H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the first Majlis Mohamed bin Zayed Ramadan session of the year, titled 'The Future of Finance in the Age of Intelligence'.
Held at a dedicated lecture venue at Abu Dhabi’s Sheikh Zayed Grand Mosque, the session featured keynote speaker Jim Marous, owner of the Digital Banking Report and a leading expert on disruption in the finance industry.
Mr. Marous began by discussing how artificial intelligence is transforming the banking sector, presenting both opportunities and challenges. He highlighted the rapidly changing expectations of consumers, who now seek not just 'a good experience' but also engagement, dialogue, and empathy.
The financial expert explained how financial institutions need to inspire an elevated level of trust in consumers to transform the way they bank, but also warned that banks’ back-office legacy systems must keep pace in order to support the transformation taking place.
Mr Marous praised the ‘democratisation of data’ and said consumers had come to expect personalisation. He noted that large-scale innovation is taking place at a speed and scale we have never seen before, driven by data, analytics and technology.
The industry strategist discussed how AI will transform not just the financial sector, but every component of our lives. He encouraged everyone to embrace generative AI and constantly ask it questions, because ‘prompting skills are the tools of the future.’
The topic was then opened up to a panel discussion featuring Hana Al Rostamani, Group CEO of First Abu Dhabi Bank; Abdallah Al Mansoori, Managing Partner of I3H Investment; and Feras Jalbout, Founder and CEO of Baraka.
Discussing the biggest challenges in adapting to AI-driven finance, Hana Al Rostamani highlighted three key considerations for traditional banks: Embracing technology in order to process available data and deliver the best services to clients, upskilling exiting talent and onboarding suitable new joiners to ensure banks are future-ready, and working within a robust operating environment that encompasses security, privacy and regulation.
Abdallah Al Mansoori highlighted the opportunities within the current regulatory and policy landscape to promote financial inclusion and the adoption of AI in financial and capital markets. He praised a program launched by the UAE Central Bank, designed to integrate nine key pillars of digital infrastructure and advance financial services nationwide.
Feras Jalbout discussed the impact of AI on investment management, emphasizing how AI can enhance investor participation in capital markets, ultimately fostering wealth creation.
The Majlis Mohamed bin Zayed Ramadan session was moderated by Shatha Al Shamsi, Strategy Consultant at EY-Parthenon.
