Emirates NBD has entered into a strategic partnership with Silent Eight, a technology company that offers an advanced AI and machine learning platform to identify and prevent financial crime.
The partnership is in line with Emirates NBD’s vision to be the most innovative bank for its customers, people, and communities.
The collaboration between Emirates NBD and Silent Eight also solidifies the bank’s commitment to safe banking through innovative and transformative advancements within the financial industry.
Abdulla Qassem Group COO Emirates NBD
“We are thrilled to join forces with Silent Eight to improve our operational efficiencies and foster innovation. As a regional banking leader, Emirates NBD is setting a new standard of excellence in providing a safe and secure banking experience for our customers. This collaboration is a testament to Emirates NBD’s commitment to embracing cutting-edge technologies and pushing boundaries to deliver agility and optimize productivity.”
Further, it follows a successful Proof of Value (PoV) engagement that demonstrated Silent Eight’s ability to automate the alert screening investigation process and improve the efficiency, accuracy, and auditability of the bank’s compliance operations.
In collaboration with Emirates NBD’s FinTech Partnership and Engagement Team, the PoV involved in testing Silent Eight’s solution on alerts generated by the bank’s screening system. The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. The solution was able to solve close to a third of the alerts in the scope of the PoV, explain the resolutions with clear narratives, and close the alerts with zero error rates.
According to the statement, “Based on the successful results of the PoV, Emirates NBD has decided to deploy the Silent Eight solution with the aim of reducing reliance on human investigators, lowering operational costs, and enhancing the customer experience by minimizing the delays and requests for information caused by false positive alerts.”
