Bahrain’s leading financial institution, Al Salam Bank has partnered with 10xDS (Exponential Digital Solutions) in order to implement Robotic Process Automation (RPA) solution on Blocked and Unblocked Accounts (BUB) within its compliance framework.
10xDS is specialized in delivering RPA solutions that support the continuous development of organizations through the automation of complex, end-to-end operational activities in an IT endorsed environment.
This move comes as part of the bank’s efforts to comply with the regulatory requirements issued by the legislative authorities in Bahrain, represented by the Ministry of Justice, Islamic Affairs, and Waqf, and the Central Bank of Bahrain (CBB), with utmost accuracy and efficiency.
“This solution will enable the automated extraction and processing of backend routine tasks in order to more effectively meet the requirements of the Kingdom’s local authorities and regulatory bodies. This, in turn, will lead to an increase in efficiency, accuracy, and speed in terms of processing time. We look forward to the automation of other back-office processes in the near future as part of the bank’s agile three-year digitization strategy.”
Mr. Ali Al Khaja, Head of Compliance and Anti-money Laundering at Al Salam Bank, stated that the RPA solution will lead to operational excellence, better cost optimization, and significantly reduce risk, resulting in achieving better accuracy and transparency in meeting regulatory compliance requirements.
“In addition, the automation of routine tasks will enable employees to direct their focus towards other strategic initiatives and high-impact work,” Mr. Al Khaja added.
“Additionally, this step is in parallel with the bank’s guiding principle ‘Be Digitally Native’, which constitutes smart and efficient banking services through adopting a digital, solution-driven mindset in order to provide clients with an enriched banking experience characterized by convenience, simplicity, and efficiency,” according to the statement.