The Bahrain Association of Banks (BAB) organised a visit to His Highness Shaikh Nasser Center for Research and Development in Artificial Intelligence (AI), in line with its commitment to boost cooperation between the banking and tech sectors.
The initiative is part of BAB’s effort to harness AI practices to bolster growth in the banking sector, in order to create a more resilient banking and financial services industry.
The goal is to leverage cutting-edge expertise and knowledge in the field of artificial intelligence to spur innovation and advance financial services in Bahrain. Moreover, it aims to establish an AI culture within financial institutions by combining efforts to deploy these modern technologies, recognising their positive impact on project performance, ultimately resulting in increased productivity and economic growth.
During the visit, a specialised team from the Nasser Center conducted a thorough review of a series of AI-based projects for the delegation from BAB.
These projects had been executed in collaboration with both the public and private sectors across various service and productive industries, resulting in tangible and noteworthy enhancements in performance.
They also fostered innovation within institutions and led to significant reductions in operating expenses across front, middle, and rear-end operations. This, in turn, allowed these institutions to allocate more resources towards high-value-added activities.
Dr. Waheed Al Qassim, CEO of BAB, affirmed that the visit aims to integrate and leverage artificial intelligence technologies within the operations of Bahraini banks.
“Our goal is to harness the potential of artificial intelligence to revolutionize banking operations in Bahrain, enhance the banking sector’s customer experiences, and maintain a leadership position in technological innovation. Our commitment lies in driving the sector towards the adoption of cutting-edge technologies, pushing the boundaries of innovation, and achieving new levels of efficiency and productivity,” he added.
Dr. Jassim Haji, Executive Advisor at His Highness Shaikh Nasser Center for Research and Development in Artificial Intelligence, emphasised that it would usher in new possibilities by equipping the delegation with cutting-edge technical expertise in the realm of (AI), thereby positioning the association as a pivotal partner in achieving remarkable milestones and successes in the realm of artificial intelligence applications while bolstering its capabilities.
Source: Bahrain News Agency