Speaker Interview Creative Mr Jamal Anouti is an Electrical engineer and entrepreneur who is passionate about software development. He has co-founded Integrated Digital Systems - IDS Fintech and Vanrise Solutions serving several distinct market segments.
He has established solid corporate structures and led for over 30 years the engineering and development of several financial and business-oriented software applications in the field of ERP, e-government, e-banking, capital markets, document & information management, and telecom including OSS/BSS, Revenue Assurance, Fraud Detection, and Network Monitoring.
His main work focuses on innovation and digital transformation introducing a wide scope of technical solutions and helping industries serve their clients more efficiently.
Mr Jamal will be speaking live at Finnovex Middle East Summit.
Please have a look at his view on our upcoming Leading Summit on Financial Services Innovation and Excellence held from 7th – 8th September 2021.
Q- What do you suggest should be the main goal for improving the overall customer experience? What are the 4 most important components necessary for an outstanding customer experience journey?
The main goal behind improving the overall customer experience is mostly to create customer loyalty. Banks need to foster a strong relationship with their clients and serve them better in order to keep them and improve their business with them. The 4 most important components necessary for an outstanding customer experience would have to be availability/reliability, speed, consistency, and personalization.
Q-How can CX Leaders identify the need to upgrade the overall customer experience journey needs any form of improvement? How can AI based solutions be leveraged in collating and analysing data?
Historically, customer experience was basically assessed through customer feedback. CX leaders had to constantly seek customer feedback through surveys and direct calls in order to be able to understand the problems customers may be facing when seeking services. With AI, data analytics is turning raw data into clear, meaningful, and actionable insights. AI does not only allow us to understand the customer, it actually enables CX leaders to predict the customer’s behavior and next action, the basis for improving customer experience. AI allows banks to accompany customers in their journey by protecting them, giving them advice, and introducing to them personalized services.
Q-What steps can be considered in the moulding the building blocks for a successful wealth and asset management platform implementation?
Implementing a wealth and asset management system is not an easy task. It requires substantial effort on several fronts and the full commitment of the organization as it involves almost every department in the financial institution. Knowing that the successful implementation of a wealth and asset management system is no different than any other large information system implementation in general, the following is a concise guideline for the essentials:
Q-Can you highlight the relationship between Artificial intelligence and Customer Journey in new age of banking?
Customers expect immediate answers and solutions. With AI, customers are better understood and are provided with personalized services that give them the solutions and answers they are seeking. Besides providing personalized services, AI can predict what customers want and provide them with the services and/or answers they would eventually require. In the new age of banking, AI provides customers with immediate answers, financial advisory, better security, smart fraud detection, hyper-personalized services, and more.
Q- An Analytics Infrastructure is very essential for every organisation, what top 3 characteristics must reflect this?
An analytics infrastructure consists of - the services, tools, utilities, protocols, and applications needed to prepare (clean, structure, etc.), validate, model, and store data.
Q-.As we adopt advanced technologies, we are aware it is always a case of Business intelligence vs. Data Analytics. In relation to the aforementioned, can you state 3 limited factors hindering technological advancement within the Middle East?
Unlike the industrial revolution of the 20th century, the information revolution of this century has given the Middle East a fair chance to compete as it does not require enormous prerequisites. Moreover, the factors that are limiting technological advancement in the Middle East are pretty much the same all over the world with a difference in their magnitudes. The main limiting factors are mostly related to the lack of regulations, limited access to data, and poor vision in most Middle Eastern countries. Moreover, the wide adoption of AI technologies would have to be implemented on nation-wide scale for it to be properly benefited from. Saudi Arabia and the UAE are excellent examples of how data science, data analytics, and AI in general are being explored based on the set national vision (2030 and 2040).
Q-. Regardless of the Security challenges tackled in an open banking process, do you think the applications of AI, Machine Learning and other Immersive Technologies have aided in combating this effectively?
AI has definitely contributed to better security in banking. AI has given the banking industry the tools to detect in real time fraudulent activities using machine learning. Not only AI can detect fraudulent and/or malicious behaviours for immediate action, but it provides predictive and prescriptive tools to increase security. Enhancing security and preserving the customer is a key objective in AI. This is normally handled through the identification of complex patterns that are not visible to people as they require thorough data analytics using enormous data from different sources. On top of detecting the existence of predefined patterns, AI gives us the ability to discover patterns that cannot be easily identified even by humans.