Top three factors’ banks should consider when partnering with an analytics consultancy in the UAE

Banks now more than ever, have an obligation to reassess the type of service they need and ensure they are gaining best value. Nicoleta Remmlinger 4most’s Business Development Head with 12 years of industry experience and recent winner of Entrepreneur of the Year at the “Women in Credit UK Awards 2022”, has put together her top three factors that she believes financial organisations should consider when partnering with an analytics consultancy in the UAE

In the post-pandemic period, the UAE’s banking sector is evolving to adopt new business resilience methods. As the regulatory landscape continues to evolve and customers’ preferences shift, banks need analytics consulting partners to support them in their growth and future-proof their needs.

Flexibility: Although many consultancies focus on consistency of service, flexibility is the foundation to many benefits. Partnering with a consultancy that is flexible and agile can equal faster decision making and greater responsiveness. I have seen many times where this nimbleness has led to quicker identification of opportunities which not only has enhanced innovation but also reduced the overall project costs. This is an important factor to consider especially when you are up against deadlines or need to work within budgets.

Bespoke service: Whilst many consultancies provide off-the-shelf solutions, a consultancy that can take the time to get to know your specific business requirements and understand the gaps that need to be addressed, can offer a much more tailored service which can lead to realms of benefits. I have found through working with and for many organisations, a consultancy where their employees know and trust each other allows for added value to be embedded throughout the project.

For example, if a bank is looking for a scorecard implementation and is looking for complete transparency, partnering with a boutique consultancy will allow for a bespoke solution to be provided; the bank is likely to receive clear documentation on the developed model, explanations on the data set used and clarifications on rules, metrics and variables selected as well as remain at the disposal of the bank for future internal or regulatory clarifications. This level of transparency ensures the bank can take full ownership of the solutions delivered by the consultancy, something that is vitally important with the increased focus on model risk management.

International exposure: Experience is still paramount. Given that the UAE market is following international best practice, consultancies who can leverage their global experience will always be a step ahead. They will have experience in the latest technologies, methodologies and international regulatory trends and be able to use this to add value to your work.

Choosing your risk analytics partner is an important decision that requires careful consideration. Feel free to contact Nicoleta Remmlinger (nicoleta. remmlinger@4-most.co.uk) for further discussions. 4most are an expert-led analytics consultancy with a global and local expertise, and recent winner of “Best Management Consultancy Firm” in the UAE by the MEA Finance Awards 2022.

Nicoleta Remmlinger, Head of Business Development, Middle East & Africa Markets

Powering Through

Our congratulations to all the Winners in the MEA Finance Awards 2022 and our thanks to all those who supported and took part at this year’s gala presentation evening. We hope you enjoyed the occasion as much as we at MEA Finance did.

Now two years beyond the depths of the restrictions and uncertainties of the global pandemic, the banking and finance sectors face post-Covid changes and serious challenges that will shape all our futures. The need to implement the technology led techniques and solutions, and the finance initiatives to address global concerns in order to remain viable into the future, has never been more obvious nor pressing.

While this appears to be a daunting prospect, the good news is that the vast majority of the region’s financial institutions are more than adequately aware of these challenges and have determinedly rolled-up their sleeves and taken on the task of modernising and future-proofing their businesses. And with this focus on the necessary comes optimism and progress, which is clearly evident in our vital sector of the market and highlighted by the innovation, the deals, the implementations, the actions and the individuals that MEA Finance highlighted at our 2022 MEA Finance Awards on the 16th of November.

The winning banks, financial institutions, technology firms and service providers to the sector not only succeeded in grappling with the current global stresses; thriving in the greatly heightened competition of today’s world, but they have also collectively made effective contributions to the relative wellbeing of the region.

Once again, the MEA Finance Awards have been a proud success and we are honoured to have had the opportunity to recognise the tireless and fruitful efforts, and the many achievements of the industry over the past year. We will continue to make known your achievements and award the outstanding contributions that lead the industry in our region forward.

Congratulations again for all your accomplishments; we are excited to see what you will showcase in the coming year.

Nap Estampador

Group Commercial Director, MEA Finance

The MEA Finance Awards 2022 were presented on the 16th of November during a gala dinner at the Ritz Carlton, JBR Hotel, Dubai UAE. The packed occasion was graced with the presence of over 200 senior leaders in Banking, Finance, Wealth & Asset Management, Financial Technology and Advisory & Service Providers to the financial industry, making for a powerful concentration of the regions’ most influential and successful industry individuals.

The awards programme, organized by MEA Finance Magazine, benchmarks and underscores excellence by highlighting stand-out performance in banking and financial technology. It gives due recognition to institutions that have benefitted their clients, customers and economies with their innovations and excellence in the delivery of products and services at a time of frenetic competitive activity and rapidly changing technology.

Hundreds of nominations were evaluated by a panel of judges, coming down to sixty seven categories with winners decided after considered evaluation of their skills in the execution of deals, application of wider principles and innovation in business and service provision, and the consideration of the needs of their range of clients and customers.

The full list of the MEA Finance Awards 2022 winners:

CATEGORIES

TECHNOLOGY & INNOVATION

1. Best Mobile Banking Service Implementation - Commercial Bank of Dubai 2. Best Online Banking Service - Abu Dhabi Commercial Bank 3. Best User Experience / Engagement (UAE) - First Abu Dhabi Bank 4. Best User Experience / Engagement (Saudi Arabia) - Saudi Fransi Capital 5. Special Achievement in Digital Innovation - Mashreq 6. Best Cloud Services Provider - Oracle 7. Best Cyber Security Provider - Help AG 8. Best RegTech Solutions Provider - Smartstream 9. Best Islamic Fintech Solution Provider - DDCAP Group for Ethos AFP 10. Best Banking as a Service (BaaS) Provider - Oracle Financial Services 11. Best Neobank - Al Maryah Community Bank 12. Best Digital Transformation Implementation - Magnati 13. Best Financial Data Analysis Provider - Finshape 14. Best Comms Infrastructure Provider - Avaya 15. Best Digital Banking Innovation Provider - Backbase 16. Best Banking as a Platform (BaaP) Provider - Backbase 17. Best Instant Payments Platform Provider - ACI Worldwide 18. Best Cross-Border Payments Solutions Provider - Fable Fintech 19. Best Cloud Payments Provider - Volante Technologies

20. Best Payments as a Service (PaaS) Solutions Provider - Oracle

Financial Services 21. Best Payments Solutions Provider (Saudi Arabia) - Geidea 22. Best Payments Solutions Provider (Bahrain) - Arab Financial

Services (AFS) 23. Best Open Banking & API Banking Provider - Infosys Finacle 24. Best Payments Platform Provider – E-Commerce - Checkout.com 25. Best Corporate Payments Provider - Mindgate 26. Best Digital Transformation Provider - Finesse

BANKING & FINANCIAL SERVICES

27. Best Retail Bank (UAE) - Emirates NBD 28. Best Retail Bank (Egypt) - Banque Misr 29. Best Retail Bank (Bahrain) - Al Salam Bank 30. Best Islamic Bank (UAE) - Dubai Islamic Bank 31. Best Islamic Bank (Egypt) - Banque Misr 32. Best Commercial Bank (UAE) - National Bank of Fujairah 33. Capital Markets Transaction of the Year - HSBC 34.Best M&A - HSBC 35. Best Sukuk Deal of the Year - Dubai Islamic Bank 36. Best Takaful Provider - SALAMA Islamic Arab Insurance 37. Best Treasury Management Services (Egypt) - Banque Misr 38. Best Treasury Management Services (UAE) - First Abu Dhabi Bank 39. Best Global Bank in the Middle East - Standard Chartered Bank 40. Best SME Bank - National Bank of Fujairah 41. Best Islamic Bank for SMEs - Emirates Islamic Bank 42. Best Cash Management Bank - First Abu Dhabi Bank 43. Best Trade Finance Provider - National Bank of Fujairah 44. Best Remittance and Foreign Exchange Company (UAE) - Al Ansari

Exchange

INVESTMENT

45. Best Asset Management Firm - Oman Investment Corporation 46. Best REIT Management Firm - Saudi Fransi Capital for Bonyan REIT 47. Best Real Estate Investment Firm - Middle East - GFH Financial Group 48. Best Real Estate Investment Firm - International - Walton

International Group Limited 49. Best Investment Bank - Conventional - Saudi Fransi Capital 50.Best Brokerage Firm & Solutions Provider - Greenstone Equity Partners 51. Best Sukuk/Islamic Fund - Waha Investments

WEALTH MANAGEMENT

52. Best Private Bank in the Middle East - Mashreq Private Bank 53. Best Wealth Management Institution for HNWIs - Emirates NBD 54. Best Overall Wealth Management Service in the Middle East -

Standard Chartered Bank 55. Best Wealth Management Institution for Ultra HNWIs - Deutsche Bank

Celebrating excellence in banking and finance

Gold Sponsor

Supporting Sponsor

Association Partner

Media Partners

FINANCIAL ADVISORY & SERVICE PROVIDERS

56. Best Management Consultancy Firm - 4most Ltd 57. Best Research and Analysis Firm - Century Financial

58. Best Ratings Agency - S & P Global Ratings 59. Best Law Firm - KARM Legal Consultants 60. Best Start-up Support Services - Virtuzone

SUSTAINABLE FINANCE & ESG

61. Best Sustainable Finance Initiative - Dubai Islamic Bank 62.Best Sustainable Lending - HSBC 63.Best ESG Strategy - Standard Chartered Bank

LEADERS IN BANKING AND FINANCE

64. Outstanding Leadership Award - Bal Krishen, Chairman & CEO,

Century Financial 65. Best Technology Executive of the Year for Financial Services -

Samer Soliman, CEO, Arab Financial Services (AFS) 66. Best Technology Leadership Award - Abdulla Almoayed, CEO,

Tarabut Gateway 67. Banker of the Year - Dr. Adnan Chilwan Group CEO Dubai Islamic Bank