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According to PwC ’ s analysis unit , Strategy &, the GCC region is set to reap US $ 23.6 billion in economic impact from Generative AI 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 .
The second-highest ranked industry in Strategy &’ s projection was banking and 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 FinTech , such as Dubai ’ s PayTabs , Optasia , and Sarwa , Abu Dhabi ’ s NymCard , and Kuwait ’ s One Global .
When it comes to arduous , cyclic tasks like preparing quarterly reports , reconciling ledgers , and aligning with regulatory standards , Generative AI 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 .
What Generative AI brings is a means to plug gaps and overhaul juddering processes . Legacy systems and manual workflows are routinely accompanied by silos , a sinister word that in the business world denotes inefficiency . Generative AI can essentially become a field marshal for change in five main areas . In many ways , large-language models , LLMs were made for financial professionals .
Compliance
The Gulf region is exceptionally business-friendly , but governments are pragmatic in their attitudes to regulation . To protect consumers and economic security , mandates are periodically introduced that change enterprises ’ risk profiles . In seconds , Generative AI can consume and commit to memory gargantuan chunks of information , a task that would take weeks for a human professional to complete .
Generative AI can then automate the extraction of information from a range of sources and classify it in line with regulatory requirements . From employees ’
Sid Bhatia , Area VP and General Manager , Middle East , Turkey and Africa , Dataiku
What Generative AI brings is a means to plug gaps and overhaul juddering processes .
Market intelligence
Market intelligence is a labour-intensive process at the best of times , but where data silos are present , it becomes maddening ; and if information is not current , the task is impractical . With Generative AI , finance departments can automate gathering and collation of data from sources as diverse as market reports , social media , and news pages .
AI is a natural pattern-matcher , so weeding out emerging trends , where challenging for a human , is a trivial exercise for Generative AI , which can quickly provide a buffet of actionable insights that lead to shrewder decision-making . payroll information to customers ’ PII , automation increases accuracy and speed and takes a lot of the headache out of compliance management .
Contract interpretation
What Generative AI can do for compliance extends to contract management . It can extract key clauses and present advice to decision-makers with considerably less risk of missing the fine-print than if a human had performed the task . Generative AI can speedily discover and arrange salient information such as payment terms .
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