UAE’s Mashreq Bank is all set for an AI-enabled chatbot

UAE’s Mashreq Bank is all set for an AI-enabled chatbot

Dubai: UAE’s Mashreq Bank is busy adding AI into its operations – AI of the ‘good’ kind. An AI-enabled chatbot is on the way, to act as a virtual assistant to customers on their various banking tasks. The chatbot is undergoing a pilot program with about 500 customers of Mashreq. ‘Good AI’ is about helping customers deal with the vast amounts of information often needed in their banking requirements. “For us, it’s not only about transformation or digitization,” said Ahmed Abdelaal, Group CEO. “We are moving away from building products and services. Everything that we are building, if it doesn’t have any impact on CX (client experience) is not fit for purpose.” According to a report by global management consulting firm McKinsey, AI has the potential to deliver real value in the GCC countries by as much as $150 billion. Recently, Mashreq integrated the mobile money transfer service, Klip, into the app, and aso the bank’s Application Programming Interface (API) into the online marketplace noon. This allows customers to start shopping immediately after applying for a noon.com membership. Mashreq’s digital banking outfit Neo has also tied up with Federal Bank to facilitate rupee account opening for Indians in the UAE,