As banks worldwide grapple with the rising demand for digital solutions from both retail and business customers, the balance between rapid innovation and stringent compliance has become increasingly challenging. At the forefront of this transition is Proxym, a digital transformation group established in 2006, which has been instrumental in helping banking institutions in Europe, the Middle East, and Africa realise their digital ambitions. During the Abu Dhabi Finance Week, the CEO and founder of Proxym Group, Wassel Berrayana, discussed the significant role of their Bankerise solution in supporting banks across the Middle East and North Africa.
Proxym's Bankerise is a digital banking engagement platform designed to expedite the time-to-market for financial institutions while utilising local ecosystems to adapt business processes in line with market needs and regulatory requirements. The platform streamlines the financing process from initial application through to credit scoring and disbursement, providing customers with real-time access to their financial services.
Berrayana explained, “For six years now, Proxym has developed our Bankerise solution, which is focused on making banks behave and operate as well as fintechs." He emphasised the necessity for banks to embrace the agile, innovative spirit that has characterised fintechs, stating, “Nowadays, banks need to operate and innovate like fintechs. They also need to open up their systems to enable fintechs to operate with them.”
Proxym aims to facilitate the establishment of new customer touchpoints through Bankerise, which includes pre-designed verticals such as retail banking. Berrayana noted that the company has already partnered with various clients in retail banking across France, the Middle East, and parts of Africa, including Egypt and Tunisia. Currently, Proxym has been involved in 20 deployments in the central African region, with projections indicating that they will support 25 banks and fintechs with Bankerise technology in the near future.
The implementation of Bankerise is posited as a solution to the often conflicting demands between business users, who seek swift deployment of services, and IT teams, who face numerous challenges in managing these requests. Berrayana stated, “One of the values that Bankerise offers is that we leverage what we call the Bi-Modal IT approach." This approach allows banks to maintain control over their operational security while facilitating collaboration between IT and business units.
Among the key features of Bankerise is its customizable security measures that can adjust based on specific scenarios, such as international money transfers exceeding certain amounts. Berrayana elaborated that the platform's architecture allows IT teams to configure these protocols independently, increasing operational efficiency and reducing time-to-market for new offerings.
Examining the distinctiveness of the banking ecosystem in the Middle East, Berrayana pointed out the contrast with European banks, which often contend with legacy branch structures and regulatory constraints that hinder innovation. He remarked, “When you look at European banks, they have a big legacy of branches... the European Union has also introduced a number of constraints that restrict innovation.”
In contrast, he highlighted that digital banking has flourished in the Middle East, attributing this success to customers' enthusiastic embrace of digital transactions, with approximately 90 per cent being conducted via digital means—a notable achievement compared to many European banks.
Berrayana further noted the sustained commitment from their clients who have built extensive service offerings using Bankerise over the past five years, with some managing upwards of 50 services thanks to the platform’s capabilities. He concluded by underscoring the importance of digital technology in banking and the role of partners like Proxym, stating, “Having the technology, but also having a partner that can help you build new requirements is important.” With 30 projects delivered annually and extensive industrial experience since 2007, Proxym considers itself well positioned as a digital native organisation capable of guiding banks towards their digital futures.
Source: Noah Wire Services