The UAE’s largest bank First Abu Dhabi Bank (FAB) has launched a new analytics portal powered by Artificial Intelligence (AI) and Machine Learning tools, in partnership with the diversified privately held regional businesses Al-Futtaim.
The new portal which is set to deliver advanced analytics to merchants has been piloted with Al-Futtaim, and will soon be rolling out to all key merchants.
According to a statement from FAB, the merchant portal will use AI tools to provide spend momentum and revenue forecasting, customer segmentation, and analysis, along with launch campaigns based on key insights and to measure the effectiveness of these campaigns.
The tools provide insights into potential loss analysis and customer loyalty analysis. It also gives clients the ability to measure and compare the performance of brands, products, stores and any other areas they might like to focus on for insights and allows comparing the performance of client's brand with others, industry trends, and overall market performance.
“We require relevant and actionable insight from the customer data we collect - powerful insights can inspire new initiatives that help grow client revenues, increase market share or improve cost efficiencies. Data is the future and businesses that can extract and analyze pertinent points will be the ones who will ultimately succeed,” said Hana Al Rostamani, Group Head of the Personal Banking at FAB.
Furthermore, in the future, merchants will be able to access the data through the portal and will also have an option of API integration into their existing systems for data access.
Ramana Kumar, Head of Payments at FAB, commented, “The merchant portal clearly differentiates us from the competition and we look forward to providing access to all our merchants.”
FAB is moving fast toward investing in innovative solutions, along with digitizing its business; it has lately launched a new sound-based payment system through its digital wallet payit.
According to a report by Accenture, AI will boost economic growth within the UAE by 1.6 percentage points, adding $182 billion to the national economy by 2035. The report examined the impact of using AI on 15 industries in the U.A.E. and 13 in Saudi Arabia.
As per the findings, AI was found to have the maximum impact on the financial services, healthcare, transport and storage industries with increases of $37 billion, $22 billion, and $19 billion, respectively.
Last year, the UAE revealed an artificial intelligence strategy that largely aims to speed up the government’s productivity and improve the performance of all official departments. The country also appointed a minister for artificial intelligence to spearhead the development of its AI strategy.