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First Abu Dhabi Bank (FAB) and Microsoft will work together to develop new artificial intelligence-based banking capabilities under a strategic business partnership, which they say will lead to the launch of an “artificial intelligence innovation center” for financial services, a report said.
The new artificial intelligence innovation center will focus on innovation, sustainable development and customer experience, emirates news agency, WAMexplain.
The center will drive collaboration in three main thematic areas – innovating through artificial intelligence, driving global growth and shaping the future of the financial markets ecosystem.
The center will accelerate the adoption of new innovations and AI technologies in financial services to deliver product enhancements, personalization, unique AI risk models, new solutions and other advancements.
The program expands on FAB’s previous work in artificial intelligence, including its long-term partnership with G42. FAB recently joined forces with G42 Corporation and Core42, a provider of full-spectrum AI-enabled solutions, to accelerate the migration of FAB’s data centers and workloads to Microsoft Azure, including access to the Azure platform’s groundbreaking cloud and AI solutions.
FAB has pioneered significant advances in technology innovation in the banking industry, fully integrating its comprehensive range of products and services into a market-leading digitally driven service model.
The bank has integrated advanced technologies of artificial intelligence and blockchain into its platform to provide customers with a seamless, fully digital banking experience from account opening and onboarding to a full range of daily service requests.
Hana Al Rostamani, Group CEO of FAB, said: “The AI Innovation Center marks another milestone in the bank’s bold innovation agenda. By partnering with Microsoft, a recognized global leader in artificial intelligence, we are demonstrating how to accelerate generative artificial intelligence.” Ambition for advancements in intelligence, smart automation and machine learning.”
Naim Yazbeck, General Manager, UAE, Microsoft Gulf, said: “We are delighted to partner with FAB on this strategic initiative, which demonstrates FAB’s desire to harness the power of generative artificial intelligence as a platform for innovation and industry disruption.
“Together with FAB, we will build breakthrough capabilities that translate FAB’s leadership and vision into regional and global market innovators and trendsetters.”
The Artificial Intelligence Innovation Center will further enhance FAB’s competitive leadership position as an innovative, artificial intelligence, sustainable and secure bank.
It will allow FAB to use Microsoft’s Azure AI services, including Azure Generative AI capabilities, to develop new and innovative capabilities to automate and revolutionize operations across the FAB Group.
Potential areas for collaboration include banking as a service and risk as a service, which can be further categorized into digital services, lending and payments in the consumer, corporate and investment banking sectors.
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