Artificial intelligence is reshaping the landscape of the banking industry in the Middle East, enhancing the way both traditional lenders and neobanks operate. The evolution from traditional data-driven approaches to advanced, generative AI is revolutionising operational efficiencies and client interactions in ways previously unseen in the sector.
Consultancy firm Strategy& estimates that by 2030, for every $1 invested in GenAI, the economic output in the Gulf Cooperation Council region could see a return of nearly $9.9, potentially resulting in an annual economic impact of $23.5bn. With the introduction of client-centric tools using GenAI, banks and their shareholders are increasingly leveraging cutting-edge technologies to boost productivity and enhance the customer experience.
The advent of GenAI — capable of integrating and projecting outcomes from extensive datasets — marks a key evolution, poised to further revolutionise banking operations and strategic frameworks. Historically, banks in the Middle East have prioritised security, streamlined process management and stringent risk controls.
Recent advancements in the integration of AI have enabled the possibility of incorporating additional focus on enhancing customer engagement and satisfaction, aligning with the region’s growing emphasis on innovation and customer-centric banking solutions.
We at Mashreq are taking a holistic and strategic view on how GenAI might significantly transform the client experience. For example, with GenAI as a “natural language” interface, how might this change the way clients interact with their bank? Rather than navigating via menus in an app, might they simply ask questions, via either voice or text?
As GenAI evolves to the point that it can anticipate client needs and personalise service in real time, how might this evolve the way people interact with their finances overall — proactively supporting finance needs and well-being, without the need for customers to go looking for it.
AI-enabled chatbots have become increasingly essential in banks’ customer service operations, providing immediate answers to client queries and offering continuous support, day and night. Advancements in GenAI technologies have significantly enhanced the linguistic capabilities of chatbots, allowing for banks to gain a deeper understanding of user behaviour and develop a comprehensive view of each customer’s activities and lifestyle, enabling highly personalised, empathetic service offerings.
Mashreq has been a pioneer in chatbot capabilities, leading with chatbot as a primary servicing option for its “Neo” digital banking proposition. In the UAE alone, Mashreq supports over 100,000 chat sessions per month via chatbot. Our AI chatbot has been finely tuned to enjoy a 95 per cent accuracy in recognising the intent of customers’ conversations, resulting in higher service availability to clients and a reduction in calls to call centres.
By employing…
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