Doha: The increased adoption of Artificial Intelligence (AI) is transforming the way businesses are operating. In the financial sector this technology is shaping the future of banking and how financial services are being delivered, said a senior official during an event.
Qatar Financial Centre (QFC) in association with the World Alliance of International Financial Centers (WAIFC) and the World Economic Forum and NVIDIA organised ‘Global Webinar Series on AI in Finance: Focus on the Middle East’ which discussed the latest implications, trends, strategies, and challenges around the adoption of AI in financial services.
Addressing the event, Yousuf Al Jaida, CEO of Qatar Financial Centre (QFC) said, “The adoption of AI is growing at an exponential rate. With a keen focus on developing Qatar’s economy, QFC has invested in imparting knowledge that helps our stakeholders leverage technology to improve their position in the market and grow their business.”
The increased adoption of AI is fundamentally transforming how businesses operate and in the financial sector, AI is essentially shaping the future of banking and how financial services are being delivered, Al Jaidah explained. “AI is increasingly leveraged to create more intuitive and personalised interactions between customers and their finances and with the power of AI financial firms are providing their customers with more convenient and safer ways to access, spend, save and invest their money.”
He added, “Financial institutions are also using AI to create robust fraud detection and prevention systems, secured identity verifications and accelerate risk calculations improving security and transparency."
Yousuf Al Jaida noted that along with innumerable benefits that AI can do to create a more equitable financial service and significantly improve the industry extensive, but the use of this technology comes with considerable risks. Besides optimising business operations concerns such as ethics, fairness, equity and sustainability which are integral to financial services are major consideration in AI adoption.
Jayant Narayan, Head of AI & Machine Learning, Technology Policy, World Economic Forum said, the World Economic Forum has been exploring this topic since 2017 focusing on top use cases of AI and finance and also discussing reducing and mitigating the associated risks. He said, “Middle East has a vibrant ecosystem of fintech, and financial services companies and AI continues to be one of the key hallmark technologies which is driving forward the transformation of financial services in the region.”
