The practical applications of AI within the banking and financial services industry were explored in a workshop hosted by the Union of Arab Banks (UAB). 

 

The three-day workshop titled "AI-Enhanced Banking: Unleashing the Power of Data," in collaboration with the Bahrain Association of Banks (BAB) and the Central Bank of Bahrain (CBB) saw the participation of numerous employees from Bahraini banks and financial institutions.

 

The workshop explored how modern AI technologies, including financial data analysis, risk forecasting, and banking robotics, can enhance the effectiveness and efficiency of banking operations.

 

AI in banking

On the first day, attendees were introduced to AI in banking services, machine learning techniques, and various applications such as directed, unguided and augmented learning within the banking sector. 

 

Discussions also encompassed generative artificial intelligence and addressed the risks and challenges associated with "chat GPT."

 

The second day focused on financial data processing and its correlation with AI, as well as predictive analytics in banking services. 

 

On the final day of the workshop, participants explored advanced AI topics, particularly focusing on deep learning and its tailored applications within the banking sector. 

 

Moreover, conversations centered around forecasting the future trajectory of AI within banking services. Interactive training sessions, guided by experts in both artificial intelligence and banking, remained a consistent feature throughout the workshop, ensuring active engagement and knowledge transfer among attendees.

 

Unprecedented surge

Dr Waheed Al Qassim, CEO of BAB, commented: "In this dynamic era, we are witnessing an unprecedented surge in the field of AI and machine learning, permeating every facet of academia, medicine, industry, finance and beyond. Embracing the significance of this transformative wave, the workshop is poised to seize this momentous opportunity. Our dedication lies in aligning with this swift evolution, concentrating specifically on the crucial domain of artificial intelligence.”

 

“Recognising its pivotal role in shaping the landscape of the forthcoming millennium, our aim is nothing short of harnessing the boundless potential of AI to catalyse a paradigm shift in banking operations within Bahrain. Through this concerted effort, we aim to propel the banking sector to new heights, delivering unmatched experiences and driving innovation to unprecedented levels.”

 

Dr Al Qassim said this initiative reaffirms BAB's commitment to promote the integration of AI within the banking sector. It aims to encourage the adoption of AI applications across various banking services, ensuring continuous development and training for bank employees to effectively utilise these programmes. The ultimate goal is to achieve strategic objectives for banks and incentivise Bahraini banks to invest in and leverage modern technologies for their growth and success.--TradeArabia News Service