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AI integration has reached a point where banks have started deploying these technologies at scale to stay relevant.
Abu Dhabi Islamic Bank (ADIB), for one, is putting AI at the heart of its core strategy and operations and improving the bank’s ability to achieve four key outcomes: higher profits, personalization, efficiency and rapid innovation cycles .
ADIB’s AI command center, known as ACE, provides coverage of banking activity while displaying up to 25 dashboards tailored to specific roles within the organization. In helping with fraud management and cybersecurity, the center could enable banks to prevent cyberattacks and respond quickly and efficiently to any potential breaches.
“The Command Center will help engage with customers in a more personalized way, providing them with options, ideas and insights to help them make the right decisions,” said Mohamed Abdel Bary, ADIB Group Chief Financial Officer. “More specifically, it will Combining big data, predictive analytics, and turning that data into hyper-personalized insights and experiences for customers. The result is ADIB can go to market with campaigns that focus on customer needs.”
Additionally, the banking sector in the UAE is adopting more Robotic Process Automation (RPA) at scale to automate tasks, allowing them to focus on important, higher-value work while automating advanced manual processes.
ADIB has deployed 60 robotic process automations, using AI to perform operational tasks, virtual assistants or conversational interfaces to help customer service departments, and machine learning techniques to detect fraud and support underwriting and risk management.
“The potential for value creation is enormous,” Barry said. “This value will come from more personalized service to customers, cost reductions through efficiencies generated by greater automation, lower error rates and better resource utilization, and the ability to process and generate data based on improved discovery New and previously unrealized opportunities”
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