FAB Taps Microsoft to Promote AI Innovation in Banking

In a move signalling a new frontier in banking technology, First Abu Dhabi Bank (FAB), one of the UAE’s premier financial institutions, has embarked on a strategic collaboration with Microsoft, a global powerhouse in technology, to spearhead the development of AI-driven banking solutions.

Termed the AI Innovation Hub, this partnership aims to propel innovation, sustainability, and elevate customer experiences within the banking sector. The collaboration will focus on three core thematic areas: harnessing the potential of AI for innovation, fostering global expansion, and shaping the future landscape of financial markets ecosystems. By leveraging advanced AI technologies, the hub seeks to expedite the integration of cutting-edge innovations into financial services, thereby enhancing products, personalisation, risk management, and introducing novel solutions.

Hana Al Rostamani, Group Chief Executive Officer at FAB, expressed her enthusiasm for the initiative, citing it as a significant stride in the bank’s innovation agenda. By aligning with Microsoft, a renowned leader in AI, FAB underscores its commitment to accelerate progress in generative AI, intelligent automation, and machine learning.

This collaboration builds upon FAB’s existing endeavours in AI, notably its longstanding partnership with G42. The bank recently joined forces with Core42, a G42 subsidiary specialising in AI solutions, to expedite the migration of FAB’s infrastructure and operations to Microsoft Azure. This move grants FAB access to Azure’s cutting-edge cloud and AI solutions, further bolstering its technological capabilities.

FAB has been at the forefront of technological innovation in the banking sector, seamlessly integrating its suite of products and services into a digitally driven service model. By incorporating AI and blockchain advancements, FAB offers customers a frictionless, fully digital banking experience, from onboarding to everyday transactions.

Naim Yazbeck, UAE General Manager at Microsoft Gulf, expressed excitement about the partnership, highlighting FAB’s ambition to harness the power of generative AI for innovation and industry disruption. Together, FAB and Microsoft aim to develop groundbreaking capabilities that will position FAB as a trailblazer in regional and global banking innovation.

Through the AI Innovation Hub, FAB will leverage Microsoft’s Azure AI services, including Generative AI capabilities, to automate and revolutionise operations across the FAB Group. Potential areas of collaboration include Banking-as-a-Service and Risk-as-a-Service, spanning digital services, lending, and payments across consumer, corporate, and investment banking sectors.