BrazilEmirates NBD looks to leverage the power of generative AI
Emirates NBD, a leading bank in the MENA region, has announced a roadmap to adopt generative artificial intelligence (AI) tools. McKinsey & Company is helping the bank design and pilot generative AI use cases across the business.
ChatGPT will have a central role in the AI makeover of Emirates NBD’s operations. This cutting-edge generative AI tool has exploded globally this year, reaching 100 million users just three months after being released and becoming a household name.
A partner of Emirates NBD in its digital transformation journey, McKinsey & Company and QuantumBlack played a supportive role in the bank group’s recent ‘Generative AI Hackathon’, which brought together teams from business and IT branches to exchange ideas on potential AI applications.
The focus of the hackathon was on leveraging ChatGPT specifically, with the aim of improving efficiency, and offering personalized customer experiences.
McKinsey & Company and QuantumBlack are also involved with the further design and early-stage deployment of generative AI use cases, although no details have been disclosed on the scope of the engagement. McKinsey routinely remains secretive of its client work.
Emirates NBD’s plan to adopt AI will also include leveraging Github Copilot X, a coding assistant tool developed by Microsoft that offers advanced generative AI capabilities. Emirates NBD will also have exclusive access to Microsoft 365 Copilot, an AI-powered tool that allows for automation, content generation, and aids in decision-making.
“We are thrilled to join forces with our long-term partner Microsoft for this initiative. By leveraging the power of generative AI, we aim to transform our business operations, elevate our customer experience, and stay at the forefront of technological innovation, further reinforcing our position as a leader in digital innovation,” said Abdulla Qassem, Chief Operating Officer at Emirates NBD.
Generative AI has become a hot topic for a range of industries across the world. According to a global study by McKinsey, the technology has the potential to add $4.4 trillion worth of annual productivity to economies.
However, because AI tools can help to alleviate workforces from monotonous tasks through automation, there is some concern over workers becoming redundant in some sectors. Despite that, a previous study showed that only around a quarter of surveyed workers in the Middle East were concerned that AI could have a negative impact on their jobs, as compared with up to 40% in parts of Europe.
As at 30th June 2023, Emirates NBD had a total asset base of AED 811 billion (around $221 billion). The bank serves over 20 million customers in 13 countries.
