April 16, 2024

Snowdrop & PwC Middle East Team Up to Empower Banks with Transaction Enrichment

PwC Middle East teams up with Snowdrop for transaction enrichment services

Dubai, UAE – London, United Kingdom – 16th April 2024

Snowdrop Solutions, a leading provider of advanced transaction enrichment solutions, is pleased to announce a collaboration with PwC Middle East, one of the world’s leading professional services firms, to bring its innovative transaction enrichment API to banks and payment providers in the Middle East.

This collaboration marks a significant step forward for the Middle East, offering banks and payment providers a unique opportunity to leverage Snowdrop’s industry-leading technology, trusted by major financial institutions across Europe and Asia Pacific together with PwC’s extensive expertise, to deliver exceptional customer experiences and drive operational efficiencies.

By integrating Snowdrop’s transaction enrichment API called MRS™, financial institutions can quickly empower their customers with clarity around each purchase – whether online or in-store. This allows users to intuitively visualise when and where they spent money. The MRS API is powered by leading AI technology using a combination of Snowdrop’s own experienced Machine Learning models and Large Language Models like Gemini technology increasing customers’ data quality, and providing greater scalability using all the power of Google Cloud and Vertex AI.

Empowering Banks to Deliver a Customer-Centric Experience

Through this collaboration, PwC Middle East is poised to drive efficiency, accuracy and new experiences in the evolving landscape of banking and payments. They will act as a prime reseller and advisor in the region, enabling banks and payment providers to seamlessly integrate with Snowdrop’s Transaction Enrichment API and create new and enhanced experiences such as spend insights, loyalty and sustainable spending options. This integration will empower these institutions to:

  • Enhance customer transparency: By leveraging Snowdrop’s extensive merchant database, end-users can easily identify their purchases, improving overall clarity and trust.
  • Improve fraud management: The enriched transaction data provided by Snowdrop’s API will equip banks and users with the ability to reduce false positives, optimising fraud management processes and safeguarding customers’ financial well-being.
  • Reduce calls to call centres and disputes: Enriched transactions can help minimise the number of customer inquiries related to transaction identification, leading to significant cost savings for banks.

A Pioneering Collaboration in the Region

This collaboration stands out as a pioneering effort in the Middle East, between a leading professional services network like PwC and an innovative technology provider like Snowdrop Solutions. It signifies a shared commitment to unlock digital transformation and deliver exceptional value to the region’s financial institutions. Leveraging advanced analytics, AI-driven insights, and robust cybersecurity frameworks, PwC Middle East is uniquely positioned to drive innovation and efficiency across the banking sector by bringing its extensive track record in transformative technology and payments delivery.

Snowdrop’s transaction enrichment API is already gaining recognition in the region and has empowered Boubyan Bank to become the first in Kuwait to offer its customers a complete and seamless view of their financial transactions. By integrating the API, Boubyan Bank has significantly enhanced its customers’ digital banking experience, ensuring they can manage and understand their financial interactions effortlessly. This translates to real-time insights into their finances, empowering them to make informed decisions and manage their finances with ease.

This collaboration with PwC Middle East further expands Snowdrop’s reach and empowers more banks to leverage the power of enriched transactions.

“This strategic partnership with PwC in the Middle East marks a transformative moment for Snowdrop,” said Ken Hart, CEO & Founder at Snowdrop Solutions. “PwC’s unparalleled reputation and regional expertise, coupled with Snowdrop’s advanced transaction enrichment offering, will empower financial institutions across the Middle East to unlock their full digital potential,” he added. “Together, we will equip them to evolve their digital offerings, improve customer experience through transaction clarity, and become true leaders and innovators, not just regionally, but on a global scale.”

Ian Hooper, Partner, Middle East Payments Leader at PwC, said: “This collaboration embodies our unwavering commitment to spearhead digital transformation initiatives and empower financial institutions with next-generation citizen-centric solutions, ultimately offering a seamless payments experience. Our latest Middle East CEO survey findings reveal that 69% of business leaders in the region consider technological change as a priority area, which underscores our dedication to propelling the region towards a future of unparalleled technological advancement and economic prosperity.”

About PwC

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Established in the Middle East for over 40 years, PwC Middle East has 30 offices across 12 countries in the region with around 11,000 people. (www.pwc.com/me).
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