Canon Middle East (CME), a provider of imaging technologies and services, is introducing a pioneering End-to-End (E2E) compliancy platform for the banking, financial services and insurance (BFSI) sector that will shape and define a new era of digital operations in the region.
The E2E compliancy platform will be revealed at the 9th Annual Middle East Banking Innovation Summit held on 3-4 September 2019 in Dubai, United Arab Emirates (UAE), and has been developed by Canon to support BSFI institutions to efficiently monitor, improve agility, and quickly implement new compliancy processes. The compliancy platform can immediately identify the impact of a regulatory change on corporate policies and implemented processes; define obligations and apply for new or changed product or processes; automate audits and regulatory reporting; and reduce costs of the compliance process.
The E2E compliancy platform has been developed by technologically advanced solutions such as Robotics Process Automation (RPA), Artificial Intelligence and Machine Learning (AI), Natural Language Processing (NLP), Blockchain, Business Intelligence (BI) & Analytics and customer experience innovations to ensure banking and finance institutions can swiftly respond to changes in regulations and compliancy.
Shadi Bakhour, B2B Business Unit Director, Canon Middle East, said, “The banking and financial services sector faces several challenges with regards to transitioning from legacy, manual systems to a more digitally-enabled infrastructure due to compliance, security, regulatory and other issues that may affect swift adoption. These challenges were also particularly magnified in a market where there are economic shifts that may affect how wide-sweeping decisions are made. As a trusted technology partner, we can offer an ecosystem of solutions that are interdependent and work seamlessly together to make the integration of digital solutions more efficient, cost-effective, and customised to each entity’s requirements More importantly, Canon’s advanced E2E compliancy platform will completely re-define how institutions approach regulatory compliancy in a more definitive, quick and cost-effective way.”
During the summit, Canon will also showcase additional BSFI sector specific services and solutions that are proven to support the industry’s digital transformation. Some of Canon’s digital solutions include traditional business solutions such as managed print services, multifunction printers, cheque scanners, e-signature solutions, as well as BFSI specific innovations such as customer onboarding and experience solutions, RPA, AI and blockchain. In fact, according to Deloitte’s 2019 Banking and Capital Markets Outlook: Reimagining transformation report, globally RPA is already bringing productivity gains, and AI is enabling intelligent insights on customers, compliance, and operations through accurate data processing and reporting.
Khaled Antoun, General Manager, Canon Emirates, who will also be giving a keynote presentation at the Summit, said: “The UAE is witnessing a fundamental shift toward more modern, digital services in many industries, which is primarily driven by the government placing an emphasis on transitioning to smart and sustainable cities as defined by Vision 2021. While there have been some market challenges, the baking sector is expected to grow by 6.5 percent this year, and the technologies that Canon is introducing will not only cater to supporting the UAE’s Vision 2021, but also meet the requirements of a growing baking and financial industry that is in the process of digital transformation. Through our innovations, we are able to showcase the benefits of transitioning to a modern infrastructure, so institutions can be competitive and prepared for a future that is undoubtedly more digital in nature.”
Alongside the E2E technology platform, Canon Middle East’s BFSI strategic program also aims for co-creation developments with peer groups from the banking and financial services industry to serve their current needs and to prepare them for future developments in technological innovations.