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FAB partners with Microsoft to boost financial services globally

FAB partners with Microsoft to boost financial services globally
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Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) and Microsoft teamed up to develop new AI-based banking capabilities and bolster financial services, according to a press release.

The two entities will partner to launch an AI Innovation Hub that will focus on innovation, sustainability, and customer experience.

Meanwhile, the hub will accelerate the adoption of AI technology into financial services to provide product enhancement, AI risk models, new solutions, and other advances.

The ADX-listed bank is incorporating advances in AI and blockchain into its platform, securing a seamless and fully digital banking experience via to a wide range of everyday service requests.

Hana Al Rostamani, Group CEO at FAB, said: “In partnering with Microsoft, a recognised global leader in AI, we are demonstrating our ambition to accelerate advances in generative AI, intelligent automation, and machine learning.”

Naim Yazbeck, UAE General Manager at Microsoft Gulf, commented: “Together with FAB, we are set to build ground-breaking capabilities that will translate FAB’s leadership and vision as a market innovator and trendsetter both regionally and globally.”

In March 2023, FAB collaborated with Mastercard to accelerate growth in the UAE in addition to fostering expansion plans into international markets.

Last year, the lender’s net profits hiked by 22% to AED 16.40 billion from AED 13.41 billion in 2022.