Top three factors banks should consider when partnering with an analytics consultancy in the UAE

Banks now more than ever, have an obligation to reassess the type of service they need and ensure they are gaining best value. Nicoleta Remmlinger, 4most’s Business Development Head, with 12 years of industry experience and recent winner of Entrepreneur of the Year at the “Women in Credit UK Awards 2022”, has put together her top three factors that she believes financial organisations should consider when partnering with an analytics consultancy in the UAE.

Read the full article below.

In the post-pandemic period, the UAE’s banking sector is evolving to adopt new business resilience methods. As the regulatory landscape continues to evolve and customers’ preferences shift, banks need analytics consulting partners to support them in their growth and future-proof their needs.

Flexibility: Although many consultancies focus on consistency of service, flexibility is the foundation to many benefits. Partnering with a consultancy that is flexible and agile can equal faster decision making and greater responsiveness. I have seen many times where this nimbleness has led to quicker identification of opportunities which not only has enhanced innovation but also reduced the overall project costs. This is an important factor to consider especially when you are up against deadlines or need to work within budgets.

Bespoke service: Whilst many consultancies provide off-the-shelf solutions, a consultancy that can take the time to get to know your specific business requirements and understand the gaps that need to be addressed, can offer a much more tailored service which can lead to realms of benefits. I have found through working with and for many organisations, a consultancy where their employees know and trust each other allows for added value to be embedded throughout the project.

For example, if a bank is looking for a scorecard implementation and is looking for complete transparency, partnering with a boutique consultancy will allow for a bespoke solution to be provided; the bank is likely to receive clear documentation on the developed model, explanations on the data set used and clarifications on rules, metrics and variables selected as well as remain at the disposal of the bank for future internal or regulatory clarifications. This level of transparency ensures the bank can take full ownership of the solutions delivered by the consultancy, something that is vitally important with the increased focus on model risk management.

International exposure: Experience is still paramount. Given that the UAE market is following international best practice, consultancies who can leverage their global experience will always be a step ahead. They will have experience in the latest technologies, methodologies and international regulatory trends and be able to use this to add value to your work.

Choosing your risk analytics partner is an important decision that requires careful consideration. Feel free to contact Nicoleta Remmlinger (nicoleta.remmlinger@4-most.co.uk) for further discussions. 4most are an expert-led analytics consultancy with a global and local expertise, and recent winner of “Best Management Consultancy Firm” in the UAE by the MEA Finance Awards 2022.

DO YOU HAVE ANY QUESTIONS? Please contact info@4-most.co.uk