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AI is transforming the banking sector by providing a more personalized customer experience. AI tools such as chatbots, robo-advisors, and fraud detection algorithms are being adopted to provide a frictionless customer experience. AI has the potential to deliver tangible value, with a McKinsey report estimating its real value in the GCC at approximately $150 billion. AI tools are helping banks cater to the increasing number of Millennials and GenZs, who seek more personalized services. Chatbots are an excellent medium to help customers engage with banks and obtain information or help anytime they need it.
