UAE’s largest lender, the First Abu Dhabi Bank (FAB) has leveraged Artificial Intelligence (AI) and machine learning tools to develop a portal that provides advanced analytics for merchants.

The solution fared well in pilot carried out with Al-Futtaim, a regional business thereby allowing the lender to announce a wider roll out to all key merchants in the kingdom.

The new portal uses AI tools to provide spend momentum and revenue forecasting, customer segmentation and analysis. It also helps launch campaigns based on insights and measures their performance. Other features include potential loss analysis and customer loyalty analysis. The portal also allows merchants to slice and dice the data from consolidated level to a transactional level.

FAB said that the portal compares performance of merchants’ brands with their competitors and tracks industry trends. Going ahead, merchants will also have an option of API integration into their existing systems for data access.

“To allow for the effective ideation of these solutions, we require relevant and actionable insight from the customer data we collect- powerful insights can inspire new initiatives that help grow client revenues, increase market share or improve cost efficiencies,” said Hana Al Rostamani, group head-personal banking, FAB. “Data is the future and businesses that can extract and analyse pertinent points will be the ones who will ultimately succeed.”

“The merchant portal clearly differentiates us from the competition and we look forward to providing access to all our merchants,” said Ramana Kumar, head of payments, FAB. The portal will enable merchants to convert data-driven insights to campaigns and revenue-generating initiatives with a focused approach and in real-time.

 

by Parnika Sokhi
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