A bank based in the Gulf says it is leading the way with the use of AI and associated techologies.

Mashreq Bank says that it is the first private bank in the United Arab Emirates to harness artificial intelligence and robotics into its business, a sign of how lenders see these technologies as part of their business strategy.

The bank, which provides services including wealth management, has worked with the US-listed Virtusa Corporation, which provides digital strategy, engineering and IT outsourcing services. The firm implemented the tech firm’s Blue Prism’s Digital Workforce offering.

The use of the Virtusa system fits with Mashreq’s move to launch a new, full-service digital bank, Mashreq Neo. The bank can be used by clients anywhere without having to enter a branch office.

“This upgrade is another milestone in Mashreq Bank’s journey to becoming a truly digital bank, enabling it to cater to the growing digital customer base while gaining strategic competitive advantage,” Vasudev Telikicherla, senior vice president and head of the Middle East Business Unit, Virtusa, said.

The development is part of a trend of how banks, seeking cost efficiencies and new ways to serve clients, are embracing fields such as AI, machine learning and algorithm-driven investments. To see a research report issued by the publisher of this news service on the whole area, click here.

Set up in 1967, Mashreq operates in 11 countries outside the UAE, in Europe, the US, Asia and Africa.