The UAE banking sector faces an existential shift as open finance, AI, and digital assets redefine traditional business models. Raheel Ahmed, Group CEO of RAKBANK, emphasizes that banks must evolve into "liquid organizations" that prioritize digital efficiency while maintaining a human touch for advisory services. As products and pricing become increasingly commoditized, banks are forced to choose between acting as manufacturers, distributors, or relationship managers. AI adoption has moved beyond simple chatbots to genuine operational transformation, including automated compliance and risk monitoring. While SME lending remains a critical focus, the industry is leveraging real-time data to bridge funding gaps. Furthermore, the sector must address the needs of an aging population and navigate the complexities of intergenerational wealth transfer, all while maintaining resilience within a rapidly changing regulatory landscape.
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