Emirates NBD to Boost Compliance with Silent Eight’s New AI
Emirates NBD, a prominent banking group in the MENAT (Middle East, North Africa and Türkiye) region, has announced a strategic partnership with Silent Eight. This technology company offers an advanced AI and machine learning platform to identify and prevent financial crime. This collaboration represents a significant step in Emirates NBD’s commitment to innovation and customer-focused banking.
Proof of Value (PoV) Engagement: Transforming Compliance Operations
Big News! 🚀 Emirates NBD partners with @_SilentEight , a leading AI tech firm, to elevate financial crime controls. Our successful PoV demonstrated the efficiency of Silent Eight's AI platform, reducing reliance (cont) https://t.co/U1KV4jslrYpic.twitter.com/A8O51NUnoF
The partnership follows a successful Proof of Value (PoV) engagement that demonstrated Silent Eight’s ability to automate the alert screening investigation process, substantially improving the efficiency, accuracy, and suitability of the bank’s compliance operations. The PoV, conducted in collaboration with ENBD’s FinTech Partnership and Engagement Team, highlighted the potential of AI-driven solutions in financial crime prevention.
Solving Alerts with AI: A Game Changer in Compliance
During the PoV, Silent Eight’s solution was tested on alerts generated by ENBD’s screening system. Leveraging natural language processing and machine learning, the technology replicated human reasoning and decision-making based on historical alert data and continuous learning. The remarkable results showed that the solution successfully resolved close to a third of the alerts within the scope of the PoV, providing clear narratives for each resolution and achieving zero error rates in closing the alerts.
Emirates NBD Vision: A Safer and More Efficient Banking Experience
Emirates NBD’s decision to deploy Silent Eight’s solution aligns with its vision to reduce reliance on human investigators, lower operational costs, and enhance the overall customer experience by minimising delays and information requests triggered by false positive alerts. The bank aims to set new standards of excellence in providing its customers with a safe and secure banking experience through cutting-edge technologies.
Embracing AI for Compliance Transformation
We’re proud to announce a new partnership with @EmiratesNBD_AE. Using Silent Eight’s AI-powered transaction screening process, ENBD enhanced the speed and accuracy of decision making, helping them fight #FinancialCrime: https://t.co/M2GhLRLtxa
The collaboration between Emirates NBD and Silent Eight signifies the bank’s commitment to advancing the financial industry through innovative and transformative initiatives. By incorporating AI technology into its robust compliance program, Emirates NBD is taking significant steps towards digital operational transformation.
UAE’s Focus on Financial Regulations
This move also reinforces ENBD’s commitment to align with the UAE’s increased focus on the supervision and enforcement of anti-money laundering, counter-terrorism financing, and targeted financial sanctions regimes. Compliance and risk management are essential to maintaining a secure and reliable banking ecosystem.
Leadership Perspectives: The Road Ahead
Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, expressed his enthusiasm for the partnership with Silent Eight, emphasising the bank’s dedication to fostering innovation and operational efficiency. Emirates NBD is determined to deliver agility and optimise productivity for its customers.
Victor Matafonov, Group Chief Compliance Officer at Emirates NBD, highlighted the importance of adopting world-class technologies to enhance risk management capabilities and operational efficiency. Silent Eight’s IRIS module is expected to bring significant value to Emirates NBD’s compliance function, allowing the bank to provide faster and better customer service.
Martin Markiewicz, Chief Executive Officer at Silent Eight, expressed his honour in collaborating with Emirates NBD, acknowledging the bank’s progressive and forward-thinking approach.
Ben Rayner, Regional Head UKIMEA at Silent Eight, commended Emirates NBD’s dedication to excellence and innovation in compliance and willingness to embrace AI as a strategic enabler. The partnership promises to transform the alert screening process and help Emirates NBD achieve its compliance goals.
Emirates NBD’s Pursuit of Excellence: Leveraging AI for Banking Advancements
The partnership between Emirates NBD and Silent Eight signifies the banking group’s commitment to creating a safer and more efficient banking environment through technological advancements. In 2023, ENBD harnessed the capabilities of generative AI to drive significant advances in software development, collaboration, and customer engagement.
Emirates NBD’s Ongoing Endeavors: A Track Record of Innovation
ENBD has a history of forging strategic partnerships to expand its capabilities.In December 2023, the bank partnered with growth enabler Hub71 to provide modern fintech solutions and advanced banking services, expanding its market reach and strengthening its commitment to industry-wide advancements. In April 2021, the bank joined forces with MoniMove to complement its E20 digital business bank initiative, catering to entrepreneurs, startups, SMEs, and businesses in the UAE.
