Saudi Arabia’s Banking Sector Embraces Artificial Intelligence
In a groundbreaking move, Riyad Bank has launched the Center of Intelligence, a specialized center for artificial intelligence technologies and services in the Saudi banking sector. This advancement is set to revolutionize digital banking in the country, enhancing operational efficiency and customer experience.
Aligned with Saudi Vision 2030, the Financial Sector Development Program aims to make banking services more accessible and convenient. The introduction of AI innovations at Riyad Bank will contribute to the stability and growth of the banking system, offering a wide range of financial products and services.
The Center of Intelligence will serve as a hub for AI-driven research, innovation, and analysis. By utilizing machine learning techniques, it will improve the effectiveness and efficiency of the bank’s investments and operations.
Nadir Al-Koraya, CEO of Riyad Bank, expressed his pride in launching the center and localizing AI solutions in Saudi business sectors. He emphasized the importance of maximizing value for customers, shareholders, and employees through digital transformation and innovation.
In addition to this technological advancement, Riyad Bank has also approved the assessment and preparation of an initial public offering of its investment banking unit, Riyad Capital. The board of directors is considering listing the subsidiary on the main market of the Saudi Exchange, marking another significant development in the bank’s growth strategy.