By Chris Shayan Over the last two years, Generative AI (GenAI) has become common knowledge, with the widespread adoption of tools like ChatGPT and Gemini clearly demonstrating its immense potential. In the UAE, it is a segment projected to scale at an impressive CAGR of 46.47 per cent until 2030, when it will be a US$2.036 billion…
In a dynamic banking environment, banks are seeking to differentiate themselves and gain a competitive advantage. Generative Artificial Intelligence (GenAI) is transforming the banking sector, providing innovative solutions that optimise efficiency, enhance security, and increase customer satisfaction. As the banking industry increasingly moves towards digitisation, the adoption of advanced AI technologies becomes crucial. GenAI, with…
Multitude Bank p.l.c., a core subsidiary of the Nordic-born listed FinTech, Multitude Group, offers digital lending and online banking services to consumers and SMEs across Europe. The Bank has now partnered with Salt Edge, a leading open banking platform, with a goal to enable instant loan repayments. With a commitment to enhancing its customers’ experience,…
Given the complexities of international financial transactions, it’s imperative for companies doing business across Central and Eastern Europe (CEE) to work with a banking partner that understands the regulatory environment, offers the latest technology for instant payment processing, and provides multi-lingual customer support.Susanne Prager, head of cash management at Raiffeisen Bank International (RBI), discusses the…
By Gloria Methri Over half (54%) of banks in Europe and the US are planning to leverage generative artificial intelligence (Gen AI) for the shift to instant payments and other payment modernization projects, research from RedCompass Labs has revealed. The report, ‘AI in payments: The future of payments modernization?’ states that four in ten (42%)…
Mastercard and the National Bank of Egypt (NBE) have signed an agreement to introduce AI- powered digital employees to manage non-financial customer interactions and provide superior digital services virtually. Yehia Abou ElFotouh, Deputy Chairman of the National Bank of Egypt, said, “In a groundbreaking move, the National Bank of Egypt leverages its extensive expertise in…
Latest Study on Industrial Growth of Artificial Intelligence (AI) in Banking Market 2024-2030. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends…
Kwami Ahiabenu Open banking is breaking down the walls of silos within the financial sector. Historically, banking was designed to be conservative and highly compartmentalised to safeguard funds and maintain customer trust. Over time, technological advancement has radically transformed banking into an open field characterized by multiple innovations. Today, banks are competing…
The Australian Banking Association (ABA) has unveiled the findings of a strategic review into the progress of the country’s Consumer Data Right (CDR) initiative, four years after its initial implementation. Key Findings At the end of 2023, 0.31% of bank customers had an active data sharing arrangement. This compares unfavourably with consumer adoption of other…
MUHAMMAD HAMAYUN SAJJAD Pakistan is in an exciting stage of development. Once synonymous with an informal, cash-heavy economy, the nation is now embracing technology and its power to unlock prosperity and drive development, and the banking sector must step up and play a crucial role in catalyzing this transformation to ensure its benefits reach every…