As part of their ongoing collaboration, RAKBANK and Microsoft will leverage the power of artificial intelligence (AI) to transform various aspects of the bank's operations.
The collaboration will focus on redefining compliance, Anti-Money Laundering and Countering Terrorist Financing (AML/CTF), fraud detection, customer interaction, customer satisfaction and marketing initiatives at RAKBANK.
This is achieved by leveraging advanced capabilities from GPT-4o, OpenAI's multimodal large-scale language model (LLM), and JAIS, G42's world-leading Arabic LLM, running on Microsoft's trusted cloud.
Raheel Ahmed, Group CEO, RAKBANK, said: “Our collaboration 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.”
RAKBANK plans to launch a new marketing campaign that fully utilizes AI
By leveraging AI, the bank aims to provide more targeted and effective marketing strategies to increase customer engagement and drive business growth.
Naim Yazbeck, general manager, Microsoft UAE, added: “At Microsoft, we believe that AI has the power to revolutionize industries, and our collaboration with RAKBANK is proof 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 their services are trustworthy.”
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Additionally, the collaboration with Microsoft will improve how RAKBANK engages with its customers through AI-powered solutions. The collaboration will optimize digital and voice experiences and call center operations, aligning with RAKBANK's efforts to embrace technology to meet and exceed customer expectations.
