-The Central Bank of Jordan announces it has ranked first globally in the “Maya Declaration” award granted by the Alliance for Financial Inclusion (AFI).

-Al-Salem emphasizes the importance of data management as the cornerstone of the financial future.

-Al-Mahrouq: Data has become one of the most important assets that institutions possess, and technological transformations are changing the rules of the game in the banking market.

-Al-Mubarki: Artificial intelligence and digital transformation are no longer just technical tools but are elements for achieving sustainable growth in the banking sector.

-Tiberio: Jordan has a high proportion of skilled professionals in modern technology fields.

Under the patronage of the Governor of the Central Bank, Dr. Adel Sharkas, the Association of Banks in Jordan, in collaboration with EY, held its third quarterly briefing for 2024 on Monday morning, under the title: “Data Management, the Cornerstone of the Future of Banking Services.” The event was attended by the Chairman of the Association of Banks, Basim Khalil Al-Salem, chairmen, directors-general, and CEOs of member banks, along with a distinguished group of speakers and experts from EY, a leading financial consulting firm.

At the beginning of the meeting, the Central Bank of Jordan announced that it had ranked first globally in the “Maya Declaration” award, granted by the Alliance for Financial Inclusion (AFI), in recognition of the bank’s pioneering role in promoting financial inclusion and expanding access to financial services for all segments of society.

The bank noted that this ranking was announced during the 2024 Global Policy Forum held in El Salvador, where the Central Bank of Jordan’s efforts to enhance financial stability and support sustainable development were commended.

The “Maya Declaration” is a global initiative launched by the Alliance for Financial Inclusion (AFI) in 2011, aiming for sustainable financial inclusion. AFI member countries, including Jordan, commit to setting specific goals and commitments aimed at enhancing financial inclusion. Since joining the “Maya Declaration” in 2016, the Central Bank of Jordan has adopted a set of tangible objectives that contribute to achieving financial inclusion and improving financial services for underprivileged segments of society.

The bank also highlighted that by September 2024, 78 countries had participated in the “Maya Declaration,” presenting 1,340 commitments to promote financial inclusion. Member countries regularly provide data and indicators to measure their progress in fulfilling these commitments through a platform managed by the Alliance for Financial Inclusion, which enhances transparency and ensures precise monitoring of progress.

The Central Bank of Jordan achieved first place globally due to its clear commitment to meeting the goals set within the “Maya Declaration.” The bank implemented important initiatives aimed at improving access to financial services for everyone, including individuals and small and medium-sized enterprises.

The Central Bank of Jordan emphasized that this recognition is a global acknowledgment of its ongoing efforts to enhance financial inclusion and achieve the United Nations’ Sustainable Development Goals. The strategies adopted by the bank provide significant motivation to continue improving the financial sector and offering more inclusive and sustainable financial services.

For his part, the Chairman of the Association of Banks, Basim Khalil Al-Salem, stressed the importance of data management as the cornerstone of the financial future. He expressed his deep gratitude to the Governor of the Central Bank for his kind patronage of the event and praised the achievements of the Central Bank, which culminated in winning the Best Central Bank Award in Financial Inclusion.

In his closing remarks, Al-Salem extended a special welcome to the banking leadership and the attending chairmen and directors, emphasizing the importance of ongoing cooperation to strengthen the financial sector.

Dr. Maher Al-Mahrouq, Director General of the Association of Banks, highlighted the pivotal role data plays in shaping the future of the banking sector. He commended the patronage of the Central Bank Governor, noting that this support reflects the Central Bank’s commitment to developing Jordan’s banking sector and enhancing its ability to keep pace with global technological developments.

Al-Mahrouq explained that data has become one of the most important assets that institutions possess and is no longer just a byproduct of operational processes. Instead, it has become a critical factor in the ability of banks to achieve excellence and compete in the market by improving operational efficiency and facilitating regulatory compliance.

He added that these factors are essential for building trust with customers, making effective data management a top priority for banks seeking innovation and sustainable growth.

Al-Mahrouq also pointed out that the banking sector is undergoing a fundamental transformation due to rapid technological advancement, making data an indispensable tool for improving customer experiences, uncovering new opportunities, and enhancing risk management more effectively.

He mentioned that technological shifts, particularly artificial intelligence (AI), are playing a significant role in changing the rules of the game in the banking market. AI can provide innovative solutions by analyzing big data and predicting future trends, which helps banks make informed strategic decisions.

Dr. Al-Mahrouq emphasized that the main session of this meeting targeted the chairmen and CEOs of member banks and featured prominent experts in data and artificial intelligence. The second part of the meeting was dedicated to a training workshop for executives from member banks, focusing on the practical aspects of data management, from data collection, classification, and analysis to using AI to enhance banking operations and risk management.

In his closing remarks, Al-Mahrouq affirmed that the Association of Banks will continue organizing such meetings to foster cooperation among member banks and enable them to adopt the latest technological tools that enhance their competitiveness and achieve sustainable growth.

In his presentation, financial advisory partner specializing in risk management and financial regulation, Abdullah Al-Mubarki, expressed his gratitude to the Association for organizing this important session at a time when the global banking sector is witnessing significant transformations due to rapid technological advancements.

Al-Mubarki, who has extensive experience with leading global financial institutions such as Fortis Bank, PwC, and EY, emphasized that technological advancements and the increasing reliance on data and advanced analytics have become the cornerstone of building the future of financial services.

He explained that AI and digital transformation are no longer just technical tools but fundamental elements for achieving sustainable growth in the banking sector.

Al-Mubarki noted that AI has become an indispensable tool in the banking sector, not only for improving operational efficiency but also for predicting the future and identifying new opportunities that may help banks adapt to rapid market changes.

He explained, “AI applications range from providing personalized recommendations to customers to enhancing risk management and forecasting financial trends, enabling banks to make proactive and data-driven decisions.”

Al-Mubarki also touched on the importance of data management in this context, explaining that banks that can effectively organize and analyze their data will have a significant competitive advantage.

He said, “Data management is not just an organizational process but a strategic factor that can improve banks’ ability to comply with regulatory requirements and enhance operational efficiency. Today, data is one of the most valuable assets in financial institutions, and by managing it properly, enormous benefits can be achieved, whether in terms of improving customer experience or enhancing internal operations.”

Al-Mubarki praised the progress made by Jordan’s banking sector in the field of financial technology and expressed optimism about the future, adding that the Jordanian banking sector is steadily moving towards digital transformation.

In conclusion, Al-Mubarki emphasized that digital transformation and the adoption of advanced technologies such as AI and data management are not just passing trends but solid foundations that can enhance banks’ competitiveness.

He urged member banks to make the most of the training sessions and workshops that will be organized, affirming that this knowledge will help them achieve sustainable growth and a bright future for the banking sector in Jordan.

For his part, digital executive and AI expert Engineer Rafael Tiberio highlighted the significant progress in acquiring talents and expertise in the field of AI in Jordan, noting that 40% of the young talents in this field come from the Kingdom, especially in data science and data engineering.

Tiberio, who has over 17 years of professional experience leading complex technology projects and launching startups in global organizations such as EY, Accenture, and VFS Global, praised the capabilities of Jordanian local talent and their active role in leading digital transformations at the regional level.

During his briefing, Tiberio explained that Jordan may not be the largest market in terms of size, but it has a high percentage of skilled professionals in modern technology fields. This positively impacts the financial and banking sector in the Kingdom, and he called for more support for these young talents and for providing an environment conducive to their growth and development.

Tiberio emphasized that a successful digital transformation journey depends on five key elements that must be considered: first, balancing the establishment of an appropriate operational and organizational model; second, building a strong technological infrastructure that allows for the effective collection and organization of data.

He continued, third, understanding the appropriate use cases for that data and identifying the potential benefits of its application, alongside managing costs and achieving expected financial outcomes; and finally, the ability to manage change effectively and ensure the continuous extraction of benefits from data in the long term.

In his closing remarks, Tiberio stressed the importance of continuously leveraging data, noting that the success of institutions does not rely solely on implementing one use case but on developing a lasting ability to extract benefits and achieve sustainable growth through AI and advanced analytics​.