Technology firm Azentio Software is working on several new use cases to enhance the Islamic banking experience on the back of a rising generative artificial intelligence (AI) wave.
“We have many projects and initiatives to cater to specific use cases, AI and machine learning. To name a few: anti-money laundering, anti-fraud, best financing offers, personalized financial advice and recommendations to customers,” Khaled Berjawi, the head of product management of banking and capital markets at Azentio Software, tells IFN. “There are other use cases that are still in early stages with the objective to improve customer experience, adding more automation and innovation to the process.”
The rise of ChatGPT or generative AI has opened the floodgates on potential use cases for the banking and finance industry, prompting technology providers and financial institutions to innovate and integrate such technology.
“From my point of view, there is a place for ChatGPT in every industry because of its amazing capabilities,” according to Khaled, adding: “However, this is just the beginning. It is still in the early stages and progressing; and like every new technology, ChatGPT has its pros and cons.”
Some of the drawbacks to consider include implementation cost, training deployment, security and data privacy risks as well as technological limitations with regards to data.
“Islamic banking is no different than conventional banking from a technology perspective as long as the products and offerings, the workflows and the contracts are compliant with Shariah. In the end, we use technology to resolve an issue to enhance the experience, speed of execution, automation and these do not have anything to do with Shariah principles. But there are many opportunities in Islamic finance to use those technologies.”
This is an excerpt of an interview with Khaled Berjawi of Azentio Software on how generative AI is shaping the Islamic banking industry. To listen to the full discussion, log on to IFN Podcast.