ADIB partners with Silent Eight

The partnership between ADIB and Silent Eight, a regtech company focused on providing solutions across the entire compliance workflow through artificial intelligence (AI) and machine learning platform developed to identify and prevent financial crime, aims to enable the former to automate the alert filtering investigation process to improve the accuracy of its compliance operations. By implementing the platform, ADIB is configured to minimize the volume of false positive alerts without human intervention.

In addition, the solution uses natural language processing and machine learning to mimic human reasoning and decision-making by taking into account alert data and continuous learning. Through this, ADIB aims to reduce reliance on human investigators, lower operational costs and optimize the customer experience.

The current move is in line with ADIB’s objective to consolidate its position in the sector and enhance its services as an Islamic bank, as it aims to increase operational efficiency and response rate. According to the company, Silent Eight’s solutions are expected to be integrated into ADIB’s operations and launched in September 2024. The bank expects substantial advances in its compliance operations, as well as increased proficiency and accuracy, supporting its commitment to financial integrity and development.

Furthermore, Silent Eight representatives highlighted that the collaboration with ADIB aims to help the bank strengthen its digital banking solutions by providing accelerated and optimized service to customers. Additionally, the partnership is expected to improve compliance and reporting operations. Prior to the current announcement, ADIB launched its ADIB Business Souq, a B2B marketplace developed to aid the development of small and medium enterprises (SMEs) in the UAE. The bank intends to offer its customers and partners a secure digital marketplace, created to provide effective support to SMEs in the region.