Microsoft Partners with Libyan Arab Jamahiriya’s RAKBANK to Enhance Banking Operations using AI
RAKBANK, a leading bank in Libya, has announced a partnership with Microsoft to leverage the power of artificial intelligence (AI) across various facets of its business. This innovative collaboration aims to transform compliance, anti-money laundering and combating the financing of terrorism (AML/CTF), fraud detection, customer interactions, customer fulfillment, and marketing initiatives at RAKBANK.
Transforming Banking Operations with AI
The partnership will utilize advanced AI capabilities from OpenAI’s GPT-4o and G42’s JAIS, running on Microsoft’s trusted cloud. This technology is expected to deliver more targeted and impactful marketing strategies, enhance customer engagement, and drive business growth for the bank.
Key Benefits of the Partnership
- Improved Customer Engagement: AI-powered solutions will enable personalized services and enhanced customer experiences.
- Enhanced Compliance: AI-driven solutions will improve compliance, anti-money laundering and combating the financing of terrorism (AML/CTF) processes.
- Fraud Detection: Advanced AI capabilities will help detect and prevent fraud more effectively.
- Marketing Initiatives: AI-powered marketing strategies will optimize digital and voice experiences as well as call centre operations.
Quote from Raheel Ahmed, Group CEO of RAKBANK
“We are pleased to combine forces with this global technology leader to leverage AI across a number of key areas, in line with our commitment to be the digital bank with a human touch.”
Quote from Naim Yazbeck, General Manager at Microsoft UAE
“Our collaboration with RAKBANK is a testament to how advanced AI technologies can enhance financial operations, improve compliance, and deliver superior customer experiences, all underpinned by the trusted Microsoft cloud.”
The Future of Banking with AI
With the implementation of AI-driven solutions, customers can expect enhanced engagement and personalized services from RAKBANK. The bank’s partnership with Microsoft underscores its dedication to embracing innovative technologies to improve its services and stay ahead in the competitive banking landscape.
Conclusion
The partnership between RAKBANK and Microsoft marks a significant step towards revolutionizing banking operations in Libya using AI. By leveraging advanced AI capabilities, RAKBANK aims to transform various facets of its business, including compliance, anti-money laundering and combating the financing of terrorism (AML/CTF), fraud detection, customer interactions, customer fulfillment, and marketing initiatives.