Majlis Mohamed bin Zayed explores future of finance in age of intelligence
H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the first of this year's Majlis Mohamed bin Zayed Ramadan sessions, titled "The Future of Finance in the Age of Intelligence".
The session, which took place at a dedicated lecture venue at Abu Dhabi's Sheikh Zayed Grand Mosque, featured as its keynote speaker Jim Marous, owner of the Digital Banking Report and an industry futurist and authority on disruption in finance.
Mr Marous began by exploring how artificial intelligence is reshaping the banking sector, creating both opportunities and challenges such as the rapidly evolving expectations of consumers who want engagement, dialogue and empathy, not just 'a good experience'.
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 then spoke about the opportunities in the current regulatory and policy landscape regarding fostering financial inclusion and AI adoption in financial and capital markets. He commended a programme launched by the UAE Central Bank aimed at fully integrating nine complex pillars for digital infrastructure and the advancement of financial services throughout the country.
Feras Jalbout discussed how AI is shaping investment management. He explored how investor participation in capital markets can be a great tool for wealth creation, noting that AI can further that goal.
The Majlis Mohamed bin Zayed Ramadan session was moderated by Shatha Al Shamsi, Strategy Consultant, EY-Parthenon.
'The Future of Finance in the Age of Intelligence' will be broadcast on Saturday, 8th March at 5 pm on Abu Dhabi TV and the Majlis Mohamed bin Zayed YouTube channel (youtube.com/@MajlisMohamedbinZayed).
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