First Abu Dhabi Bank (FAB) and Microsoft will partner in developing the latest AI-based banking capabilities under a strategic business partnership signed recently, with the UAE’s largest bank and the global technology leader to cooperate on the launch of an ‘AI Innovation Hub’ for financial services (FS).
Industry sources added that this latest AI Innovation Hub focuses on innovation, sustainability, and clientele experience. The hub will trigger the partnership under the three main thematic areas of partnership – innovation through AI, driving global growth, and shaping futuristic financial market ecosystems.
Industry sources also added that the hub will trigger the adoption of the latest innovations and AI technology into financial services to offer product enhancement, personalization, unique AI risk models, new solutions, and other advances.
Industry sources further added that FAB has made huge advances in the technology innovation for the banking sector, fully integrating its comprehensive suite of products and services into a market-leading, digitally driven service model. The bank is already incorporating advances in AI and blockchain into its platform, offering clients a seamless, fully digital banking experience from account opening and onboarding, through to a full range of everyday service requests.
Industry sources added that this initiative adds FAB’s previous work in AI, including its long-standing partnership with G42. FAB recently joined forces with Core42 – a G42 company and full-spectrum AI enablement solutions provider – to accelerate the migration of FAB’s data center and workload to Microsoft Azure, including access to the Azure platform’s pioneering cloud and AI solutions.
Hana Al Rostamani, Group Chief Executive Officer at FAB, stated: “The AI Innovation Hub marks another milestone for the bank in setting a bold agenda for innovation. In partnering with Microsoft, a recognized global leader in AI, we are demonstrating our ambition to accelerate advances in generative AI, intelligent automation, and machine learning.”
Naim Yazbeck, UAE General Manager at Microsoft Gulf, stated: “We are excited to partner with FAB on this strategic initiative that is a testimonial of FAB’s aspiration to leverage the power of generative AI as a platform for innovation and industry disruption. Together with FAB, we are set to build ground-breaking capabilities that will translate FAB’s leadership and vision as a market innovator and trendsetter both regionally and globally.”
Industry sources affirmed that the AI Innovation Hub will further boost the FAB’s competitive leadership as an innovative, AI-enabled, sustainable, and secure bank. It will permit FAB to utilize Microsoft’s Azure AI services, including Azure Generative AI capabilities, to cultivate novel, innovative capabilities to automate and revolutionize operations throughout the FAB Group.
Potential areas of collaboration include Banking-as-a-Service and Risk-as-Service, which could be further categorized across digital services, lending, and payments within consumer, corporate, and investment banking.
