Kuwait based global Islamic software provider, Path Solutions has announced that Al Baraka Bank Sudan (“BBS”), a subsidiary of the strategic Bahraini multinational banking corporation Al Baraka Banking Group has completed the implementation of iMAL*BI as part of its digital transformation strategy.
Path Solutions’ iMAL*BI solution is a part of the new Path Intelligence platform. Path Intelligence is a platform that enables banks to harness data and analyse it intelligently using the enterprise data lake.
It provides significant competitive advantages and helps transform the bank’s business into becoming analytically focused and customer-centric. It enables banks to leverage both structured and unstructured data, and transform it into valuable intelligence and predictive insights, with the customised AI-based solutions covering customer insights, risk insights, fraud detection and other tailored applications.
“To make informed choices, businesses today need to base their decisions on evidence. The mountains of data that financial institutions and their customers produce is colossal. By aggregating, standardizing, and analyzing that data and identifying patterns, they can better understand their customers, better forecast revenue growth, and better protect themselves against business pitfalls. As such, we are delighted to have completed the successful implementation of iMAL*BI using Microsoft Power BI at BBS – a deployment that forms a central part of the bank’s increasing focus on innovation by using top-notch intelligent solutions to support its growth objectives,” said Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.
iMAL*BI provides organisations with business insights to drive performance improvement initiatives and strategy. It is data-driven and uses top trends in data visualization and analytical power.
The solution comprises comprehensive data marts equipped with standard facts and dimensions as well as progressive measures that empower the bank’s workforce to build ad-hoc dashboards, in-memory, to portray graphical representations of their data queries.
Its visual discover module, powered by Microsoft Power BI, provides native apps for tablets and smartphones with visual, interactive and collaborative dashboards backed by centralised metadata security.
The platform’s comprehensive data marts equipped with standard facts and dimensions as well as progressive measures, and rich in out-of-the-box dashboards covers financial accounting, retail banking, corporate banking, investments, trade finance, limits, etc.
Its Analytics for Executives, a C-level executives analytics boosts base set of KPIs, dashboards and advanced analytics which are essential to each executive.
Its strategic Business Intelligence platform empowers bankers to make smarter, faster, and more effective decisions, improving efficiency throughout the business. It enables business agility while driving innovation, competitor differentiation, and profitable growth.
The implementation covered the establishment of a comprehensive end-to-end data warehousing solution, an automated ETL process and a progressive data model.
The technology integration with Path Solutions represents a crucial part of BBS’s technology transformation strategy, undertaken to prepare for its digital transformation move aiming to change their business model and benefit from new revenue and value-producing opportunities.
“We are proudly putting technology at the centre of our growth plans. A key part of our new digital transformation program is the implementation of the cutting-edge iMAL*BI from the Path Intelligence platform. The endless hours that Path Solutions’ project team have spent working on this project, and the professionalism they have portrayed has really impressed our entire team immensely and we deem ourselves honored to have them as our project sponsor,” said Elrasheed Abd Elrahman Ali, General Manager of Al Baraka Bank Sudan.
Established since 1992, Path Solutions is a provider of Sharia-compliant digital solutions to the financial services industry. The company was recently selected by Africa and Gulf Bank for strategic Islamic core banking implementation.
Source IBS Intelligence