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RAKBANK to enhance banking operations with Microsoft AI

By Gloria Methri

July 11, 2024

  • AML Compliance
  • Azure OpenAI Service
  • FinTech
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RAKBANK, Microsoft, Microsoft AI, OpenAI, Banking Transformation, FinTech, UAERAKBANK has partnered with Microsoft to integrate AI into banking operations, enhancing customer service, compliance, and marketing.

The collaboration aims to redefine compliance, anti-money laundering, combatting the financing of terrorism (AML/CTF), and fraud detection at RAKBANK. These advancements will be achieved through GPT-4o from OpenAI running on Microsoft’s trusted cloud.

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

For his part, Naim Yazbeck, General Manager at Microsoft UAE, stated, “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 provide 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 customer’s data is protected and services are dependable.”

Additionally, the work 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 centre operations, radically enhancing efficiency, quality assurance and decision-making of customer fulfilment and other operational activities.

RAKBANK plans to launch a new marketing campaign fully supported by AI to deliver more targeted and impactful marketing strategies, enhance customer engagement and drive business growth. Looking ahead, RAKBANK and Microsoft will also explore further potential technical collaborations in areas such as data analytics and security and privacy solutions.

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