G A U G I N G T H E M A R K E T
G A U G I N G T H E M A R K E T
HOW FINANCE TEAMS THAT MODERNISE WITH GENAI CAN LEAD THEIR BUSINESS TO MARKET DOMINANCE
Sid Bhatia , Area VP and General Manager , Middle East , Turkey & Africa , Dataiku he second-highest ranked industry in Strategy &’ s projection was banking and
T financial services , which is predicted to see a US $ 3.5-billion bump . The Gulf ’ s BFSI sector has long been a trendsetter in technology adoption . With a savvy eye on consumers ’ shifting preferences , legacy banks have been quick to cater . There are many examples , from the rise of digital banks – Emirates NBD ’ s Liv , Mashreq Neo , Gulf International Bank ’ s meem and Bank ABC ’ s ila – to the roaring trade in FinTechs , such as Dubai ’ s PayTabs , Optasia and Sarwa , Abu Dhabi ’ s NymCard and Kuwait ’ s One Global .
According to PwC ’ s analysis unit , Strategy &, the GCC region is set to reap US $ 23.6 billion in economic impact from Generative Artificial Intelligence ( GenAI ) by 2030 . In what analysts called a ‘ conservative top-down estimate ’, Saudi Arabia will see US $ 12.2 billion in value and the UAE US $ 5.3 billion . The rest will be shared among Qatar ( US $ 2.6 billion ), Kuwait ( US $ 1.6 billion ), Oman ( US $ 1.3 billion ) and Bahrain ( US $ 600 million ). Sid Bhatia , Area VP and General Manager , Middle East , Turkey & Africa , Dataiku , tells us more about how teams can truly modernise , armoured with GenAI tools .
As the BFSI-tech union continues to deepen , it is clear that GenAI has a part to play . But it also has a broader role in the finance function across industries . In many ways , Large Language Models ( LLMs ) were made for financial professionals . When it comes to arduous , cyclic tasks like preparing quarterly reports , reconciling ledgers and aligning with regulatory standards , GenAI models can do the work of dozens of people in a fraction of the time . A reduction in sweat and tears means happier employees . Greater accuracy means happier regulators . And enhanced efficiency means happier board members . www . intelligentfin . tech
17