Dubai: Gulf Cooperation Council (GCC) banks are set to benefit from a $100bn windfall if they embrace agentic AI to manage credit risk, according to a leading CEO.
Speaking at a keynote speech at the Middle East Banking AI & Analytics Summit in Dubai, Raj Abrol, CEO of global firm Galytix told attendees that SME corporate lending is set to surge in the next decade.
He urged financial services leaders to recognise the fact that AI is no longer in the experimentation era. The new era where AI will demonstrate its ROI+ impact for financial institutions has started and executives need to focus on its operational impact on decision-making. He also called on GCC banks to adopt Risk domain specialised AI that specifically trained on credit risk knowledge and is easily adaptable to each FI’s policies and processes to transform risk management and credit processes, highlighting how the technology can unlock additional revenue.
Raj Abrol, CEO of global firm Galytix said: “The banking industry needs to wake up to the fact that generic LLMs are simply not fit for purpose in the high stakes credit risk marketplace.
A lack of access to accurate data means that gaping opportunities offered by emerging market investments are missed, leaving credit chains fragmented.
Risk domain specialised AI can embed credit policy, financial data and regulatory logic to unlock a lucrative, multi-billion-dollar market,” he added.
Industry analyst Patrick Sullivan, CEO of the Parliament Street think tank added: “The banking industry cannot continue tinkering with AI, it needs to embrace expertly designed systems that can address real world problems. Risk assessment is an obvious use-case for the technology, but the financial services industry needs to wake up and recognise this fact.”
Founded in 2015, Galytix works with some of the largest financial services institutions in the world. It was recently appointed as part of a supplier consortium with PwC to support the Global Emerging Markets Risk Database (GEMs) Consortium, in a multi-million-pound deal. The company has international officers in key geographies, including an rapidly growing presence in the GCC.
Its flagship product, an AI-powered agent called CreditX features key functions which can empower experts by automating routine tasks like data ingestion, financial analysis, memo generation and peer comparisons in accordance with bank specific credit policy and defined templates. The tool allows banks to conduct 30 hours of work in under 30 minutes.
