Intelligent CIO Middle East Issue 104 | Page 51

FEATURE : DIGITAL BANKING

Banking built on advanced digital and AI platforms

Wio Bank ’ s digital transformation journey signifies a shift towards innovation and adaptability and as the financial landscape evolves , the bank embraces change to better serve its customers , integrating advanced technologies and fostering a culture of continuous improvement .

Wio Bank operates within the UAE ’ s dynamic financial landscape , serving a population of over 10 million . Despite the market ’ s saturation with traditional banking institutions , Wio Bank is pioneering a paradigm shift in banking through its innovative approach .

The bank was created with an ambition to contribute to UAE ’ s digital vision by creating a digital financial system . Leveraging the strength of its shareholders and management team , who have successfully launched digital banks in the past , Wio Bank launched its platform in 17 months , in September 2022 .
In a market dominated by long-established banks , Wio Bank distinguishes itself as the region ’ s first platform bank , built on three fundamental pillars : digital banking applications , embedded finance solutions , and BaaS capabilities . The BaaS capabilities extend banking services to non-banking applications , broadening the reach of financial solutions .
Embracing modern digital infrastructure , the microservices-driven architecture ensures rapid deployment of updates and features , keeping banking services at the forefront . The community-driven approach incorporates customer feedback to enhance user experience , evident in extensive beta phase with over 800 customers before the public launch in 2022 .
Wio Bank transformed the banking landscape with tailored digital solutions . Recognising SMEs ’ vital role in the nation ’ s economic growth , Wio prioritised launching Wio Business . Building on this success , Wio introduced Wio Personal , an intelligent everyday banking platform , launched in July 2023 . Wio Bank disrupts status quo by offering solutions that empower individuals and businesses .
Wio Bank ’ s digital transformation journey signifies a shift towards innovation and adaptability . As the financial landscape evolves , the bank embraces change to better serve its customers . By integrating advanced technologies and fostering a culture of continuous improvement , Wio Bank positions itself at the forefront of the industry .
Technology infrastructure
Wio Bank ’ s primary business operations revolve around its digital banking platform , catering to the diverse financial needs of individuals and businesses in the UAE . The bank distinguishes itself through a combination of technology infrastructure and strategic partnerships with fintech providers .
Leveraging the public Microsoft Azure Cloud across two regions in the UAE with three availability zones each , Wio Bank ensures high availability and compliance with data localisation requirements . This cloud infrastructure facilitates innovation , experimentation , deployment , and scaling of banking services , encompassing computing , data storage , analysis , AI , and ML . The bank ’ s event-driven microservices architecture enhances
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