RAKBANK CEO Peter England instructs Banking Sector to encourage Blockchain companies

According to a statement by Rakbank CEO Peter England, “The Banking institutions have a vital role to play in bolstering global companies that are in line and striving hard for the development of the blockchain technology.

As per a recent interview held with Arabian Business, England stated that “Utilization of API’s (Application program Interface) as well presence of the distributed ledger technology in Blockchain paves a perfect path for ‘A discretional opportunity to alter the way the International Payments are handled.”

He also further added a point that “A major reason why most of the Banking pioneers embrace opportunities rather than in resisting challenges as possessed while utilization of a disruptive technological advancement like Blockchain technology is its vested potential of muddling financial industry as a whole, yet bridging the gap in the market for innovative solutions.”

During November 2017, Rakbank had announced utilization of RippleNet-Blockchain technology for sending in live, swifter as well totally frictionless cross-border payments to all Axis Bank beneficiaries in a matter of just a few minutes.

England also added that “The golden era of the blockchain-powered, instantaneously cost-efficient remittances are rapidly taking a giant leap and shaping a swifter transaction future that will carve out its niche. As well these giant yet smaller leaps and appetite towards technological advancement is also boosting economic participation and competition, and thus, there is a role for banks to play in developing and supporting the companies engaged in the blockchain.”

Engaging with the Customers

As per the statement by England, “Rakbank is constantly utilizing AI (Artificial Technology) supporting customers to get engaged with a form of an interactive as well cognitive chatbot allowing the Banking officials to swiftly routing the pending request to human advisors.”

He as well added to the point that, “The chatbots are unique and have analytical capabilities as well detect mood as the well emotional state of employees, and modifying the responses as it deemed appropriate. By the utilization of AI technology powering in their chatbot, the bank officials are quickly able to get proper answers to the query they shot up and within real quick time.”

“However, he also added that Rakbank is still in “naïve stages” of developing complete AI framework and is working upon internally in building its capabilities in the near future.”

England as well stated a very crucial point that “Rakbank in its continuous as well constant stages of developing technology and innovate it would pool in investments, as they anticipate a stronger appetite for integrating and bridging AI into customer-facing applications.” Rakbank posted a 13.2 percent surge in full-year 2018, overall net profit worth AED 917.5 million.