This partnership follows the Proof of Value (PoV) of Silent Eight's ability to automate the alert screening investigation process and improve the efficiency, accuracy, and auditability of the bank's compliance operations. Moreover, as the official press release shows, this collaboration underlines both companies' commitment to creating a safe banking environment through transformative advancements within the financial industry. This came after in 2023, Emirates NBD leveraged the capabilities of generative AI to drive a series in software development, collaboration and customer engagement.
In partnership with Emirates NBD's fintech capabilities and experts, the PoV required testing Silen Eight's approach on alerts created by the bank's screening treat. The approach utilised common verbal communication processing and artificial intelligence to duplicate human reasoning and decision-making as said by historical alert information and continual acquiring.
The PoV approach solved nearly a 3rd of the alerts in the extent of the undertaking clarified the resolutions with clear narratives and shut the alerts with zero mistake rates.
Thus, based on the results of the PoV, Emirates NBD has decided to incorporate the Silent Eight solution to reduce reliance on human investigators, lower operational costs, and improve the customer experience by minimising the delays and information requests caused by false positive alerts.
In addition, Emirates NBD is promoting digital operational transformation by incorporating AI technology into its solid compliance program, following significant innovation in digital banking, wealth management, remittances, and payments. Moreover, this move strengthens Emirates NBD'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.
To expand its capabilities, the banking group had multiple partnerships and launches in the last couple of months. In December 2023, Emirates NBD partnered with growth enabler Hub71 to provide modern fintech solutions and advanced banking services to consumers. This alliance creates an array of possibilities that include expanding market reach to Abu Dhabi and introducing up-to-date financial solutions that cater to evolving customer needs, strengthening the bank's commitment to driving industry-wide advancements.
In April 2021, the company partnered with MoniMove to complement the bank's E20 digital business bank initiative designed to help entrepreneurs, startups, SMEs and other businesses in the UAE.
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