The session examined the ways in which artificial intelligence is revolutionizing the banking landscape
H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, participated in the first Majlis Mohamed bin Zayed Ramadan session of the year, titled “The Future of Finance in the Age of Intelligence.”
The event took place at a specially designated lecture venue within the Sheikh Zayed Grand Mosque in Abu Dhabi. The keynote address was delivered by Jim Marous, owner of the Digital Banking Report and a recognized futurist and expert on disruption within the finance industry, Abu Dhabi Media Office reported.
Mr. Marous commenced his talk by examining the ways in which artificial intelligence is revolutionizing the banking landscape. He emphasized that this transformation brings both opportunities and challenges, particularly with the swiftly changing expectations of consumers who seek engagement, dialogue, and empathy, rather than merely “a good experience.”
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Building trust in banking
The financial specialist further articulated the necessity for financial institutions to cultivate a heightened level of trust among consumers to fundamentally change their banking experience. However, he cautioned that banks’ outdated back-office systems must evolve to support the ongoing transformation.
Additionally, Mr. Marous commended the notion of the ‘democratisation of data’ and pointed out that consumers now anticipate personalized services. He remarked that innovation is advancing at an unprecedented speed and scale, propelled by data, analytics, and technology.
Embracing generative AI
Moreover, the industry strategist elaborated on how AI will not only revolutionize the financial sector but also influence every aspect of our lives. He encouraged attendees to embrace generative AI and continuously engage with it, noting that “prompting skills are the tools of the future.”
Panel discussion on AI in finance
The discussion then transitioned to a panel featuring Hana Al Rostamani, group CEO of First Abu Dhabi Bank; Abdallah Al Mansoori, managing partner of I3H Investment; and Feras Jalbout, founder and CEO of Baraka.
Challenges for traditional banks
In addressing the foremost challenges in adapting to AI-driven finance, Hana Al Rostamani identified three pivotal considerations for traditional banks: adopting technology to analyze available data and provide optimal services to clients, enhancing the skills of existing staff while also recruiting suitable new talent to ensure banks are prepared for the future, and operating within a secure environment that prioritizes privacy and regulatory compliance.
Opportunities in financial inclusion
Abdallah Al Mansoori discussed the opportunities presented by the current regulatory and policy environment that promotes financial inclusion and the adoption of AI in financial and capital markets. He praised a program initiated by the UAE Central Bank aimed at fully integrating nine complex pillars for digital infrastructure and advancing financial services across the nation.
AI in investment management
Also, Feras Jalbout examined the impact of AI on investment management, highlighting how increased investor participation in capital markets can be a powerful mechanism for wealth creation, with AI playing a significant role in enhancing this objective.
The Majlis Mohamed bin Zayed Ramadan session was expertly moderated by Shatha Al Shamsi, Strategy Consultant at EY-Parthenon. “The Future of Finance in the Age of Intelligence” is set to be broadcast on Saturday, 8th March at 5 PM on Abu Dhabi TV and the Majlis Mohamed bin Zayed YouTube channel.
