Embracing artificial intelligence: Do UAE banks have a choice?

Much has been said and written about disruptive technologies and how they are shaking things up across industries. But it is clear by now that businesses have to constantly track the course of technological innovation, which is coming through at a rapid pace making their strategies and planning almost obsolete, to understand what future has in store for them.

The entire banking industry is now being disrupted by new technologies, and artificial intelligence (AI), above all else, has taken it precedence. One can clearly see an increased enthusiasm across the industry to introduce AI into business owing to the potential of this cutting-edge technology to transform the way banks do business. Drawing inspiration from the country, which is at the forefront of the global technological revolution, leading banks in the UAE have also joined their international counterparts in applying the intelligent technology in their day-to-day operations. Nonetheless, a sector-wide adoption is still far from reality.

It is certain that the way people bank will undergo a major transformation in the coming days. However, customer experience will continue to be at the heart of the business, and enhancing it will be both a challenge and an opportunity for banks. Using AI-powered tools and devices that can systematically analyse the vast trove of data to derive customer behaviour patterns, banks can offer their customers personalised products and services that closely match their needs.

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SOURCE: MIT Sloan Management Review

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