Markaaz Chief Executive Officer Hany Fam, during a conversation with media representatives, stated that in an era when Know Your Customer and Know Your Business initiatives are crucial, financial institutions and other companies do not know how to accurately identify risks and impostors, which entails the risk of fines and increases vulnerability in terms of the risk of founding itself on the territory of the implementation of fraudulent schemes.

The credit score is currently a kind of relative indicator that may not reflect reality. The corresponding state of affairs generates all sorts of difficulties for small businesses that have survived the coronavirus pandemic. The profit and loss statements contain accurate figures. At the same time, a kind of nuance of the relevant indicators lies in the fact that these data do not reflect all the dynamics that business may have faced before the state of affairs was formed, which was relevant at the time when the statistical information was published. The situation is also aggravated by the fact that financial institutions cannot verify about 30% of individuals who apply for services and accounts.

There is a widespread opinion among experts that the mentioned realities are the result of a lack of holistic, comprehensive, and effective information.

In the past, a banker visited physical, brick-and-mortar branches. Currently, access to digital technologies is widespread. Hany Fam says that despite the transition from traditional information to more modern signals, it is still difficult to identify a business and its owners. It is worth clarifying that modern signals mean social networks, open banking integration, and access to deep financial data based on consent.

Often, a financial institution can get acquainted with the profile of the majority owner of a company and decide by paying attention to the credit score. In this case, the process is actually repeated, which is carried out when an individual applies for a credit card. Hany Fam notes that as a result of careful identification and assessment of 30% of these applicants, the potential revenue may exceed the mark of several hundred million dollars. He stated that it is difficult to get all the data, apart from profit and loss reports, in one place and launch a thorough decision-making process. In this case, it means a process that fully takes into account what a business is and in which area of activity a particular company operates. Also, the mentioned approach to decision-making involves attention to factors such as deep-rooted relationships behind the scenes and what financial supply chains look like.

Hany Fam says that negative consequences have an impact on small businesses. In this context, he also noted that companies cannot access essential services, which include, among others, lending and cash flows, and insurance. In certain situations, a supplier who wants to agree with a large retailer may not be able to do so if the retailer cannot verify itself or its verification is too expensive a process.

Hany Fam argues that there is a lack of trust in the digital age. In the context of the current realities, companies take responsibility for their data and for how the world perceives the relevant arrays of information. Hany Fam says that to obtain such data, an ecosystem and partnerships are needed to form a 360-degree business overview.

Markaaz CEO stated that to cement trust, there are various, disparate pieces of information that are collected, synthesized, and offered through platforms such as his company’s similar functional system, which includes a wide range of 200 publicly available data and even elements of non-public information.

The mentioned list of various types of data consists of information about the business condition related to sales trends, and information about compliance and reputation, containing lists of sanctions and even reviews on social media.

Recently, information about diversity has become more valuable for companies that intend to work with different types of businesses tied to gender or ethnicity designations.

Hany Fam says that his firm does not interfere in the process of relations between the banker and the client or any two parties. He stated that Markaaz memorializes this relationship and supports trust. by providing information of the highest quality and ensuring the highest level of security in the sharing of this information between the parties. Hany Fam also noted that for financial institutions and fintech companies, the opportunity to converge all obligations and requirements related to compliance and monitoring is nothing more than a change in the rules of the game.

As Markaaz works with client firms and financial institutions, enterprises gain insight into how their data is used, and they can correct any incorrect information that is available. As part of a similar algorithm, an individual can correct their credit report.

The platform model also allows companies to conduct a comprehensive audit of other firms and even consumers with whom they may want to do business.

Hany Fam stated that on all three legs of the stool, there’s a trust-based model, as open banking is currently taking shape in the United States. He also noted that the practice of using artificial intelligence makes automating data collection easier than ever in the past.

Hany Fam says that the user, having access to all information due to the availability of publicly available and non-public data, can shop at the most favorable offers and prices. Also, according to him, the highest level of approval is guaranteed in this case.

Commenting on the future prospects, Hany Fam said that over time, there will be an optimization of how enterprises determine the companies they will work with, and how they verify and onboard them. He also noted that cleaner data will provide real-time analysis and monitoring. According to him, this is credible data that is necessary to have a dynamic, not static relationship.

Markaaz’s official website notes that the company is committed to a revolution in the area of data access and the use of arrays of information to stimulate business growth and combat fraud. The team of specialists of this firm strives to provide enterprises with accelerated access to essential services.

It is worth noting that human civilization in its history had a period that is designated as the information age. Over the past decades, information has transformed from arrays of data of different categories into a kind of resource.

In the space of science, such a concept as the Information Age has even been formed, which is also sometimes called the Third Industrial Revolution, the Computer Age, the Era of New Media, the Digital Age, the Silicon Era, or the Internet Era. The corresponding historical period began in the middle of the last century. This period is characterized by a rapid transition from traditional industries to an economy based on information technology. It is widely believed that the mentioned era began to take shape after the development of the transistor in 1947 and the optical amplifier ten years later.

In a somewhat conventional and to a certain extent abstract sense, information gradually became what can be characterized as a kind of new matter or a new dimension in the world as a space of socio-political, economic, and cultural processes.

The United Nations Public Administration Network thinks that the Information Age has been shaped by advances in the area of ??computer microminiaturization. Against the backdrop of the mentioned process, modernized information systems and Internet communications emerged.

Data operations have become fundamental to many spheres of activity. The active development of artificial intelligence, which has become a kind of dominant tendency in the current configuration of the technology reality, has modernized and made the mentioned activities more efficient.

Nowadays, there are many AI tools for operating with data. For example, Julius AI interprets, analyzes, and visualizes complex amounts of information in a manner that is intuitive and user-friendly. Positioned as a data notebook powered by machine intelligence, DataLab makes it easy to transform information into actionable insights. In this case, users can interact with data via chat, write code, analyze information arrays, and generate reports.

The ability of artificial intelligence to solve the mentioned problems allows advanced technology to quickly find patterns. AI can also handle complex tasks such as forecasting financial prospects and optimizing energy decisions.

Nowadays, artificial intelligence is the driving force behind any effective data analytics strategy. AI has become a powerful, efficient, and affordable way to process massive amounts of information.

Machine intelligence examines massive amounts of data to discover tendencies and patterns that can be used to provide the insights needed to improve business processes. Artificial intelligence also helps optimize data analysis by channeling all facts and figures into a single decision. When digital intelligence and data are combined in Predictive AI, users can generate forecasts and analyze certain scenarios to determine the chances of success.

A kind of global two-way functional movement has now emerged, where the world drives the data and at the same time, the data drives the world.

Information continues to be a kind of resource for humanity, although many researchers and scientists have already agreed that the Third Industrial Revolution is over. At the same time, there is still no agreement on the end date of the corresponding era. Opinions on this matter vary over a wide chronological range, from 2000 to 2020.

The fourth industrial revolution is a term formed in the semantic space of modernity and denoting rapid technological progress in the 21st century. The term was popularized by Klaus Schwab, founder and executive chairman of the World Economic Forum, in 2016. He stated that the corresponding changes indicate a significant shift in industrial capitalism. At the same time, it is worth noting that information continues to be the basis for the Fourth Industrial Revolution as well.

As we have reported earlier, Xero and Flinks to Enhance Banking Data Access.