Path Solutions, the Islamic banking software company, today announced that it is a winner of the 2020 IBSI Global FinTech Innovation Awards for ‘Most Innovative Analytics Deployment’ of iMAL*BI at Al Baraka Bank Sudan, a subsidiary of the strategic Bahraini multinational banking corporation Al Baraka Banking Group.
Path Solutions won the award for delivering the all-in-one business intelligence suite iMAL*BI – part of the new Path Intelligence platform, designed to make data consumption as simple, personalized, and dynamic as possible. The solution’s flexible architecture and wide range of BI tools makes it ideal for financial institutions that are scaling quickly.
iMAL*BI was implemented at the winning Al Baraka Bank Sudan to help transform the bank’s business into becoming analytically focused and customer-centric, using enterprise-class analyticsand executive dashboards.
“Data is playing an ever-crucial role in shaping the world around us”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “Last year, Path Solutions was invited to rebuild Al Baraka Sudan’s BI landscape. The bank has since benefitted from every aspect of business intelligence, including data visualization and integration, data science and transformation and embedded analytics, to achieve superior business performance”.
He added, “We are particularly proud of this project and pleased to see our efforts get the external recognition they deserve from a renowned consulting firm. This recognition further underpins our commitment to help our clients keep pace with the evolving financial services landscape and delight them with superior services. With our innovative BI technology, we gave Al Baraka Bank Sudan the agility to make informed decisions and choices”.
iMAL*BI is a mature solution which scored very well across all of IBS’s evaluation criteria.As financial institutions increasingly seek actionable insight to better service their customers, the new iMAL*BI is well positioned to transform customer experience and drive growth at reduced costs.
Robin Amlôt, Managing Editor of IBS Intelligence said, “We have all, corporately and individually, faced a challenging time in 2020. It is highly encouraging for us to be able to recognize and honour those companies that have risen successfully to these challenging times. It is particularly a pleasure to remark on the success achieved by Path Solutions in implementing its business intelligence solution at Al Baraka Bank Sudan, helping to ensure that the bank can improve its analytics and build its customer focus within its Islamic banking services”.
The awards programme, administered by IBS Intelligence and refereed by the firm’s prominent analysts and consultants, evaluates the top global providers of financial technology including new and established players. A stringent one-month long evaluation process determined the winners from across the globe who provided genuine, measurable, and future-enabling change to financial institutions globally.
About Path Solutions:
Path Solutions is a fintech digital solution provider serving 140+ Islamic financial institutions across 40 countries with a comprehensive set of services that brings unique convergence of domain and technology. The company’s new age initiatives – digital & social banking, mobility, business analytics, risk management & compliance solutions – cater to the evolving need for speed, reach and predictability. Its multi-award winning AAOIFI-certified core banking platform iMAL is based on an open architecture and supports open banking through open APIs and web services. Path Solutions’ total commitment to open standards enables its clients to benefit from the latest technology advances ensuring business agility, continuity, data integrity and availability, and low downtime delivering a significant and immediate ROI.
About Al Baraka Bank Sudan:
Al Baraka Bank Sudan is a unit affiliated to Al Baraka Banking Group. Since its inception in 1984, Al Baraka Bank Sudan has occupied a leading position in the field of improving Islamic financial and banking services in Sudan, by constantly enhancing service standards, besides being a pioneer in the area of electronic banking services and business re-engineering. Al Baraka Bank Sudan is the first bank to introduce electronic signatures, magnetic cheques, and connect its branches together by a network. Moreover, it was the first bank to introduce the universal teller concept in Sudan to establish a centralized operation processing department as a result of a complete business reengineering. The bank is spreading geographically to cover many major cities in Sudan.
About the IBSI Global FinTech Innovation Awards:
The IBSI Global FinTech Innovation Awards seek to identify and honour banks, financial institutions and technology players for their excellence in driving impact through banking technology implementations and innovations using emerging technologies. IBS Intelligence invites banks and financial institutions, as well as global IT vendors and new-age Fintech suppliers to showcase their excellence in project delivery and innovation. This year, the IBSI Global FinTech Innovation Awards have recognized the most innovative and impactful projects around the world, across 30 categories.