HOW GENERATIVE AI IS TRANSFORMING BANKING IN THE UAE AND BEYOND

GenAI plays a growing role in decision-making processes, streamlines regulatory workflows and supports more responsive and tailored customer interactions, says Emirates NBD

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Artificial Intelligence (AI) is moving rapidly from the realm of research into real-world application, bringing measurable change to industries worldwide. In banking, its impact is already clear. Financial institutions are using AI not only to improve internal processes but also to reshape how they interact with customers, manage risk and drive innovation.

At the centre of this shift is Generative AI (GenAI), a technology that uses advanced models such as Large Language Models (LLMs) and Machine Learning (ML) algorithms, to perform tasks that previously required considerable time and manual effort. From drafting reports and reviewing contracts to verifying documents and detecting fraud, GenAI is becoming essential to how banks operate and compete.

A BROAD AND GROWING IMPACT

GenAI is now integrated across multiple banking functions, from retail and corporate services to compliance, risk and credit operations. It plays a growing role in decision-making processes, streamlines regulatory workflows and supports more responsive and tailored customer interactions. Increasingly, it is becoming a critical component of how banks model risk, personalise customer engagement and improve back-office functions.

The financial potential of the technology is substantial. McKinsey & Company estimates GenAI could add between $200 billion and $340 billion in annual value to the global banking sector. IDC forecasts global GenAI spending will reach $202 billion by 2028, reflecting one of the fastest growth rates in technology investment.

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