Abu Dhabi Islamic Bank has announced a strategic partnership with Silent Eight, a pioneering company in the RegTech sector.
ADIB, known for its commitment to Islamic finance principles and innovative banking solutions, is looking to leverage technology to streamline operations and enhance customer service. Silent Eight stands out with its advanced artificial intelligence and machine learning platform, which is designed to detect and prevent financial crime more effectively.
The partnership between ADIB and Silent Eight is geared towards automating the alert screening investigation process within ADIB’s compliance operations. This collaboration aims to improve the efficiency, accuracy, and auditability of the bank’s systems, greatly reducing the volume of false positive alerts and eliminating the need for human intervention in the initial stages of alert screening.
ADIB is a prominent Islamic financial institution that offers a wide range of banking services and solutions guided by Islamic finance values. Its mission includes the delivery of simple, fair, and transparent banking experiences to its customers, underpinned by a commitment to innovation and responsible corporate citizenship.
Silent Eight specializes in RegTech solutions utilizing artificial intelligence and machine learning to streamline compliance workflows. Their platform emulates human decision-making through natural language processing and continuous learning from historical data, aiming to enhance the efficiency and accuracy of financial crime detection.
This strategic initiative will see Silent Eight’s cutting-edge solutions integrated into ADIB’s operations starting in September 2024. The implementation is expected to significantly boost compliance operations, reducing operational costs and enhancing the overall customer experience by minimizing unnecessary delays and information requests associated with compliance checks.
This partnership aligns perfectly with ADIB’s vision to position itself as the most innovative Islamic bank. It reflects both companies’ dedication to leveraging technology for improving service delivery and operational efficiency, which are crucial to achieving their short and long-term objectives.
“ADIB CEO Khaled Mohamed said, “This collaboration perfectly aligns with ADIB’s vision of becoming the most innovative Islamic bank. It promises to enhance operational efficiencies and response rate, both crucial steps in achieving our short-term and long-term goals.”
Silent Eight SVP Ben Rayner said, “We are delighted to be working with ADIB, which is guided by Islamic finance values, principles of responsible corporate citizenship, and a strong belief that banking solutions should always be simple, fair, and transparent. Our adjudicator for name screening will further augment ADIB’s robust digital banking solutions, providing faster and better service to their customers, while improving their compliance and reporting operations.”
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