Artificial Intelligence (AI) and digitisation can cut bank and financial operating costs by half, according to Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation.
Speaking at the Middle East Banking Forum in Abu Dhabi, Al Ghurair said that the UAE is among the most advanced nations when it comes to the implementation of technology in the banking sector.
"Artificial intelligence and digitalisation save up to 30 to 50 costs for the banking and financial system," he said, adding that digitalisation is "a must" for UAE banking and financial-sector companies to keep pace with global developments.
"The banking sector is an integral part of the UAE economy, playing a major role in the economic diversification drive," he added.
In September, Al Ghurair told local media that Mashreq Bank may cut as much as 10 percent of its 4,000 strong workforce over the course of the next year due to the successful implementation of AI technologies.
Source: Arabian Business