Officials: Expanding the use of artificial intelligence supports the growth of digital payment technologies

Companies introduce banking robots and smart devices that act as branches of ATMs

  • Artificial intelligence is playing a more expansive role in supporting shopping services and fintech. Emirates Today

  • Malik Al-Yousef: "Electronic payments are taking large shares exceeding 70% against cash payment."

  • Charles Matta: "The UAE is witnessing an acceleration in the adoption of artificial intelligence technologies with the development of technical infrastructure."

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According to officials of technical solutions and systems companies, the markets are currently witnessing an expansion in the adoption of artificial intelligence, which contributed to the growth of digital payment technologies and financial technology with growth rates of more than 50%, compared to pre-pandemic levels.

They pointed out to "Emirates Today" that the expansion of the uses of artificial intelligence has provided new areas for payment systems, financial transactions and retail services, pointing out that they introduced at the "Seamless" exhibition, which recently ended its work in Dubai, artificial intelligence devices that work as digital branches of full-service ATMs around the clock, devices that work as smart banks with all the services of traditional banks, banking robots that work to complete services in banks to help employees, and smart devices that work without touch and execute service commands by simply bringing hands closer only. of the devices, explaining that talks are currently underway to launch these devices in the near future in the local markets.

In detail, the CEO of the UAE company «SEDCO» for technical systems, Majdi Al-Bayt Shawish, said that «the local markets are currently witnessing an expansion at increasing rates in the uses of artificial intelligence, supported by the continuous development in the advanced technical infrastructure in the country, and modern legislation accompanying it, and the trend to apply new technologies», pointing out that «the expansion of the uses of artificial intelligence, contributed to the growth of digital payments and the trend more to rely on financial technology in various sectors, whether retail or in banking services».

He added that «the company recently introduced artificial intelligence devices through its platform, which participated in the exhibition (Seamless Middle East) specialized in smart solutions for digital commerce, payments and retail, which recently ended its work at the Dubai World Trade Center, including an automated device that works as an integrated exchange around the clock and works with voice commands using smart technologies to convert currencies and its various services, while providing the services of the traditional branches themselves, and the possibility of video chat with customer service when necessary.

Shawish explained that «an artificial intelligence device has been launched and provides work services without touching the screen, and the services are implemented as soon as the customer approaches the screen, without touching the letters or services shown on the screen, and allows booking services in bank branches or various service centers, with the possibility of directing the customer to the branches closest geographically and most appropriate to his service, and the extent of occupancy rates or congestion remotely».

He pointed out that «artificial intelligence has also been used, as part of the development of a smart device that works as an integrated digital branch for banks, and provides all the services of traditional banks, but around the clock, through the ability to open accounts, sign contracts, obtain credit cards and checkbooks, and obtain the necessary documents and procedures for each bank transaction, but through smart technologies and accurate sensor points».

He added that «discussions are currently underway with various bodies in the country to provide services for artificial intelligence devices, some of which have already begun to be provided in some countries in the region».

In turn, the co-founder and CEO of Muzn for artificial intelligence technologies, Malik Al-Yousef, said that «there are competitive manifestations among companies currently to expand the uses of artificial intelligence that supported the growth of e-commerce and digital payments», pointing out that «artificial intelligence has changed the equation of payments in the markets, as electronic payments have become large shares exceeding 70%, compared to cash payment, whose use has decreased compared to previous periods».

He added that «artificial intelligence will provide during the coming period new horizons for payment, which may include the use of systems (metaverse) that allows customers to shop through the virtual world or pay fees for different services».

Al-Yousef pointed out that «artificial intelligence and blockchain, during the coming period, will provide additional new services for shopping and financial transactions in various forms, which is a new technology in services, especially as these technologies limit electronic intrusions through proactive monitoring, detection of abnormal transactions and penetration attempts, and providing safe paths for payment».

For his part, Charles Matta, Head of Strategy and Partnerships at Monte Fainas FinTech, said that "artificial intelligence has become playing a more expansive role in supporting shopping and financial technology services, as it allows the ease of providing services compared to previous periods, with the possibility of converting them into automated services based on machine learning, with the ability to know consumption patterns and forecast for targeted services, and collect data on customers to develop services, while providing speed and security at greater rates in services, which will support the transformation in the technology sector, financial transactions and digital trade during the coming period in the country and the region."

He added that «markets are currently witnessing an expansion in the adoption of the uses of artificial intelligence in a way that supports the growth of digital payment technologies and financial technology with growth rates of more than 50%, compared to pre-pandemic levels».

Matta explained that "the UAE is witnessing an acceleration in the adoption of artificial intelligence technologies with the development of technical infrastructure," pointing out that "according to the latest market reports monitored by the company, the GCC countries in general, have a competitive advantage in the field of financial technology. Non-cash payments in the UAE alone are expected to account for 73 per cent of total transaction volume by the end of 2023."

Ali Traverdi, a digital marketing expert at GSS Technical Solutions, explained that "the company has introduced an artificial intelligence robot that can work in banks as an employee to complete banking services, including transfers and others, and can also follow up on the role numbers of customers and go to them in their seats to complete work or direct them to the competent departments."

Zhanig Hong Fei, vice president at Sunsun Technology Company, added that "the company has introduced an artificial intelligence device, which works as a digital bank branch around the clock, with the ability to complete various services."

The Power of Artificial Intelligence

"According to a recent report by the Foundation, companies in the region are currently prioritizing strengthening their AI capabilities and customer experience infrastructure, with 52% of companies willing to invest more than $200,37 in developing their technological capabilities and leveraging the power of AI and machine learning, while <>% of companies are already investing in AI," said Costmer Experience Live, Managing Director of Costmer Experience Live.