Saudi Arabia Leads in Adopting Artificial Intelligence Technology in Financial Services

According to the annual global survey by “Finastra,” despite economic constraints, financial institutions in Saudi Arabia are leading in investing in AI technology and Banking as a Service (BaaS) and embedded financial services.

🔅 Increase in Software-Based Revenues

🔝Revenues of institutions based on software in Saudi Arabia are expected to increase to 29% by 2030, compared to 7% in 2022. This reflects the role of software and software-enabled technologies, such as cloud computing, the Internet of Things, high-performance networks (including 5G), and artificial intelligence (machine learning), in enhancing innovation, designing customized customer experiences, introducing new revenue sources and business models, and reducing costs across various industries.

🔅 Transition to Software Companies

Institutions in Saudi Arabia are transforming themselves into software companies, moving away from the traditional hardware-based business model, with expectations of significant financial gains from this shift by 2030.

🔅 Leveraging Generative AI in Software Development

Institutions in Saudi Arabia are moving towards using generative AI to accelerate the software development process, with expectations of significant efficiency gains and time savings in software engineering.

💡 This global survey highlights the significant efforts made by Saudi Arabia in the field of artificial intelligence and technology, focusing on the opportunities and challenges in this sector. It shows how Saudi Arabia strives to be a leader in modern technology, with expectations of significant growth in software-based revenues in the coming years.