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The Association of Banks in Jordan has released a study titled “The Growing Role of Artificial Intelligence in Banking: Global Developments and Insights on Jordanian Banks.” According to the study, the global banking sector is undergoing a radical transformation with the adoption of artificial intelligence (AI) technology, which has become a primary driver for improving operational efficiency, reducing costs, and enhancing customer experience. The study highlights that generative AI plays a key role in digital transformation, with the potential to increase productivity by up to 30% and improve revenues by approximately 6%.
The study reviewed the diverse uses of AI in the banking sector globally and locally. AI contributes to operational efficiency within banks by automating routine tasks and reducing human error, which boosts productivity, lowers costs, and could lead to operational improvements of up to 15% over the coming years. Additionally, advanced AI systems are being used for real-time fraud detection, which could potentially reduce fraudulent activities by up to 25%.
Risk management was identified as one of the most critical areas for AI application, as AI can analyze complex data and predict future financial risks, enabling banks to make more precise proactive decisions.
In Jordan, banks have started adopting AI technologies to enhance their banking services and improve operational efficiency. These applications include chatbots, data analytics, and fraud detection tools.
The study recommended strengthening data governance to ensure data quality and accuracy, investing in technological infrastructure to adopt AI technologies more effectively, and enhancing cybersecurity systems to protect data and maintain system integrity. It also emphasized the importance of developing human resource skills in banks to align with digital transformation, equipping employees with the necessary skills to use AI efficiently.
To read the study released in Arabic version:
