First Abu Dhabi Bank partners Microsoft to develop new AI-powered banking capabilities
First Abu Dhabi Bank (FAB) has entered into a partnership with US technology giant Microsoft to develop a new range of banking capabilities powered by AI.
FAB partners Microsoft for AI Innovation Hub
The bank is tapping Microsoft’s cloud-based Azure AI services to build and operate what it calls an “AI Innovation Hub”, with the aim of further integrating the technology into its product suite and back-end operations.
Microsoft previously engaged in a similar partnership with CaixaBank in Spain, and proved central to the development of its AI Innovation Lab prior to joining its GenAI Task Force in December last year.
With a particular focus on leveraging Azure AI’s generative capabilities, FAB cites Banking-as-a-Service (BaaS) and Risk-as-a-Service (RaaS) as two “potential areas of collaboration”, with the firm also looking at how the technology could automate processes across its lending, payment and digital operations within its retail, corporate and investment banking functions.
The bank is currently migrating its data centre and workload to Microsoft Azure through digital transformation provider Core42, which operates under its “long-standing” partner, Emirati tech group G42.
Hana Al Rostamani, group CEO of FAB, says the hub’s inception aligns with “our ambition to accelerate advances in generative AI, intelligent automation and machine learning”.
