RIYADH: 黑料社区鈥檚 digital banking has achieved a significant advancement after a leading bank introduced artificial intelligence technology, significantly enhancing its operational efficiency and customer experience.
Riyad Bank announced on July 23 the launch of the first-of-its-kind specialized center for artificial intelligence technologies and services in the Saudi banking sector, known as the Center of Intelligence.
It will allow the bank and its business sectors to harness the latest AI innovations and derive significant value from advanced, proactive analytical insights, while advancing the bank鈥檚 vision with the highest standards of quality and innovation, according to a statement from the financial institution.
The center will utilize machine learning techniques and solutions to improve the effectiveness and efficiency of the bank鈥檚 investments and operations. (Riyad Bank)
The move aligns with the broader national goals outlined in Saudi Vision 2030, particularly the Financial Sector Development Program, which works together with the Saudi Central Bank to provide banking services that are more accessible.
The program is committed to contributing to the stability and growth of the banking system to make it even more convenient by investing in technology and offering a wide range of financial products and services.
The center will offer a cutting-edge environment for AI-driven research, innovation, and analysis. It will also utilize machine learning techniques and solutions to improve the effectiveness and efficiency of the bank鈥檚 investments and operations.聽
Nadir Al-Koraya, CEO of Riyad Bank, expressed his pride in this qualitative addition achieved by launching the center to localize AI solutions in the Saudi business sectors in alignment with the country鈥檚 plans and strategic objectives.
The center will allow the bank and its business sectors to harness the latest AI innovations and derive significant value from advanced. (Riyad Bank)
鈥淭he center is the result of our continuous efforts to optimize the investment of capabilities in order to maximize the value achieved for our customers, shareholders and the bank鈥檚 employees,鈥 he said, adding that it will accelerate the bank鈥檚 digital transformation and innovation, driving greater productivity across its operations.
In April, the bank 鈥 one of 黑料社区鈥檚 largest financial institutions 鈥 approved the assessment and preparation of an initial public offering of its investment banking unit, Riyad Capital.聽
According to a Tadawul statement issued at the time, the board of directors were considering listing the subsidiary on the main market of the Saudi Exchange.
It said the two bodies would coordinate to finalize the assessment and the relevant measures, including determining the offering size as well as other related details.聽
