NEWS


IBS Journal April 2018


13


European watchdog establishes a roadmap to plug regulatory gaps


O


range Bank has entered the banking market with Djingo, a virtual advisor powered by IBM’s Watson. “The virtual advisor brings customers a unique experience allowing


them to interact with their bank when and where they want,” said André Coisne, CEO of Orange Bank.


For the French, mobile banking is becoming the preferred mode of interaction with their bank. Today, nearly two out of three (63%) French people have downloaded their bank’s app on their mobile, and almost half (47%) consult their app at least once a week.


Djingo answers customers’ questions in their natural language and models to perform actions such as blocking a card in case of loss, or unblocking it.


Available 24 hours a day, Djingo is the first point of contact for customers and prospects with the bank. Every week, almost 24,000 conversations are performed by Djingo. Nearly 20% of these conversations take place outside traditional working hours, to meet strong demand for a continuous service.


For priority areas of service identified by the bank as requiring a


human relation, such as questioning of a bank payment, Djingo hands over the discussion with the customer to an expert from the Customer Relationship Centre who will be able to continue the conversation by accessing the customer’s file and the history of the conversation with the virtual advisor.


The exchanges are constantly analysed by a team of Orange Bank and IBM experts in order to improve the knowledge of the virtual advisor. Furthermore, its knowledge-base is continually enhanced with information on future products and services offered by the bank.


“Based on a continuous learning system, Djingo understands more than 85% of questions asked in natural language, which is already an excellent level of understanding,” said Jean-Philippe Desbiolles, vice president, IBM Cognitive Solutions France.


Orange Bank’s new relationship model relies on IBM Watson and CRM Salesforce to create a fluent interaction regardless of the channel used. This allows for an omnichannel management approach.


Orange Bank accesses Watson services through the IBM Cloud, providing the bank with high scalability and agility.


Islamic banking accounts for half of financial services in the Gulf


S


hari’ah-compliant finance makes up almost half of the Gulf Cooperation Council (GCC) banking market, but


analysis by ratings agency Moody’s predicts that it will soon overtake the conventional sector.


“Growth in the Islamic finance sector will continue to outstrip that of conventional assets in coming years, as demand for Shari’ah- compliant financial instruments rises,” said Nitish Bhojnagarwala, vice president and senior analyst at Moody’s.


Bhojnagarwala added that the Islamic finance


sector will be supported by governments, whose objective is to grow the Islamic finance industry both domestically and globally, as well as by continued demand for Islamic products from individuals. He


also said that Islamic insurers’ penetration into Southeast Asia and North Africa would also drive growth in the industry. Annual sukuk issuances have more than doubled to $100 billion from $42 billion from 2008 until September 2017. Moody’s expects a similar level of activity in 2018, although the recent recovery in oil prices could lower financing needs for some sovereigns.


Saudi Arabia remains the largest market for Islamic finance overall, says Moody’s


“Globally, Saudi Arabia remains the largest market for Islamic finance overall, with lslamic financing assets worth $292 billion as of September 2017, while Oman is the fastest- growing Islamic banking market, logging


a growth rate of 20% in the first nine months of 2017. This rapid growth is being driven largely by the country’s late entry into Islamic banking,” Bhojnagarwala added.


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