The World Economic Forum’s Annual Meeting of the New Champions was held in Dalian, China.
ABB Bank was represented at the meeting by Abbas Ibrahimov, Chairman of the Management Board, and Taleh Tahirli, Deputy Chairman of the Management Board.
During the event, the World Economic Forum’s AI in Financial Services community presented its report titled The AI Playbook for Financial Services. ABB Bank’s artificial intelligence solutions were featured in the report as a best-practice example.
“This is yet another indication that the work carried out by our team in recent years has gained international recognition,” Abbas Ibrahimov wrote on his social media account.
The report highlights ABB Bank’s use of artificial intelligence to advance financial inclusion and its deployment of conversational AI-powered assistants to make banking services simpler and more accessible to everyone. It also notes that businesses are now creating new sources of value that were previously unimaginable.
The ABB Bank case study presented in the report focuses on the application of artificial intelligence to risk assessment and decision-making processes for microloan applications. According to the report, this solution has created a profitable business line for ABB Bank, generating an average portfolio yield of 21%.
Abbas Ibrahimov also attended a closed-door meeting between the Premier of China and executives from leading companies.
“The meeting placed particular emphasis on innovation and artificial intelligence as key pillars of the country’s future development strategy. It was also stressed that China would continue pursuing a policy of open cooperation with foreign investors and that global challenges could only be addressed through collaboration,” he said.
While in Shanghai, ABB Bank representatives also met with executives from Tencent, the company behind the WeChat and WeChat Pay ecosystem, which serves more than one billion users, as well as SenseTime, one of China’s leading companies in artificial intelligence and computer vision technologies.
The parties exchanged views on the application of artificial intelligence in banking, digital financial services and potential areas for future cooperation.
“Artificial intelligence is no longer a competitive advantage of the future; it is a competitive advantage of today. International cooperation and the exchange of expertise in this field make an important contribution to the faster adoption of innovation and the creation of new opportunities,” Abbas Ibrahimov noted.