Дата публикации
The National Bank of Kazakhstan, together with the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, with the participation of the Astana International Financial Center (AIFC), published a report that describes an analysis of regulatory approaches and a vision for the development of artificial intelligence (AI) in the financial market of Kazakhstan.
The report covers specific steps and measures to develop the infrastructure and legislative environment for the full-scale implementation of AI in the financial sector.
In Oxford Insights' 2023 Government AI Readiness Index, Kazakhstan ranks 72 out of 193 countries. The index allows you to understand the strengths and weaknesses of AI development in Kazakhstan.
The country's strengths include high digital potential and data availability, while weaknesses include the lack of technical standards for AI products, as well as insufficient R&D spending.
In order to identify the readiness of the financial market of Kazakhstan to use AI, a survey was conducted among 94 financial market participants (second-tier banks (STBs), microfinance organizations (MFOs), insurance organizations and others).
The results are that currently 31% of financial sector participants use AI to some extent in their activities.
The maximum level of AI use is observed among banks – 60%. At the same time, 45% of respondents noted that they plan to use AI in 2024.
Market participants are already seeing results from the implementation of AI, the main ones being: automation of internal processes (17%), improving the quality of customer service (15%), improving risk management and combating fraud (15%).
Promising areas of AI where surveyed organizations are making major investments:
- Improving customer service experience
- Cybersecurity and information protection
- Documentation management
(translation was carried out automatically)
The report covers specific steps and measures to develop the infrastructure and legislative environment for the full-scale implementation of AI in the financial sector.
In Oxford Insights' 2023 Government AI Readiness Index, Kazakhstan ranks 72 out of 193 countries. The index allows you to understand the strengths and weaknesses of AI development in Kazakhstan.
The country's strengths include high digital potential and data availability, while weaknesses include the lack of technical standards for AI products, as well as insufficient R&D spending.
In order to identify the readiness of the financial market of Kazakhstan to use AI, a survey was conducted among 94 financial market participants (second-tier banks (STBs), microfinance organizations (MFOs), insurance organizations and others).
The results are that currently 31% of financial sector participants use AI to some extent in their activities.
The maximum level of AI use is observed among banks – 60%. At the same time, 45% of respondents noted that they plan to use AI in 2024.
Market participants are already seeing results from the implementation of AI, the main ones being: automation of internal processes (17%), improving the quality of customer service (15%), improving risk management and combating fraud (15%).
Promising areas of AI where surveyed organizations are making major investments:
- Improving customer service experience
- Cybersecurity and information protection
- Documentation management
(translation was carried out automatically)
