Saudi Arabia: Saudi Arabia’s digital banking has achieved a significant advancement after a leading bank introduced artificial intelligence technology, significantly enhancing its operational efficiency and customer experience.

Riyad Bank announced on July 23 the launch of the first-of-its-kind specialized center for artificial intelligence technologies and services in the Saudi banking sector, known as the Center of Intelligence.

It will allow the bank and its business sectors to harness the latest AI innovations and derive significant value from advanced, proactive analytical insights, while advancing the bank’s vision with the highest standards of quality and innovation, according to a statement from the financial institution.

The move aligns with the broader national goals outlined in Saudi Vision 2030, particularly the Financial Sector Development Program, which works together with the Saudi Central Bank to provide banking services that are more accessible.

The program is committed to contributing to the stability and growth of the banking system to make it even more convenient by investing in technology and offering a wide range of financial products and services.

The center will offer a cutting-edge environment for AI-driven research, innovation, and analysis. It will also utilize machine learning techniques and solutions to improve the effectiveness and efficiency of the bank’s investments and operations. 

Nadir Al-Koraya, CEO of Riyad Bank, expressed his pride in this qualitative addition achieved by launching the center to localize AI solutions in the Saudi business sectors in alignment with the country’s plans and strategic objectives.

“The center is the result of our continuous efforts to optimize the investment of capabilities in order to maximize the value achieved for our customers, shareholders and the bank’s employees,” he said, adding that it will accelerate the bank’s digital transformation and innovation, driving greater productivity across its operations.

In April, the bank – one of Saudi Arabia’s largest financial institutions – approved the assessment and preparation of an initial public offering of its investment banking unit, Riyad Capital. 

According to a Tadawul statement issued at the time, the board of directors were considering listing the subsidiary on the main market of the Saudi Exchange.