Snowdrop and PwC augment digital banking in the Middle East

Wednesday 17 April 2024 11:44 CET | News

Snowdrop Solutions has partnered with PwC Middle East to bring its Transaction Enrichment API to banks and payment providers in the Middle East.


This collaboration marks a significant step forward for the Middle East, offering banks and payment providers the opportunity to leverage Snowdrop's technology, trusted by major financial institutions across Europe and Asia Pacific together with PwC’s extensive expertise, to deliver augmented customer experiences and drive operational efficiencies.

By integrating Snowdrop's transaction enrichment API called MRS, financial institutions can quickly equip their customers with clarity around each purchase - whether online or in-store. This allows users to intuitively visualise when and where they spend money. The MRS API is powered by AI technology using a combination of Snowdrop’s own experienced Machine Learning models and LLMs like Gemini technology increasing customers' data quality, and providing greater scalability using all the power of Google Cloud and Vertex AI.

Snowdrop Solutions has partnered with PwC Middle East to bring its Transaction Enrichment API to banks and payment providers in the Middle East.

Enabling customer-centric experiences

Through this partnership, PwC Middle East is poised to drive efficiency, accuracy, and new experiences in the evolving landscape of banking and payments. They will act as a prime reseller and advisor in the region, enabling banks and payment providers to seamlessly integrate with Snowdrop's Transaction Enrichment API and create new and enhanced experiences such as spend insights, loyalty, and sustainable spending options. This integration will empower these institutions to:

  • Enhance customer transparency: By leveraging Snowdrop's extensive merchant database, end-users can easily identify their purchases, improving overall clarity and trust;

  • Reduce calls to call centres and disputes: Enriched transactions can help minimise the number of customer inquiries related to transaction identification, leading to significant cost savings for banks;

  • Improve fraud management: The enriched transaction data provided by Snowdrop's API will equip banks and users with the ability to reduce false positives, optimising fraud management processes and safeguarding customers' financial well-being.

A pioneering collaboration in the region

This collaboration signifies a shared commitment to unlock digital transformation and deliver exceptional value to the region's financial institutions. Leveraging advanced analytics, AI-driven insights, and robust cybersecurity frameworks, PwC Middle East is positioned to drive innovation and efficiency across the banking sector by bringing its extensive track record in transformative technology and payment delivery.

Snowdrop's Transaction Enrichment API is already gaining recognition in the region and has allowed Boubyan Bank to offer its customers a complete and seamless view of their financial transactions. By integrating the API, Boubyan Bank has augmented its customers' digital banking experience, ensuring they can manage and understand their financial interactions effortlessly. This translates to real-time insights into their finances, enabling them to make informed decisions and manage their finances with ease.

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Keywords: artificial intelligence, API, data aggregation, data analytics, digital banking
Categories: Banking & Fintech
Companies: PwC, Snowdrop Solutions
Countries: Middle East
This article is part of category

Banking & Fintech



Snowdrop Solutions

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