Artificial intelligence is an important area of the financial technology market
Tashkent, Uzbekistan (UzDaily.com) -- The Institute of Macroeconomic and Regional Research (IMRI) analyzed trends in the development of artificial intelligence (AI) as a key area of the fintech market.
The British English Dictionary Collins recognized the word of 2023 as “AI” - an abbreviation for “artificial intelligence” (simulation of the functions of the human brain by a computer)
The global AI in fintech market is valued at US$42.8 billion in 2023 and is expected to reach US$49.4 billion by 2028 and US$61.3 billion by 2031.
Global trends in the use of AI in fintech:
▪️ processing large amounts of information about clients;
▪️ in web and mobile applications, predicting customer propensity for products based on behavioral data in real time;
▪️ in chatbots capable of providing basic services automatically.
Uzbekistan has adopted a program and list of pilot projects for the implementation of AI technologies:
➖ in the banking sector to improve the efficiency of monitoring the activities of commercial banks;
➖ in the financial sector to analyze and improve the efficiency of budget expenditures, pension, social and insurance payments;
➖ in the tax field to analyze tax revenues;
➖ in the field of e-government for remote biometric identification of users;
Opportunities for developing new types of digital services using AI:
1. Customer support in local language - Chatbots and virtual assistants driven by artificial intelligence can be trained in Uzbek language to provide effective customer support.
2. BigData Analysis for Loan Disbursement - AI can analyze a wide range of data to assess the creditworthiness of SMEs and help them make loan decisions.
3. Providing customized financial products to farmers - for example, AI can use satellite imagery and weather data to estimate crop yields and provide insurance or credit products to farmers.
4. Regulatory Compliance – AI can help automate compliance tasks and ensure financial institutions are complying with regulatory requirements.
5. The use of AI in other areas of the financial sector (insurance, pension funds, securities market and others) - this will improve their efficiency and reduce possible risks (risk management).