Experts recommended at the 5th Edition Future Banks Summit applying innovations and AI applications to support the financial sector growth

Experts at the 5th Edition of the Future Banks Summit & Awards hosted recently in Riyadh, highlighted the necessity of leveraging innovations and AI to enhance growth in the financial sector. Organized by Verve Management, a prominent B2B events company across Asia, the Middle East, and Africa, the summit focused on preparing Saudi Arabia's banking industry for the future. Discussions covered critical areas such as AI implementation, intelligent automation, data analytics, cloud migration, cybersecurity, and advancements in digital payment systems

This year’s awards ceremony celebrated a remarkable lineup of winners, each recognized for their exceptional contributions: Most future ready bank award, the winner is: D360 Bank. Bank with best customer orientation award, the winner is: Bank Al Bilad. Best digital transformation award, the winner is Al-Rajhi Bank. Best loyalty program in the banking industry in KSA award, the winner is Al-Rajhi Bank. Best mobile App in the KSA market award, the winner is Arab National Bank. Best use of IT in investment banking award, the winner is Riyad Capital. Emerging Technologies in risk analytics, winner: Saudi EXIM Bank. Leading in innovation and emerging technologies, winner: Al-Rajhi Bank. Most admired service provided in financial sector, winner: Al-Rajhi Bank. Visionary leader of the year in artificial intelligence, risk analytics and machine leading, winner: Dr. Debashis Dutta. Women leaders of the year in artificial intelligence and blockchain, winner Dr. Abeer Al Humaimeed. Bank with best technology orientation, winner: Saudi EXIM Bank.

Faisal Al-Qadi, Acting Chief Information Security Officer (CISO) at Bank Aljazira, emphasized that “AI is utilized at multiple levels within the banking industry. For instance, it is crucial for threat detection and SOC management, enabling teams to quickly identify and analyze data.” He appreciated the event’s intimate setting, which fosters networking and meaningful discussions. With a robust lineup of professionals and speakers, he found the experience invaluable and plans to attend the Future Banks Summit KSA again.

Imran Hashim, Director of Information Technology Infrastructure at MEDGULF Saudi Arabia, stated, "Banks must adapt to external variations and innovations, particularly in AI. A key challenge for financial institutions is consolidating customer information into a single tool that serves as a reference across all channels—be it social media, telephone calls, call centers, or chatbots. This integration is crucial for enhancing customer service and operational efficiency."

Dr. Yasser Alharbi, Managing Director of Alsagr Insurance Company, remarked, "The event highlighted the evolving demands of consumers and the necessity for new, cost-effective, and reliable services. It was inspiring to see such eagerness to understand how we can shape the future. We must be mindful of the technologies we adopt and focus on educating consumers to provide the right solutions at the right price, leveraging the expertise of industry leaders who truly know the landscape."

Nawar Al Khunizi, Managing Director and Head of Coverage at FAB KSA, stated, “It’s crucial to see all banks, fintech companies, and various sectors like insurance and banking collaborating together. Success will come from these partnerships and synergies, allowing us to address and support the challenges we will face.”