Latest news with #SiobhanByron
Arabian Business
27-05-2025
- Business
- Arabian Business
‘Agentic AI' takes over credit sanctions role as UAE banks make major strides in digital banking
'Agentic AI' is fast making major inroads into the UAE banking sector – moving beyond chatbots to autonomous decision-making in credit and customer experience – with some of the banks already going live with them for granting personal loans and SME financing – amidst rapid digital banking initiatives in the region, sector experts said. The digitalisation drive is also seeing the emergence of major partnerships between banks and fintechs to deploy AI and data to deliver context-aware offers at the customer's moment of need, besides cutting operational expenses in the banking sector. Emirates NBD's digital-only bank is among the UAE banks which have moved from the pilot stage to live models for autonomous underwriting, while fintechs such as UAE-based leading digital SME lending platform Beehive are partnering with banks for its AI 'credit bot' model designed for scaling in SME finance. UAE fintech sector to hit $6.43bn by 2030 'Autonomous underwriting is no longer confined to pilots – in the UAE, it is already in action,' Siobhan Byron, EVP – Universal Banking at Finastra, a London-headquartered financial software major, told Arabian Business. 'Liv., Emirates NBD's digital-only bank, now grants personal loans of up to AED 200,000 directly in-app with a sub-three-second service-level agreement and zero human touch,' she said. Byron said the AI agent ingests bureau scores, salary flows and real-time behavioural signals, renders an approval or decline, books the loan to the core and pushes funds to the customer wallet – in one atomic workflow. Similarly, Beehive uses machine-learning risk models fed by cash-flow, e-commerce and utility-payment data to auto-approve working-capital tickets in hours rather than weeks. Digital banking dominance ahead Industry players said the rapid digitalisation comes in the wake of an increasing realisation that, going forward, the combination of the lowest unit cost and deep personalisation at scale will define market dominance in the region. They said banks that seize the platform opportunity will be able to accelerate their migration to an augmented, cloud-native banking core, while monetising data and APIs through open banking frameworks and across non-bank channels. Industry executives said such banks will also be able to scale rapidly by leveraging partnerships instead of building everything in-house. Those that hesitate will be vulnerable to loss of market share, they said. Byron said Finastra's 'Financial Services – State of the Nation 2024' report showed that 71 per cent of UAE institutions increased their budget for modernisation, such as cloud-native and API-first projects, in the last year, the highest ratio of any market surveyed. 'From a Finastra Universal Banking point of view, we're seeing increased spend in areas such as retail banking and Islamic finance,' she said. The Finastra senior executive said MENA banks that orchestrate partner ecosystems – instead of building everything themselves – will lead the region's $11 billion-plus digital banking platform boom. Emerging partnership and revenue models Sector experts said even as the fintech-bank partnerships for the digitalisation drive are on the rise, there are various partnership and revenue-sharing models are in the works to preserve the bank's primacy while providing partners ample room to innovate. Though there are several constructs working in the UAE – and the wider Gulf market – risk-weighted revenue share is seen among the preferred models, they said. In BNPL schemes, for example, the bank provides the asset – i.e., the loan – and takes on the risk, while the fintech is the delivery channel, taking a distribution fee that flexes with portfolio performance. Another is co-branded embedded finance, where the merchant checkout still shows the bank's brand and customers return to the bank's app for servicing, ensuring data and cross-sell opportunities stay with the bank. 'By layering AI, machine learning and deep analytics on that core, institutions can harness real-time insight into each customer's habits and needs. 'The result is hyper-personalised services, for example, automatically extending a low-rate loan to a customer who is edging their overdraft or providing live balance and spending-pattern alerts in a slick mobile app, while bots handle the routine back-office work,' Byron said. She said looking ahead, the same architecture will let banks move from reactive to predictive. 'With ever-richer data feeds and predictive models, they can spot life events and market shifts before customers do, then present precisely timed, personalised solutions, turning anticipation into the next competitive edge,' Byron said.
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Egypt's CARITech Partners with Finastra to Support Core Banking Modernisation in MENA
CARITech, a digital transformation consultancy based in Egypt, has formed a strategic partnership with global financial software provider Finastra to support the adoption of the Finastra Essence core banking platform across the Middle East and Africa. The partnership combines CARITech's regional experience and implementation capabilities with Finastra's technology to facilitate core banking transformation for financial institutions. As part of the agreement, CARITech will use its Capability Maturity Model Integration (CMMI) Level 3-certified methodology to deliver structured and efficient deployments of Finastra Essence. With a bilingual Arabic and English team and a strong understanding of local banking environments, CARITech is positioned to offer tailored support to institutions transitioning to updated core banking systems. 'Partnering with Finastra represents a significant step forward in our mission to deliver best-in-class core banking transformation services,' said Ismail Ali, Chief Executive Officer of CARITech. 'Our regional insights and technical capabilities make us uniquely equipped to support financial institutions on their digital journeys.' Finastra Essence is a core banking platform that aims to enhance operational efficiency, reduce costs and improve customer service through its modular functionality and open technology. 'Our collaboration with CARITech reflects Finastra's commitment to ensuring financial institutions receive exceptional service when implementing Finastra Essence,' said Siobhan Byron, Executive Vice President of Universal Banking at Finastra. 'CARITech's strong track record and understanding of regional banking needs make them a valuable partner in enabling transformation at scale.'
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
CARITech, Finastra partner to drive core banking transformation in MENA
CARITech, a leading digital transformation consultancy specializing in core banking modernization, has announced a strategic partnership with Finastra, a global financial software provider, to accelerate the adoption of the Finastra Essence core banking platform across the Middle East and Africa. The collaboration leverages CARITech's regional expertise and implementation capabilities alongside Finastra's advanced technology to streamline digital transformation for financial institutions. Under the agreement, CARITech will apply its CMMI Level 3-certified methodology to support efficient, low-risk deployments of Finastra Essence. With a bilingual Arabic-English team and in-depth knowledge of local banking environments, CARITech is well-positioned to deliver tailored support, ensuring smooth transitions to modern core banking systems throughout the region. 'Partnering with Finastra represents a significant step forward in our mission to deliver best-in-class core banking transformation services,' said Ismail Ali, CEO of CARITech. 'Our regional insights and technical capabilities make us uniquely equipped to support financial institutions on their digital journeys.' Finastra Essence is a next-generation core banking solution designed to boost agility, reduce operational costs, and improve customer experience through deep functionality and open technology. 'Our collaboration with CARITech reflects Finastra's commitment to ensuring financial institutions receive exceptional service when implementing Finastra Essence,' said Siobhan Byron, EVP of Universal Banking at Finastra. 'CARITech's strong track record and understanding of regional banking needs make them a valuable partner in enabling transformation at scale.' This partnership underscores both companies' shared dedication to innovation, regional growth, and customer success, enabling banks in the Middle East and Africa to modernize their operations with minimal disruption and maximum value.
Mid East Info
13-05-2025
- Business
- Mid East Info
Finastra spotlights the future of innovative, frictionless banking at Dubai Fintech Summit - Middle East Business News and Information
Siobhan Byron, EVP, Universal Banking at Finastra, joined industry leaders to explore how banks can meet changing customer expectations in the digital age Dubai, UAE – May, 2025 – On day one of Dubai Fintech Summit, Finastra, a global provider of financial software applications, discussed how advanced banking technology is driving personalized, innovative and seamless financial services. Siobhan Byron, EVP, Universal Banking at Finastra, joined industry leaders for a panel: 'Era of Frictionless Connectivity: The Rise of Digital Banking'. The two-day event, organized by Dubai International Financial Centre (DIFC), brings together industry thought leaders, policymakers and influencers to collaboratively shape the future of fintech and finance. Key topics discussed on day one of the event include: Customer expectations are shaping the future of banking : consumers expect seamless, real-time and tailored services that proactively anticipate their needs. However, nearly three-quarters of Middle Eastern banks say that evolving expectations have highlighted weaknesses in their organization's current customer experience. Technologies like AI and data analytics are helping institutions deliver enhanced solutions based on deep insights into customer behavior. Consumers also expect to interact with banks via their chosen channels, whether online, mobile, in-branch or at the point of sale, whenever they want to. Adopting an integrated omnichannel strategy ensures seamless and consistent experiences across all touchpoints. : consumers expect seamless, real-time and tailored services that proactively anticipate their needs. However, nearly three-quarters of Middle Eastern banks say that evolving expectations have highlighted weaknesses in their organization's current customer experience. Technologies like AI and data analytics are helping institutions deliver enhanced solutions based on deep insights into customer behavior. Consumers also expect to interact with banks via their chosen channels, whether online, mobile, in-branch or at the point of sale, whenever they want to. Adopting an integrated omnichannel strategy ensures seamless and consistent experiences across all touchpoints. As we reimagine banking, financial services become more seamless : In the not-so-distant future, intelligent personal assistants, powered by GenAI, could proactively offer tailored services at the point of need, before a customer requests them. Agentic AI goes one step further by rapidly processing data, increasing decision accuracy, and personalizing customer interactions. However, as financial services become so seamless that they blend into the background, banks risk losing customer connection. Overcoming this challenge requires conscious, considered, customer-centric action and consistent brand experiences, even via services provided by ecosystem partners. : In the not-so-distant future, intelligent personal assistants, powered by GenAI, could proactively offer tailored services at the point of need, before a customer requests them. Agentic AI goes one step further by rapidly processing data, increasing decision accuracy, and personalizing customer interactions. However, as financial services become so seamless that they blend into the background, banks risk losing customer connection. Overcoming this challenge requires conscious, considered, customer-centric action and consistent brand experiences, even via services provided by ecosystem partners. Banks must act as hubs of innovation : Finastra's Financial Services State of the Nation Survey 2024 found that institutions in Saudi Arabia and UAE are prioritizing modernizing all aspects of their operations, including embracing cloud and API-led technology. By utilizing such technology to create ecosystems, banks can provide comprehensive, integrated financial services catered to specific needs and gain a competitive advantage. Institutions must ensure rapid and seamless integrations to manage instant product creation and mass customization, while orchestrating an often-complex network of partners to ensure smooth transactions from start to finish. Finastra's Financial Services State of the Nation Survey 2024 found that institutions in Saudi Arabia and UAE are prioritizing modernizing all aspects of their operations, including embracing cloud and API-led technology. By utilizing such technology to create ecosystems, banks can provide comprehensive, integrated financial services catered to specific needs and gain a competitive advantage. Institutions must ensure rapid and seamless integrations to manage instant product creation and mass customization, while orchestrating an often-complex network of partners to ensure smooth transactions from start to finish. The need for core banking transformation: Legacy systems can inhibit business ambitions. End-to-end core banking platforms that combine sophisticated functionality with advanced technology provide the necessary agility, transparency and real-time insights, while enabling seamless integrations. With a symbiosis approach, banks can swiftly adopt next-generation solutions alongside existing systems without disruption. Additionally, with an augmented core and data, banks can swiftly adopt, integrate, and swap out technologies to maintain competitiveness and operational efficiency, while transforming their systems into intelligent, customer-centric platforms. About Finastra: Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks.
Fintech News ME
13-05-2025
- Business
- Fintech News ME
Finastra Highlights Need for Seamless, Customer-Centric Banking at Dubai Fintech Summit
On the opening day of the Dubai Fintech Summit, Finastra shared insights into how advanced banking technology is reshaping financial services to become more personalised, innovative, and seamless. Siobhan Byron, Executive Vice President of Universal Banking at Finastra, participated in a panel titled 'Era of Frictionless Connectivity: The Rise of Digital Banking,' alongside other industry leaders. The summit, hosted by the Dubai International Financial Centre (DIFC), is a two-day event bringing together policymakers, thought leaders, and influencers to explore developments in fintech and the broader financial sector. A key theme that emerged on the first day was the increasing influence of customer expectations on the direction of banking. Consumers now demand real-time, tailored services that anticipate their needs, and they expect to engage with financial institutions through multiple channels, whether online, via mobile, in-branch, or at the point of sale. However, nearly three-quarters of banks in the Middle East report that these shifting expectations have exposed shortcomings in their current customer experience strategies. Institutions are turning to technologies such as artificial intelligence and data analytics to gain deeper insights into customer behaviour and deliver more responsive services. An integrated omnichannel approach is seen as crucial to providing consistent, seamless experiences across all platforms. The conversation also turned to how financial services are evolving to become more integrated into people's daily lives. Looking ahead, intelligent personal assistants powered by generative AI may offer proactive services at the point of need, without waiting for customer input. Further developments in agentic AI could enhance decision-making speed and accuracy, while enabling more personalised interactions. Yet, as services become increasingly embedded and invisible, banks face the risk of losing a direct connection with their customers. To address this, institutions are encouraged to take deliberate, customer-centric approaches and ensure consistent brand experiences, even when services are delivered through third-party partners. Another point raised was the role of banks as centres of innovation. According to Finastra's Financial Services State of the Nation Survey 2024, banks in Saudi Arabia and the UAE are prioritising the modernisation of their operations, with a focus on cloud computing and API-led infrastructure. By building technology-driven ecosystems, banks can offer integrated, tailored services that address specific client needs and create a competitive edge. However, success in this area requires institutions to manage complex partner networks, enable instant product development, and support large-scale customisation. Finally, the need for core banking transformation remains critical. Legacy systems continue to limit growth and innovation. Next-generation core banking platforms that combine advanced technology with comprehensive functionality offer the agility, transparency, and real-time insights needed in today's environment. A hybrid approach, adopting new solutions alongside existing systems, can allow banks to modernise without significant disruption. By enhancing their core systems with better data and modular technology, financial institutions can maintain operational efficiency, remain competitive, and build intelligent, customer-focused platforms.
