FinTech: Saudi Arabia Could Add $293B To Its GDP Using Intelligent Automation
The Kingdom of Saudi Arabia (KSA) is on a massive transformation journey.
A new report by EY and Automation Anywhere titled “Saudi Arabia: showing the way to the world,” says Saudi Arabia’s use of intelligent automation could double the size of its economy to $1.6 trillion, adding an additional $293 billion by 2030. A combination of AI and Robotic Process Automation (RPA), intelligent automation could make huge strides in the improvement of technology-led productivity. (The Fintech Times)
KSA’s Vision 2030 is a strategic roadmap to reduce the country’s dependence on oil and instead, diversify its economy. The plan envisages private and public partnerships in various areas, as well as the development of public sectors such as health, education, infrastructure, recreation, and tourism.
However, within this plan, the report by EY and Automation Anywhere identifies those sectors that could benefit the most through the use of IA. These include government services, the public sector, banking, insurance, energy, and materials.
“[We] strongly believe that intelligent automation is the first step in a digital-first mindset and has the potential to act as a key lever in realizing the Saudi Vision 2030 goals to diversify the economy and build the skills of the future,” said Milan Sheth, Executive Vice President, IMEA, Automation Anywhere.
Banking and intelligent automation
“Intelligent automation will serve as a virtual workforce executing the repetitive and mundane tasks, allowing organizations to redeploy their workforce with improved skills and advanced productivity than ever before,” said Faisal Al-Rashoudi, Vice President and Head of Digitisation and Automation at Bank Aljazira. “Thus, we envision building a ‘Center of Excellence’ on process automation through the adoption of emerging technologies in intelligent automation to help accelerate and achieve our transformation goals and objectives in line with the overall bank’s strategy.”
According to the report, the most important elements that would help accelerate intelligent automation in the Saudi economy are:
- Speed up the digital transformation of government entities and private enterprises by increasing fast and secure services through the cloud;
- Increase training and development in digital skills, and
- Support a stronger ecosystem of start-ups, enterprises, government, and academia to drive innovation.
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