AI and Fintech: Shaping the Future of Banking in Saudi Arabia

The financial landscape in Saudi Arabia is being reshaped as artificial intelligence (AI) and fintech innovations revolutionise the sector. From regulatory compliance to fraud detection and personalised customer services, AI-powered tools are driving a shift toward a smarter, safer, and more efficient banking experience.

Banks worldwide are integrating AI-driven predictive analytics, machine learning, and generative AI to improve efficiency, reduce operational costs, and strengthen security. Local financial institutions are rapidly adopting advanced AI systems to support the nation’s Vision 2030 objective of fostering an innovation-led economy.

AI’s role in modern banking extends beyond customer service. Predictive analytics allow banks to anticipate risks and streamline investment strategies. Machine learning models power high-speed trading, while generative AI tools enhance customer interactions by summarising customer conversations and enabling quicker support responses.

As the digital banking landscape grows, so do the risks associated with cybercrime. To counter this, AI-powered fraud detection systems are being deployed. These systems analyse vast amounts of transactional data in real-time to identify anomalies and flag suspicious activity, ensuring financial security. Real-time decision-making on identity verification and anomaly detection is becoming essential for institutions to stay ahead of evolving threats.

One standout example of this transformation is Mozn’s flagship compliance platform, FOCAL. The AI-driven system analyses customer and transaction data in real time, identifying potential fraud and ensuring compliance with regulatory standards. By automating these processes, banks can operate more efficiently and reduce the risk of financial penalties or reputational damage.

Mozn is also enhancing financial services with its generative AI platform, OSOS. Uniquely tailored for Arabic-language users, OSOS offers advanced linguistic capabilities, helping enterprises across the region handle Arabic content with cultural and linguistic sensitivity. The system minimises bias and enhances accuracy, a crucial feature for business and regulatory contexts.

Mozn's influence in the fintech space is reflected in its recognition as one of the world's Top 250 Fintech Companies. With a 350% surge in customer acquisition since 2022, it exemplifies the rising trajectory of Saudi Arabia’s fintech sector. The country is becoming a regional hub for financial innovation, reinforcing its ambitions to lead in AI-driven financial services.

The future of AI in Saudi Arabia’s financial sector is promising. As investment in fintech accelerates, the nation is set to become a global leader in financial technology, driving efficiency, security, and customer-centric banking solutions.