While the article doesn't explicitly mention AI, BENEFIT's strategy to drive Fintech innovation in Bahrain likely involves increasing reliance on AI and machine learning for fraud detection, personalized financial services, and automated risk assessment. This push towards digital transformation necessitates the integration of AI to remain competitive and efficient in the evolving Fintech landscape.
The Finance & Insurance sector in Bahrain will see accelerated adoption of AI technologies across various functions. This will lead to increased competition among incumbents and the rise of new, AI-first Fintech companies, impacting market share and profitability for those slow to adapt.
Operational impact: Financial institutions need to upskill or hire AI/ML specialists to leverage the new opportunities. BENEFIT's push for Fintech innovation necessitates adapting internal systems to handle AI-driven processes and data, leading to operational changes.