On the sidelines of using an Egyptian robot in The World Youth Forum 2022
13/01/2022
Moataz El Qasaby - Deputy Managing Director
The United Bank is betting on artificial intelligence usage in banks
Cairo: January 13th, 2022
Moataz El Qasaby - Deputy Managing Director of The United Bank and Head of the Risk Sector - stated that The United Bank is betting on the advantages of artificial intelligence in the field of banking. This is on the sidelines of the use of an Egyptian-made robot inside the corridors of The World Youth Forum 2022, which will be held in Sharm El Sheikh, South Sinai, from January 10-13, 2022.
El Qasaby, indicated that artificial intelligence technology will play a pivotal role in the near future in the process of making the right decision, whether at the national level or at the level of institutions in particular, as well as financial institutions. These technologies are based on a huge amount of data and information that they accurately analyze and employ, which enhances the sound decision-making process, especially with the great transformation by global financial institutions of digitization and Fintech applications.
Moataz El Qasaby, explained that the uses of artificial intelligence currently in the banking field are wide, including the field of accounts, marketing, risk and compliance, money laundering, customer service and finance as well as wealth management.
Moataz El Qasaby, pointed out that the applications of artificial intelligence have a social and economic dimension as follows:
The economic dimension: strengthening the orientations of the Egyptian state towards a cashless society, enabling companies and organizations to make the right decision at the right time through the use of data and the process of customer engagement, also reducing about 30% of operating cost and maximizing the return as well as predicting the trends and behaviors of customers to provide financial or non-banking services and reducing risks.
The social dimension: this promising field opens the horizons for the innovations of Egyptian minds and entrepreneurship, as well as achieving financial inclusion and creating new job opportunities and developing labor market skills.
El Qasaby explained that digital solutions with artificial intelligence applications will be a development for traditional banks in their current form and performance in the near future. There are many jobs that digital technology will undertake, including the virtual assistant via Chat Bot or artificial chat across well-known platforms (Messenger - Facebook - WhatsApp), which contribute to quick solutions to customer problems such as card theft - ATM locations - working hours and currency rates - Balance inquiries and transaction details.
He added that the future will bring an increase in the demand for artificial intelligence applications and the expansion of its fields of use, especially since it is still in the beginning stage, which is based on a process of data entry, learning, examination and analysis of customer data also, enrich the artificial mind by providing it with a huge amount of information as well as developing the artificial mind through linguistic vocabulary that enables it to act like a natural human being.
It is worth noting that The United Bank has opened five digital banking services center for customers in the Cargo Mall branch in El Sheikh Zayed area in 6th of October - and its branch in front of the Egyptian Hunting Club in Giza - Concord Mall branch in the Fifth Settlement, Mokattam branch in the central plateau area, and Gamassa branch in Dakahleya Governorate.
The United Bank, through its digital centers, provides a package of personal banking services and solutions to customers under the name "Your Bank On Line" such as internet banking - digital wallet - mobile banking as well as automated teller machines.
The United Bank has also created a range of new technological banking solutions on the market, such as wealth management and cash liquidity as well as financial leasing and financing for small, medium and micro projects in cooperation with I-Score, it presented real-time inquiry about creditworthiness through the internet as well as through automated teller machines, and registration in the Register of Transferred Collateral.
This is in addition to the rehabilitating of its team in preparation to deal with artificial intelligence technology, whether through Chat Bot, artificial chat, or through Big Data technology, which will contribute in attracting more customers to banks, especially customers who are ambitious for this type of electronic services as well as rehabilitating the current infrastructure systems to accommodate this great development.
