Riyad Bank has marked a significant milestone in Saudi Arabia’s digital banking landscape with the inauguration of the Center of Intelligence, the kingdom’s pioneering artificial intelligence (AI) hub within the banking sector. This innovative initiative, unveiled on July 23, underscores the bank’s commitment to advancing operational efficiency and enhancing customer experiences through cutting-edge AI technologies. 

The Center of Intelligence will serve as a dedicated facility for exploring and applying AI innovations, enabling Riyad Bank and its various business segments to leverage proactive analytical insights and drive superior quality and innovation across operations. In line with Saudi Vision 2030, particularly the Financial Sector Development Program, the center aims to enhance accessibility and stability within the banking system through strategic technological investments and expanded service offerings. 

Central to its mission, the center will foster AI-driven research, innovation, and analysis, utilizing state-of-the-art machine learning techniques to optimize the bank’s investments and operational processes. Nadir Al-Koraya, CEO of Riyad Bank, emphasized the center’s strategic importance in localizing AI solutions to align with national objectives, thereby propelling digital transformation and productivity enhancements across the institution. 

The launch of the Center of Intelligence follows Riyad Bank’s recent approval to assess and prepare an initial public offering for its investment banking arm, Riyad Capital, reflecting the bank’s ongoing strategic initiatives to bolster its market presence and expand financial services in Saudi Arabia. 

Moving forward, Riyad Bank remains committed to driving forward-thinking advancements in AI technology, reinforcing its position as a leader in digital banking innovation while contributing to the broader economic goals set forth by Saudi Vision 2030.