First Abu Dhabi Bank (FAB) and Microsoft have announced they will collaborate in the development of an ‘AI Innovation Hub’ for financial services, with a focus on innovation, sustainability, and customer experience.
The hub is set to accelerate the adoption of innovations and AI technology into financial services to provide product enhancement, personalisation, unique AI risk models, new solutions, and other advances.
The initiative closely aligns with the UAE Strategy for Artificial Intelligence, which aims to establish the UAE as a world leader in AI by 2031 with policies to create an AI-friendly ecosystem, encourage advanced research in the sector, and promote collaboration to accelerate the adoption of AI.
“The AI Innovation Hub marks another milestone for the bank in setting a bold agenda for innovation,” said Hana Al Rostamani, Group Chief Executive Officer at FAB. “In partnering with Microsoft, a recognised 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, added, “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.”
The AI Innovation Hub will allow FAB to use Microsoft’s Azure AI services, including Azure Generative AI capabilities, to cultivate novel, innovative capabilities to automate and revolutionise operations throughout the FAB Group.
Potential areas of collaboration include Banking-as-a-Service and Risk-as-Service, which could be further categorised across digital services, lending, and payments within consumer, corporate, and investment banking.
