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Gulf Press > Business > AI to Revolutionize the Financial Sector in the UAE
Business

AI to Revolutionize the Financial Sector in the UAE

News Room
Last updated: 2024/06/14 at 7:59 AM
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Artificial Intelligence (AI) has become a major game-changer in the financial services sector in the UAE, revolutionizing customer experience. The strategic embrace of digital innovation by the country has propelled it towards becoming a global leader in financial technology. One significant impact of AI in the industry is the proliferation of chatbots and virtual assistants in UAE banks, providing round-the-clock customer support and handling routine inquiries with speed and accuracy. However, there is still room for improvement in enhancing customer experiences, as noted in a KPMG report showing a decline in customer perceptions due to low-cost and low-satisfaction channels lacking empathy and human touch.

The ability of AI to analyze vast amounts of data in real-time has transformed fraud detection and risk management in financial institutions in the UAE. AI-driven capabilities now help identify credit fraud, prevent money laundering, and enhance trust in digital banking platforms. Furthermore, AI advancements in UAE banks have significantly enhanced customer service and operational efficiency, providing personalized, secure, and efficient banking experiences that meet customer expectations. As AI continues to evolve, its impact on UAE banking is expected to grow further, improving customer service and internal processes.

AI-driven automation has revolutionized back-office operations in UAE banks, with tasks such as data entry, compliance checks, and document processing being managed by AI systems. This has led to significant reductions in time and costs associated with these activities, minimizing human error and ensuring more accurate and reliable processing. However, using AI to enhance customer experience comes with its challenges, as it is essential to understand these dynamics to maximize AI’s benefits and mitigate risks. Banks need to adapt to the new AI-driven landscape to stay competitive and meet evolving customer expectations.

With accelerating technological advancements and evolving customer expectations, the financial services sector in the UAE is undergoing a dramatic transformation towards hyper-personalized, secure, and efficient services. KPMG envisions various use cases that are expected to be adopted in the near future, such as the advancement of AI-driven chatbots and virtual assistants to handle complex queries and provide personalized support. Financial institutions will leverage advanced data analytics to offer hyper-personalized products and services tailored to individual preferences and behaviors, enhancing engagement and loyalty.

In response to the growing importance of data privacy, financial institutions in the UAE will invest heavily in AI-powered cybersecurity solutions to protect sensitive customer information and ensure compliance with regulatory requirements. Blockchain technology will also gain prominence for enhancing transparency and security in financial transactions, offering more secure and efficient transaction processes that build customer trust and streamline operations. Over the next five years, financial services are expected to become more integrated into customers’ daily lives, with collaborations between financial institutions and non-financial sectors leading to integrated service offerings that provide added value and convenience, making financial transactions seamless and part of everyday activities.

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News Room June 14, 2024
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