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Emirates NBD partners with Silent Eight to automate alert disposition

By Delisha Fernandes

February 05, 2024

  • corporate banking solutions
  • Emirates Nbd
  • Financial Crime

Emirates NBD, MicrosoftEmirates NBD, a MENA-based banking group, has partnered with Silent Eight, a FinTech company that provides an AI and machine learning platform to detect and prevent financial crime.

The partnership is in line with Emirates NBD’s vision to be the most innovative bank for its customers, people, and communities, and follows a successful Proof of Value (PoV) engagement that demonstrated Silent Eight’s ability to automate the alert screening investigation process and improve the efficiency, accuracy and auditability of the bank’s compliance operations.

Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, said, “We are thrilled to join forces with Silent Eight to improve our operational efficiencies and foster innovation. As a regional banking leader, Emirates NBD is setting a new standard of excellence in providing a safe and secure banking experience for our customers. This collaboration is a testament to Emirates NBD’s commitment to embracing cutting-edge technologies and pushing boundaries to deliver agility and optimise productivity.”

In collaboration with Emirates NBD’s FinTech Partnership and Engagement Team, the PoV involved testing Silent Eight’s solution on alerts generated by the bank’s screening system.  The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. The solution was able to solve close to a third of the alerts in the scope of the PoV, explain the resolutions with clear narratives, and close the alerts with zero error rates.

Based on the successful results of the PoV, Emirates NBD has decided to deploy the Silent Eight solution with the aim of reducing reliance on human investigators, lowering operational costs, and enhancing the customer experience by minimising the delays and requests for information caused by false positive alerts.

Ben Rayner, Senior Vice President at Silent Eight, said, ” We are delighted to be working with Emirates NBD, and are impressed by their dedication to excellence and innovation in compliance and their willingness to embrace AI as a strategic enabler. We look forward to supporting them in their journey of transforming their alert screening process and achieving their compliance goals.”

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