By the numbers
ACN touches base with Prescience and Kodak Alaris to discover their approach to financial applications
ACN: What is Prescience and can you highlight your presence in the Middle East region?
Krishna Kumar: Prescience is a information technology solutions company that has been active in the UAE for the last six years. Initially focused in the travel market, in the last three years the company’s focus has shifted towards the financial domain. Being based out of Dubai, we mainly cover the GCC market, which includes Oman, Qatar and Bahrain. We also maintain a small presence in East-African countries.
ACN: What product offerings does Presiscience have in terms of financial applications?
KK: Our differentiating product is an Operational Excellence solution by digitising the operational procedures and ensuring that the team is equipped to comply with the polices and procedures of the banks. With this solution, we also offer services in preparation, implementation and orientation of the policies and procedures of the organisation.
In addition, we have a very interactive e-statement using the latest technologies to convert a statement into an effective sales tool. Elsewhere, we have specialised Analytics Solutions for customer interactions in terms of credit cards, loans, deposits etc., and we also offer specialised services for Oracle Financial Solutions implementation and migrations.
ACN: What would you highlight as being the key issues that your clientele seek to resolve when they approach your company?
KK: Considering the solutions we offer, when we are approached by customers, we get a variety of requests. This includes the systematic application of data analytics, in terms of analysing customer trends and how to apply that for new product offerings, as well as implementing technologies geared towards reaching the right customer segment based on their financial behaviour patterns.
Additionally, we are often asked to address the challenge of well-defined policies and procedures which should be available to the respective members as and when required, plus in a user friendly digitised format.
ACN: To what extent has data management and analytics become an critical component in financial services?
KK: In my opinion sensible data analytics is a very critical component for FIs; smart analytics can only differentiate the way one can address the customer experience. Another aspect is that analytics helps in defining product strategies and also ensures a cost-effective way of reaching the customers with the high probability of availing such products. Another area that FIs can take advantage is in optimising the processes and reduce TOT based on trend analysis.
ACN: With the nearing introduction of VAT to the GCC region, how are software vendors preparing their platforms to manage that data and the related processes?
KK: It looks like many vendors have not given enough serious thought in terms of VAT. From my personal experience, many are considering that this will be taken up by the auditing firms who will support in regulatory reporting. A more defined requirements from the regulators in terms of recording and reporting may put the subject on hotspot. Another aspect is the idea that it’s impacting the trading community.
ACN: What would you say are the key trends and challenges with financial applications and their adoption here in the GCC region?
KK: Areas that GCC banks may be focusing on could be in digitisation for better customer reach and simplified operations, intelligent data analytics for differentiating products, services and smarter risk assessments including market risk and better compliance to regulatory framework.
ACN: How do you expect financial applications to continue evolving over the next five years?
KK: Considering the factors in the global markets as a whole FI will be demanding more support from application vendors in terms of ensuring Compliance, Smarter Risk Assessments, more Digitisation in terms of transaction convenience and simplification in data interchange.