Riyad Bank has launched the first specialized AI center in Saudi Arabia’s banking sector, named the Center of Intelligence, on July 23. This initiative aims to enhance operational efficiency and customer experience by leveraging cutting-edge AI technologies. The center will utilize machine learning to boost the effectiveness and efficiency of the bank’s investments and operations.
This development aligns with Saudi Vision 2030 and the Financial Sector Development Program, aimed at enhancing banking services accessibility and stability. Nadir Al-Koraya, CEO of Riyad Bank, highlighted the center’s role in accelerating digital transformation, enhancing productivity, and localizing AI solutions in line with national strategic goals. Additionally, Riyad Bank has moved forward with plans to list its investment banking unit, Riyad Capital, on the Saudi Exchange’s main market.