Manama – The Bahrain Association of Banks (BAB) recently arranged a site visit to His Highness Shaikh Nasser Center for Research and Development in Artificial Intelligence, aligning with its commitment to fostering collaboration between the banking and tech sectors. The primary aim is to cultivate innovative solutions in the realm of artificial intelligence and its application within financial services.

This initiative stems from BAB's dedication to realizing its vision of harnessing AI practices to propel growth in the banking sector, thereby establishing a more resilient framework for the future of banking and financial services.

This strategic move reflects BAB's overarching strategy to strengthen ties and communication with specialized research and development institutions in the advanced technology sphere. The goal is to leverage cutting-edge expertise and knowledge in the field of artificial intelligence to spur innovation and advance financial services in Bahrain. Additionally, it seeks to instill a culture of artificial intelligence within financial institutions by synergizing efforts to deploy these modern technologies, recognizing their positive impact on project performance, ultimately driving productivity and contributing to comprehensive economic development.

During the visit, a specialized team from the Nasser Center conducted a thorough review of a series of AI-based projects for the delegation from the Bahrain Association of Banks. These projects had been executed in collaboration with both the public and private sectors across various service and productive industries, resulting in tangible and noteworthy enhancements in performance. They also fostered innovation within institutions and led to significant reductions in operating expenses across front, middle, and rear-end operations. This, in turn, allowed these institutions to allocate more resources towards high-value-added activities.

“This visit marks the initiation of a collaborative journey with the Centre, aiming to integrate and leverage artificial intelligence technologies within the operations of Bahraini banks. Our goal is to harness the potential of artificial intelligence to revolutionize banking operations in Bahrain, enhance the banking sector's customer experiences, and maintain a leadership position in technological innovation. Our commitment lies in driving the sector towards the adoption of cutting-edge technologies, pushing the boundaries of innovation, and achieving new levels of efficiency and productivity

According to Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks.

"Through this collaboration, our goal is to expand the scope of cooperation and coordination with the Center, recognizing its crucial and pivotal role in advancing future sciences and fostering research and innovations in this domain. This aligns seamlessly with the association's objectives and the goals outlined in the Financial Services Development Strategy 2022-2026. The overarching aim is to incentivize Bahraini banks to invest in cutting-edge technologies and explore the opportunities they offer, ultimately enhancing the sector's competitiveness on both regional and international fronts."

Dr. Jassim Haji, Executive Advisor at His Highness Shaikh Nasser Center for Research and Development in Artificial Intelligence, expressed his delight regarding this visit. He emphasized that it would usher in new possibilities by equipping the delegation with cutting-edge technical expertise in the realm of artificial intelligence, thereby positioning the association as a pivotal partner in achieving remarkable milestones and successes in the realm of artificial intelligence applications while bolstering its capabilities.

Dr. Haji underscored the significance of artificial intelligence in propelling progress and advancement within the banking industry, particularly in the enhancement of security systems. He also highlighted the pivotal role of smart systems in the analysis of financial data and the formulation of banking decisions grounded in precise knowledge.

Dr. Haji pointed out that investments in artificial intelligence applications within the banking sector offer numerous opportunities to enhance the industry's landscape, unlock fresh avenues for innovation and development, and fortify banks' capacity to adapt to swift market changes.