Riyad Bank's Jeel Signs MoU with zypl.ai to Enhance Digital Banking

Jeel, the innovation subsidiary of Riyad Bank, has signed a memorandum of understanding with zypl.ai to integrate advanced artificial intelligence into its digital banking services, focusing on AI-driven credit scoring and personalised financial solutions.

The partnership will deploy zypl.ai's machine learning technology within Jeel's digital banking platform to improve the accuracy and speed of credit assessments. The AI models analyse alternative data sources alongside traditional financial data to generate more comprehensive credit scores, potentially expanding access to credit for customers who may be underserved by conventional scoring methods.

Jeel was established by Riyad Bank as a dedicated innovation vehicle for developing and testing new financial products and technologies. The subsidiary operates with greater agility than the parent bank's core operations, allowing it to move quickly on partnerships and pilot programmes.

zypl.ai, an AI company specialising in credit scoring and financial analytics, provides machine learning models that are designed for markets where traditional credit bureau data may be limited or incomplete. The technology is particularly relevant in Saudi Arabia, where the growing digital economy is generating new data sources that can inform credit decisions.

The personalised financial solutions dimension of the partnership targets the delivery of tailored product recommendations and financial advice to Jeel's customers, using AI to analyse individual financial behaviour and preferences.

The MoU reflects Riyad Bank's strategy of using Jeel as a platform for fintech collaboration, building AI capabilities through partnerships with specialised technology providers.