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ADIB Ventures: Driving Innovation Through Collaboration
Transcript
00:00At Adib, we have just launched our Adib 2035 strategy.
00:14So we acknowledge that in order for us to continue to grow and compete in the market,
00:19we need innovations.
00:21We need to play very strongly on artificial intelligence, on Gen AI.
00:26We know that we actually need to bring new capabilities for our customers.
00:30We know that we need to actually build on data and analytics.
00:33We know that there is a lot of innovations around blockchain, but there is so much going
00:36on that we need to form a program and a vehicle so we can engage with companies which are
00:43participating in this space.
00:45As we grow on Gen AI, as we grow on artificial intelligence, and as we grow on our execution
00:51of our 2035 plan, Adib Ventures is the program that we have set to execute on these capabilities.
00:59So to build in-house ourselves new capabilities, but also to actually go to the market and
01:03see which are the innovations that we can incorporate, and which are the innovations
01:08that we build or we can enable to the market.
01:10Because we acknowledge that on these days, banks are also innovating very fast.
01:15So there is no reason for us where we are very strong in terms of managing our balance
01:20sheets, in terms of our security, in terms of our KYC, in terms of all of the different
01:25things that we do very well as a bank, we can also enable them to the market to actually
01:29continue to grow through other partners and partners.
01:36The key thing that we see is always start with the customer.
01:39Look at the customer.
01:40How can you serve the needs of the customer?
01:44In a way that is different, in a way that is similar, are they happy with what we have today?
01:48How can we actually make their life easier?
01:49In terms of, it can be as simple as helping the manager with their finances.
01:53It's about becoming very smart about, for example, if we have the data of the customer,
01:58we can apply artificial intelligence, GNI innovations around how we predict what will
02:05the customer need in the next few months.
02:07That's the key, right?
02:08Because at the end of the day, the customer is at the heart of everything we do.
02:12So I would definitely encourage them to start from the customer point of view.
02:15How can you improve the life of the customer and then apply technology to that lens?
02:18It's not the only way around.
02:24Our mission statement is to be the world's most innovative Islamic bank.
02:28So on the back of that, we want to focus on Sharia-compliant products and Sharia-compliant
02:34partners.
02:35So these are the type of partners that we want to work with.
02:38We want to become the go-to bank for all of these partners where actually we can build
02:42either products around financing, products around enabling new customers to manage their
02:48finances, around wealth, about small businesses.
02:51So all of these partners which are building fantastic innovations around technology, if
02:56we can incorporate them in a way that is actually fully empowering our promise to our customers,
03:00which is becoming the world's most innovative Islamic bank, and we can do this in a way
03:04that is fully Sharia-compliant, this is the sweet spot for us.
03:07This is what we want to build.
03:09With this, we want to empower our 2035 vision, which is continuously innovate on these capabilities
03:15that will be dramatically changing how we understand banking today.
03:23Digitization is an enablement.
03:25At the end, the promise to be the world's most innovative Islamic bank is a promise
03:29that every employee of ADIB needs to fulfill.
03:32Our business, our control functions, our support functions, all of us, because this is a mission
03:37statement for the full company.
03:38We, as digital, play a role, an enablement role, in the same way that our colleagues
03:42from compliance, our colleagues from risk, and our colleagues from our Sharia board,
03:46all of us.
03:47And as we work very closely with the business, and we work very closely with our technology
03:51colleagues, we are enabling this change.
03:54We can bring new ideas from the market, and we can actually bring new ideas from the business
03:58to the market, right?
03:59This is a two-way approach in which we are an enabler, but we are also actually showcasing
04:03what's available in the market to them.