Fintech PR

Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey

Published

3 months ago

September 2, 2024

CISION (PR Newswire)

Nine in ten UAE survey respondents want apps that provide personalized insights into their finances

73% say they are comfortable having AI guide day-to-day financial decisions

DUBAI, UAE, Sept. 2, 2024 /PRNewswire/ — A desire for more insights into personal finances, a willingness to share data to unlock individually tailored services, and a high level of comfort with AI-driven guidance are key themes to emerge from the new survey of UAE retail banking customers conducted by Capco, the global management and technology consultancy.

As the UAE pushes forward with ambitious plans to grow its digital economy, Capco’s Bank of the Future survey of over 1,200 UAE banking service users aged between 18 and 65 found that 89% have become more confident in using mobile and digital banking services over the last two years. Eight in ten (83%) now use mobile apps to access banking, offering a solid foundation for future banking innovation.

In addition, 87% of respondents say they would be attracted to an app that offered personalized insights into their finances, including 41% who say this would be ‘extremely attractive’. The survey also reveals that 72% would ‘definitely’ or ‘probably’ share additional personal data – such as social media profiles or wearables data – to unlock personalized products, services or offers.

In support of its main survey, Capco conducted more focused polling of 500 consumers that looked specifically at the adoption of digital-first banking services. This found that nine in ten UAE respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.

Capco’s survey findings highlight opportunities for UAE banks and fintechs to capitalize on positive attitudes to data sharing and innovation to deliver the products and services that consumers say they want. It also offers recommended paths forward for banks as they explore how best to apply the latest approaches to data analytics and AI to address customers’ aspirations.

James Arnett, Managing Partner, APAC & Middle East at Capco, said: “Consumers in the UAE are looking for products and services that provide a more bespoke user experience, including personalized financial insights. Seizing this opportunity will require an ever more nuanced understanding of individual consumer’s aspirations, and banks and other providers will need to prepare by investing in improved data management and advanced analytics.”

Naim Alame, Managing Partner, Middle East at Capco, said: “Consumers want convenient, integrated financial services and seamless digital journeys enabled by improved connectivity, data analytics and AI. Delivering the products and experiences that consumers want will require more agile banking models and significantly greater collaboration with third parties in order to embed value-added financial services ever more deeply into customers’ lives.

“For the bank of the future, collaboration may prove to be as important a priority as disruption. Offering a mobile-first experience that embeds payment aggregations, finance options and other ecosystem services to provide a more seamless and holistic experience will be the key to keeping customers engaged.”

Other key findings in Capco’s UAE survey report include:

86% of respondents would be attracted by a banking app that integrates financial services with the non-financial services they use in their daily lives, such as ride hailing and e-commerce.

37% would find such an app ‘extremely attractive’.

The characteristics that would convince a respondent to use a specific bank or financial institution include ‘a wide range of services’ (51%) and ‘more accessible services’ (45%).*

‘Trust in the company’ (39%) and ‘highly personalized products’ (34%) are also seen as important.

Four in ten of respondents (41%) cite cashback options as a value-added feature they consider when selecting a new card or account.*

Other important features respondents would consider include discounts on travel (33%), monthly offers such as retail discounts (32%) and the ability to use points to make purchases (32%).

As digitalization accelerates, 72% of those using payment services identify online payments as a preferred payment method and 69% mention digital wallets.*

Cash remains a preferred payment method for 51% of respondents, and cheques continue to be preferred by 28%.
In Capco’s recent Kingdom of Saudi Arabia (KSA) banking survey, online payments (65%) and cards (65%) were the leading preferred methods of payment, while 57% of respondents cited digital wallets, 55% mentioned cash, but only 11% chose cheques.

The UAE played host to the COP28 global climate conference in late 2023, and almost nine in ten respondents (88%) say it is important that their primary bank has a proactive stance on ESG issues.

In our KSA banking survey, 80% of respondents stated that this is important.

*Multiple responses permitted

Capco’s UAE survey report can be accessed here.

About Capco

Capco, a Wipro company, is a global management and technology consultancy specializing in driving digital transformation in the financial services industry. Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.

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Fintech PR

Protecht launches advanced controls management solution

Published

3 minutes ago

November 25, 2024

CISION (PR Newswire)

SYDNEY, Nov. 25, 2024 /PRNewswire/ — Protecht Group, a global leader in enterprise risk management solutions, has released its innovative controls management solution. This cutting-edge tool empowers organizations to design, implement, and maintain a robust controls framework, streamlining compliance and enhancing operational efficiency.

Protecht’s controls management solution addresses the challenges faced by risk and compliance leaders in managing controls across complex regulatory environments. By integrating controls management into the organization’s broader ERM framework, the solution provides a centralized approach to mitigate risks, achieve compliance, and enable organizations to focus on strategic growth.

As organizations face increasing regulatory pressures, the need for a unified, efficient approach to controls management has never been greater. Many businesses struggle with fragmented processes, duplicated efforts across frameworks, and limited visibility into controls effectiveness. Protecht’s controls management solution simplifies these complexities by providing a single source of truth for controls assurance activities.

Key features of Protecht’s controls management solution

Centralized controls library: Offers a single repository for all control data, tailored to align with organizational needs and regulatory frameworks.
Simplified control testing: Streamlines the testing process with pre-built templates, automated scheduling, and real-time tracking of progress and results.
Framework library: Enables seamless mapping between controls and multiple regulatory standards to eliminate redundancies and simplify compliance efforts.
Advanced reporting and dashboards: Provides real-time insights into control effectiveness and areas requiring improvement, ensuring confidence in decision-making and risk management strategies.

“Protecht’s Controls Management solution simplifies the way organizations handle compliance and risk assurance,” says Damien Stevens, Chief Product & Marketing Officer at Protecht. “By integrating controls into the broader enterprise risk framework, we provide our customers with the tools they need to mitigate risks, optimize efficiency, and align their control environments with their strategic objectives.”

Supporting resources

To help organizations maximize the benefits of the new solution, Protecht offers a range of resources, including:

Live webinars showcasing the solution’s capabilities for risk and IT professionals alike
Product tours showing how the solution lets you solve specific controls-related problems
A comprehensive eBook on building effective controls frameworks
Opportunities to book a demo and see the solution in action

Find out more and download a brochure at www.protechtgroup.com/solutions/controls-management

About Protecht Group

Headquartered in Sydney, Australia, with offices in London and Los Angeles, Protecht Group provides innovative risk management solutions, including the Protecht ERM platform. Trusted by organizations across government, financial services, education, and other industries, Protecht empowers businesses to manage risk holistically, transitioning from spreadsheets and manual processes to efficient, integrated systems.

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Fintech PR

Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia

Published

1 hour ago

November 25, 2024

CISION (PR Newswire)

robert-rahman-joins-dinosaur-group-holdings-to-head-its-new-global-corporate-credit-securities-market-unit-in-the-us,-europe-&-asia

NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.

Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.

Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.

Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.

Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”

Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”

Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”

He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”

About Dinosaur Group Holdings

Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.

Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.

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Fintech PR

New GitLaw platform makes creating legal documents free and fast

Published

2 hours ago

November 25, 2024

CISION (PR Newswire)

BIRMINGHAM, England, Nov. 25, 2024 /PRNewswire/ — Each year 32% of small businesses experience a legal issue but only 25% of these are able to access professional help. Of those who did engage lawyers, many had to draw on personal savings just to meet fees. The current legal system is unaffordable with the balance tipped against those without vast financial resources.

GitLaw.co, launching this week, is looking to change that. GitLaw has published hundreds of legal document templates which are entirely free to download or customize through its platform. GitLaw is built by a group of tech entrepreneurs including Nick Holzherr who previously founded Whisk.com, a software platform acquired by Samsung in 2019.

GitLaw’s name is inspired by Git technology and open source software development. This collaborative model allows legal documents to be freely available to use, modify or share, with complete version history transparency. GitLaw’s vision is to create a collaborative open source community for legal documents. GitLaw’s specialized features help users efficiently customize and finalize legal templates. Users can submit templates as well as suggest changes to existing documents, resulting in free community-driven standards for legal documents.

The service is initially targeted at small businesses in the US and UK. “As a startup founder I have first hand experience of having to navigate legal battles without budgets for lawyers and I wish I’d had something like GitLaw – a reliable repository of free legal documents” said Nick Holzherr, one of the founders of GitLaw. “We already have 300 documents that cover key contract types like NDAs (Non Disclosure Agreements), Employment Agreements and Privacy Policies, and we hope the community will continue to provide more documents”. Most of the documents on GitLaw today are created and contributed by reputable law firms, lawyers, investors and organizations.

While the platform targets the 400m global small businesses first, the company has a mission to bring GitLaw to wider audiences. “In the medium term I hope we’ll be able to cover a lot more areas of law like civil law.
Longer term, I can envision GitLaw being used to support the creation of national laws, enabling citizens to contribute, provide feedback, and transparently track every change made to their legislation.” said Holzherr.

GitLaw is free to use and available at www.gitlaw.co

Pictures available at https://gitlaw.co/press

View original content:https://www.prnewswire.co.uk/news-releases/new-gitlaw-platform-makes-creating-legal-documents-free-and-fast-302315630.html