Microsoft-supported RAKBANK to Transform Banking Operations with AI Applications

RAKBANK and Microsoft have embarked on a transformative collaboration aimed at harnessing artificial intelligence (AI) to revolutionize banking operations. The partnership was formalized through a memorandum of understanding (MoU) signed at the RAKBANK Corporate Office in Dubai.

AI Applications in Banking Operations

The collaboration focuses on leveraging AI to redefine critical areas such as compliance, anti-money laundering (AML), combating the financing of terrorism (CTF), and fraud detection. RAKBANK aims to enhance operational efficiency and decision-making processes using advanced AI technologies like GPT-4o and JAIS, supported by Microsoft’s trusted cloud infrastructure.

Commenting on the MoU, Raheel Ahmed, Group CEO of RAKBANK, said, “The collaboration with Microsoft underscores our commitment to innovation and operational excellence. We are pleased to combine forces with this global technology leader to leverage AI across several key areas, in line with our commitment to be the digital bank with a human touch.”

Enhancing Customer Interactions and Fulfilment

For his part, Naim Yazbeck, General Manager at Microsoft UAE, stated: "At Microsoft, we believe in the transformative power of AI to revolutionize industries. Our collaboration with RAKBANK is a testament to how advanced AI technologies can enhance financial operations, improve compliance, and deliver superior customer experiences, all underpinned by the trusted Microsoft cloud. We are dedicated to providing a cloud environment that not only meets but exceeds the rigorous security standards required by financial institutions. Our Azure platform is designed with the highest levels of security controls and monitoring, ensuring that our customers' data is protected and services are dependable.”

RAKBANK and Microsoft will reimagine customer engagement through AI-driven solutions. This initiative includes optimizing digital and voice experiences, as well as transforming call centre operations to exceed customer expectations with innovative AI applications.

Innovating Marketing Strategies

RAKBANK plans to launch a groundbreaking AI-supported marketing campaign to set new industry standards. By utilizing AI, the bank intends to deploy highly targeted and effective marketing strategies, enhancing customer engagement and driving business growth.

Future Collaborative Endeavours

Looking ahead, RAKBANK and Microsoft will explore additional collaborations in areas such as data analytics, and security and privacy solutions. This ongoing partnership aims to continuously innovate and enhance banking services through cutting-edge technology.