Following this announcement, the collaboration is expected to optimise financial services in the region of MENA by providing clients and partners with personalised behavioral insights, streamlined credit assessment processes, as well as new opportunities for growth and development.
The data intelligence platform Bud Financial and regional platform Fintech Galaxy will focus on strengthening the Open Banking scene in the region, as well as optimise the manner in which financial institutions, fintechs, and businesses integrate and leverage customer data in a secure and efficient way.
The strategic deal was based on a shared goal of leveraging the benefits of Open Banking and data intelligence in order to deliver improved insights into customer behaviour and financial needs. Both Bud Financial and Fintech Galaxy will combine their AI-powered data technologies, experiences, and a suite of solutions with the Open Finance FINX Platform, aiming to give financial institutions the possibility to design optimised financial experiences that meet the needs, preferences, and demands of customers. At the same time, the collaboration will take place while the firms will remain compliant with the laws and regulatory requirements of the local industry.
Included in the benefits offered by this partnership are the personalised products and experiences, as financial service providers will be enabled to deliver tools such as personal financial management apps, loans, saving accounts, or investment plans, which will be tailored to the client’s financial behavior and overall expectations. In addition, FIs will have access to a more in-depth understanding of a user’s financial history and habits. This process is expected to allow lenders to develop more accurate credit scoring models, as well as to automate or streamline their affordability decisioning, reducing risks, and opening new avenues for the underserved markets.
Furthermore, providers of applications and digital solutions will be given the possibility to integrate financial insights, in order to offer personalised budgeting advice and improve the manner in which customers manage their finances more effectively. The partnership also will focus on optimising the overall financial services in the MENA region, while also prioritising the digitalisation and the development of the local industry.
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