Al Fardan Exchange, a financial services provider in the UAE, has partnered with the Dubai AI & Web3 Festival 2024 reflecting its commitment to advancing AI integration within the financial sector as well as supporting the UAE’s vision for a digitally advanced economy.
Dubai AI & Web3 Festival, organised by the Dubai AI Campus in strategic partnership with DIFC and the Minister of State for Artificial Intelligence, Digital Economy & Remote Work Applications Office, takes place on 11 to 12 September 2024 at Madinat Jumeirah.
It will bring together the brightest minds to explore and expand the commercial possibilities of AI and Web3 technologies. Attendees will also experience innovative integrations of artificial intelligence, blockchain, XR, and decentralised systems, driving the progression of digital economies and technological innovation.
Hasan Fardan Al Fardan, CEO of Al Fardan Exchange and a member of the festival’s advisory committee, highlighted the transformative impact of this partnership. He called the collaboration with the Dubai AI & Web3 Festival 2024 a pivotal opportunity to drive AI advancements in the financial sector.
In his role on the advisory committee, Hasan Fardan Al Fardan actively champions the UAE’s ambition to become a global leader in digital finance. This partnership also reflects Al Fardan Exchange’s commitment to shaping a future where AI enhances both financial services and customer experiences.
Power of AI
AI has the potential to improve customer interactions within the financial sector. Recent studies highlight that businesses adopting AI in customer service report a 40 per cent reduction in response times and a 38 per cent increase in customer satisfaction.
According to McKinsey, financial institutions implementing AI can also see a 20 per cent increase in operational efficiency and a 10 to 15 per cent reduction in costs.
Additionally, AI plays a pivotal role in advancing financial inclusion, making financial services accessible to a wider audience. The World Bank estimates that AI-driven solutions could bring financial services to over 1.7 billion unbanked individuals globally, bridging this gap as well as providing essential financial services to underserved populations. This initiative aligns with Al Fardan Exchange’s mission to foster global financial inclusion.
“Our partnership with the Dubai AI and Web3 Festival 2024 is aimed at advancing AI integration within the financial sector and as a member of the advisory committee, I am committed to supporting the UAE’s vision of a digitally advanced financial landscape,” said Hasan Fardan Al Fardan.
“AI holds significant promise in enriching customer experiences, advancing financial inclusion, and strengthening the financial ecosystem. This partnership reaffirms our commitment at Al Fardan Exchange to deliver technology-driven financial solutions whilst ensuring an effortless customer journey.”
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