Dubai, United Arab Emirates – As part of their ongoing collaboration, RAKBANK and Microsoft will harness the power of artificial intelligence (AI) to transform various aspects of banking, an intention formalized by a Memorandum of Understanding (MoU) signed today at RAKBANK's headquarters in Dubai by Raheel Ahmed, Group CEO of RAKBANK, and Naim Yazbeck, General Manager, Microsoft UAE.
The collaboration will focus on redefining compliance, anti-money laundering and counter-terrorist financing (AML/CTF), fraud detection, customer care, customer satisfaction and marketing initiatives at RAKBANK by leveraging advanced capabilities of GPT-4o, OpenAI's multimodal large-scale language model (LLM) running on Microsoft's trusted cloud, and JAIS, G42's most advanced Arabic LLM in the world.
Comment on the memorandum. Raheel Ahmed, Group CEO of RAKBANK “Our partnership with Microsoft underscores our commitment to innovation and operational excellence. In line with our journey to become a more human digital bank, we are pleased to join forces with this global technology leader to leverage AI in several key areas.”
Meanwhile, Naim Yazbek, general manager of Microsoft UAE, said: “At Microsoft, we believe that AI has the power to revolutionize industries. Our collaboration with RAKBANK proves that advanced AI technologies can enhance financial operations, improve compliance and deliver superior customer experiences – all underpinned by the trusted Microsoft cloud. We are committed 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 to ensure our customers' data is protected and our services are trustworthy.”
Transforming customer interactions
Additionally, working with Microsoft will enable RAKBANK to reimagine the way customers engage with them through innovative AI-driven solutions. The collaboration will optimize digital and voice experiences and call center operations. This is in line with RAKBANK's efforts to adopt cutting-edge technology to meet and exceed customer expectations.
Customer Satisfaction
It significantly enhances efficiency, quality assurance and decision making for customer satisfaction and other business activities.
AI-powered marketing campaigns
RAKBANK is set to launch a new marketing campaign fully supported by AI, setting a new standard in how marketing initiatives are executed. By leveraging AI, the bank aims to provide more targeted and effective marketing strategies to enhance customer engagement and drive business growth.
Going forward, RAKBANK and Microsoft will also explore the possibility of further technical cooperation in areas such as data analytics, security and privacy solutions.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (PSC), is one of the most dynamic financial institutions in the UAE. Founded in 1976, it rebranded to RAKBANK in 2001 and underwent a major transformation by shifting its focus from purely corporate banking to personal and SME banking. In addition to offering a wide range of personal banking services, the bank has increased lending in the traditional SME, commercial, and corporate sectors in recent years. The bank also offers Islamic banking solutions through RAKislamic, through branches, telephone, and digital banking channels. RAKBANK is a public joint stock company headquartered in the Emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the call center at +9714 213 0000. Alternatively, you can contact RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
