The impact of technology is being experienced by the global economy and companies are creating new ecosystems and business models. Artificial Intelligence (AI) is emerging in the Middle East which has many opportunities for Small and Medium Enterprises (SMEs) and technology can play a big role in financial inclusion discussed panelists during an online 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 potential and application bandwidth of AI and machine learning in financial services. It also shed light on the latest implications, trends, strategies, and challenges around the adoption of AI in financial services.
Addressing the event, Henk Jan Hoogendoorn, Chief Financial Sector Officer, Qatar Financial Centre said, “Without data driven leadership the technology of AI is of no use. Data is a precious, in many countries data is regulated and no one else can use it without consumers permission and it creates many opportunities especially for AI. So, you should have a view on data to use AI in a right way.”
Speaking about the insurance sector Hoogendoorn noted that AI is helpful as it can save cost for financial institutions and it is emerging in the Middle East and has many opportunities. As regulators adopt this technology, the banks can also use it.”
Inclusion of AI across financial ecosystems has benefits for the unbanked and companies can benefit from the positive effects of this technology. “Technology is a tool for protecting our customers better. AI can play an important role to access people that are unbanked. It gives the opportunity to better access the risk of individuals and SMEs. I think, AI can play a big role in financial inclusion, and it will increase inclusion.
Dr. Jochen Papenbrock, Partner Relationship Manager, NVIDIA said, “Our recent survey details the growth of adoption in capital markets, retail banking and investment firms. Nearly 80 percent of financial firms use machine learning, deep learning or high-performance computing.”
AI delivers a competitive advantage in financial services; it increases revenues and reduces cost. “Successful and ethical AI adoption means harnessing its amazing potential while implementing the principles of fair, trustworthy and explainable AI. We are actively supporting this development of computational trustworthy AI by using accelerated computing and smart algorithms,” he added.
Hazem Mulhim, Founder & CEO of Eastnets participated in the event and discussed how AI will have a lot of impact on compliance in the financial sector and how it will be used to combat financial crime. Sarah Hosni, Executive Director, Fixed Income Association in Egypt shared the impact of AI on the capital markets in the financial sector.
