In the UAE and Saudi Arabia, where fintech adoption is rapidly increasing, the AI market is expected to grow significantly, with spending on AI systems reaching $100 million by 2021. SMART Souq, the world’s first AI-powered marketplace-in-a-box, integrates AI algorithms to automate various processes, from risk assessment to customer profiling. This not only improves operational efficiency but also enhances accuracy in tasks like fraud detection and credit scoring. The SMART Souq platform empowers banks with access to large datasets and AI-powered tools for real-time analysis, enabling financial institutions to make data-backed decisions faster, improving their customer targeting, personalized offerings, and portfolio management.

It is anticipated that the financial services industry in the Middle East will experience substantial growth, with projections indicating a CAGR of approximately 5-10% in the coming years. It is possible that the market size could surpass $300 billion by 2030. SMART Souq is assisting in this progress by offering scalable, AI-powered solutions in line with fintech strategies in the region. The platform promotes cooperation among financial institutions, by connecting different players, from traditional banks to emerging fintech firms, strengthening the overall ecosystem and fostering growth. SMART Souq enables banks to remain competitive in the rapidly evolving industry, offering a smooth transition to digital transformation and future-proof operations.

SMART Souq aims to transform the financial industry with its integrated platform for all financial services. It allows organizations to develop a detailed list of services and bring on specific collaborators, assisting customers throughout their entire financial experience. From investment advice and asset management to market research, payment solutions, and third-party partner services, SMART Souq covers the full lifecycle of financial transactions. Users can access live transaction updates, receiving real-time support from experienced personnel, ensuring they’re guided through any step of the process. By blending the physical and digital resources of financial institutions, SMART Souq offers everything under one roof—deals, reports, certificates, and e-signatures—making it a powerful hub for streamlined, efficient financial management.

Key benefits for BFSI

AI-driven assisted sales and investment management

  • With SMART Souq’s AI-driven assisted sales capabilities, banks can enhance their sales processes by utilizing intelligent algorithms that analyze customer behavior and preferences.
  • This data-driven approach and predictive analytics allows institutions to deliver personalized offerings and recommendations, improving conversion rates and customer satisfaction.
  • By streamlining the sales journey, banks can maximize their revenue potential while providing clients with tailored financial solutions that meet their unique needs.

Data insights for strategic decision-making

  • SMART Souq provides banks with deep data insights to assist them in making well-informed strategic decisions.
  • Financial institutions can obtain in-depth insights into market trends, customer behaviors, and operational performance by utilizing advanced analytics and AI capabilities.
  • These insights help banks identify growth opportunities, improve their services, and adjust to market changes to stay competitive.

Seamless digital transformation
  • SMART Souq is created to make it easier for banks to move towards a completely digital and flexible banking approach.
  • The platform uses advanced AI technologies to help financial institutions meet the ambitious fintech and banking modernization goals.
  • This change helps banks improve their efficiency, streamline customer interactions, and enhance service delivery, ensuring they stay competitive in a digital environment.

Scalable solutions for expansion
  • As financial institutions grow their services, SMART Souq allows for the quick addition of new customers, channels, and services while maintaining high levels of security and compliance.
  • Banks can confidently expand their operations and meet customer demands while ensuring strong protection against threats due to built-in features that uphold regulatory standards.

Network effects for enhanced collaboration

  • The SMART Souq platform encourages a cooperative banking environment, allowing institutions to exchange AI-based information and utilize network effects to develop a symbiotic growth cycle within the industry.
  • Through teamwork and sharing important information, banks can improve their range of products, enhance customer satisfaction, and promote innovation, leading to a more dynamic and interconnected financial environment.

Meet us at

GITEX Global 2024