.”

Validation Cloud is at the forefront of Web3 technology, having developed an innovative system architecture that paves the way for significant advancements in the sector. Known as the “Cloudflare of Web3,” the company offers a robust, scalable, and intelligent platform providing Staking, Node API, and Data services, drawing inspiration from Cloudflare’s transformative impact on Web2 infrastructure.

Founded by veterans in the Proof-of-Stake domain, Validation Cloud boasts a team of highly experienced professionals from renowned organizations such as Uber, Workday, Deloitte, Citadel, Morgan Stanley, Binance, Crypto.com, Figure, R3, and more, emphasizing a talent-first approach with a worldwide workforce.

Kumar Dandapani, Managing Partner at Cadenza Ventures, highlighted the strategic vision behind their investment, “At Cadenza, we do not invest in just any company; we invest in the future of transformative technologies. Validation Cloud’s pioneering role in Proof-of-Stake and their relentless pursuit of next-generation Web3 infrastructure have set them apart as leaders in the Web3 space.”

Aly Madhavji, Managing Partner at Blockchain Founders Fund, shared his thoughts on the investment, “We believe in the transformative power of Web3 and its ability to redefine how businesses operate. Investing in Validation Cloud aligns perfectly with our vision of supporting innovative platforms that are ready to lead the next wave of digital transformation.”

Validation Cloud has earned a reputation for its close partnerships with networks from their nascent stages, supporting a wide array of ecosystems from established ones like Chainlink, Hedera, and Stellar to emerging networks such as Aptos, Eigenlayer, and Berachain. Their platform lays the groundwork for the enterprise adoption of networks, positioning Validation Cloud as a key player in the Web3 infrastructure landscape.

For further details on Validation Cloud and its offerings, please visit www.validationcloud.io.

Please contact: Kelly Clark, Director of Communications | [email protected] 

Funding Announcement for Validation Cloud by Alex Nwaka

Photo – https://mma.prnewswire.com/media/2349304/Validation_Cloud_Validation_Cloud_Secures__5_8_Million_in_Inaugu.jpg

Photo – https://mma.prnewswire.com/media/2349305/Validation_Cloud_Validation_Cloud_Secures__5_8_Million_in_Inaugu.jpg

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Klarna says its AI assistant does the work of 700 people after it laid off 700 people

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The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.

Klarna is bullish on bots.

One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.

The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.

Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”

The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.

Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”

That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.

Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.

“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”

Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.

Source: Fast Company

The post Klarna says its AI assistant does the work of 700 people after it laid off 700 people appeared first on HIPTHER Alerts.

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KAPSARC Launches Saudi Arabia’s First School of Public Policy

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  • Inspired by His Royal Highness, the Minister of Energy, Prince Abdulaziz bin Salman Al Saud’s passion for education, human capital development and innovation, the KAPSARC School of Public Policy (KSPP) was founded as the first institution in Saudi Arabia dedicated to graduate studies and executive education in public policy.
  • Through its academic offerings, KSPP empowers individuals to tackle pressing public policy challenges and embrace the promising opportunities shaping the future.
  • KSPP’s facilities will run on 100% renewable energy, setting a precedent as one of the first net-zero facilities in the Saudi educational sector.

RIYADH, Saudi Arabia, Feb. 28, 2024 /PRNewswire/ — The King Abdullah Petroleum Studies and Research Center (KAPSARC) has been granted an establishment license for its School of Public Policy (KSPP) after the recent approval by the Council of Ministers, and which was announced during the Human Capability Initiative (HCI) on February 28, 2024, conducted under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee, one of Saudi Arabia’s Vision 2030 Realization Programs.

Aiming to set new standards in policy studies, the school offers a two-year master’s degree and executive education programs designed to enable and empower future policy leaders and professionals within Saudi Arabia and globally to address the most pressing domestic and international public policy challenges in the public, non-profit and private sectors.

This significant achievement was announced by His Royal Highness, Prince Abdulaziz bin Salman Al Saud, the Minister of Energy, Chairman of the Board of Trustees of KAPSARC: “The vision for KAPSARC School of Public Policy is to develop the knowledge and skills that the new generation needs to shape public policy both locally and globally. Our mission is to empower and equip future policy leaders and professionals within Saudi Arabia and internationally to make informed socio-economic decisions.”

In a statement on the sidelines of the school’s launch, Fahad Alajlan, President of KAPSARC, stressed the Center’s mission to impact public policy on national, regional, and global levels. “Our new School of Public Policy will equip future leaders with the right skills to create data-driven and evidence-based public policy in line with Vision 2030 goals.”

Dr. Ghadah Alarifi, Founding Dean of KSPP, stated that, “Public policy serves as the foundation of societal progress. At KSPP, we aim to be a catalyst for collaboration, building a robust ecosystem that bridges academia, industry, and government in the public policy arena.”

By leveraging KAPSARC’s network, KSPP provides a platform for global engagement and career growth opportunities, offering practical application and flexible courses tailored to empower policymakers in different tracks including energy policy.

The school is committed to achieving high sustainability standards in the Saudi educational sector, including the goal of running on 100% renewable energy. This dedication ensures that KSPP meets its annual energy needs through on-site renewable resources, eliminating the use of fossil fuels.

For more information about KSPP, visit https://www.kapsarc.org/about-the-school/.

Follow KSPP on social media:

  • X: @KAPSARC_SPP
  • LinkedIn: @ KAPSARC School of Public Policy

About KAPSARC:

KAPSARC is a leading think tank dedicated to advancing knowledge on energy, environment, and regional economic issues. Accredited observer of UNFCCC, KAPSARC actively contributes to global climate action. The mission of KAPSARC is to advance Saudi Arabia’s energy sector and inform global policies through evidence-based advice and applied research. For more information about the center please visit: https://www.kapsarc.org/

Photo – https://mma.prnewswire.com/media/2350458/KAPSARC_School_of_Public_Policy.jpg

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