Artificial intelligence saves up to 50 percent of banks' operating expenses

The UAE banking system has been a long way in utilising artificial intelligence, AI, techniques to optimise operational costs and ultimately boost clientele and increase customer base by ensuring investors' confidence, according to AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation.

Speaking to Emirates News Agency, WAM, on the sidelines of the Middle East Banking Forum 2017 in Abu Dhabi today, Al Ghurair said that the UAE is among advanced nations that have always been blazing a trail over the past years in utilising AI techniques on the back of their significant role in ensuring digitalisation across the banking system in the country.

"Artificial intelligence and digitalisation save up to 30-50 percent in operating costs for the banking and financial system," said Al Ghuraur, terming digitalisation as a must for UAE banking and financial entities to keep abreast of the fast-paced and multi-faceted developments occurring worldwide.

"The banking sector is an integral part of the UAE economy, playing a major role in the economic diversification drive, " he added, noting that the banking sector's contribution to the country's GDP has surged to 10 percent, a fact that corroborates the resilience of the sector."

Al Ghurair has accentuated the significance of SMEs in supporting the domestic economy, noting that the sector is in need of a well thoughtout-out strategy to ensure sufficient funding.