RAKBANK unites with Microsoft to leverage AI in banking operations

By Shilpa Annie Joseph, Official Reporter
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RAKBANK-Microsoft Collaboration
Officials during the signing ceremony | Image edited by GBN

RAKBANK and Microsoft have signed a memorandum of understanding (MoU) in order to leverage the power of artificial intelligence (AI) to transform various faces of operations at the bank.

The collaboration will focus on redefining compliance, anti-money laundering and combatting the financing of terrorism (AML/CTF), and fraud detection; customer interactions; customer fulfillment, and marketing initiatives at RAKBANK.

According to the statement, this will be achieved through utilizing the advanced capabilities of GPT-4o, the multimodal large language model (LLM) from OpenAI, and JAIS, the world’s most advanced Arabic LLM from G42, running on Microsoft’s trusted cloud.

Naim Yazbeck
Naim Yazbeck
General Manager
Microsoft UAE

“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.”

Commenting on the MoU, Raheel Ahmed, Group CEO of RAKBANK, said that, “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.”

Additionally, the partnership with Microsoft will help to reimagine the way customers engage with RAKBANK through innovative AI-driven solutions.

The collaboration will optimize digital and voice experiences as well as call center operations – aligned with RAKBANK’s commitment to adopting cutting-edge technology to meet and exceed customer expectations, as per the statement.

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