Central Bank of Azerbaijan reviews AI use in banking sector

The Central Bank of Azerbaijan, CBA, has discussed the use of artificial intelligence in the financial sector, Report informs, citing the CBA.

According to the information, a roundtable titled "Expanding the digital transformation of the banking sector and the application of artificial intelligence" was held under the leadership of CBA Deputy Chairman Vusal Khalilov.

The CBA official noted the importance of consistently implementing the country's digital transformation and artificial intelligence agenda in the banking sector. He stressed the need to apply priorities set at a February meeting chaired by President Ilham Aliyev on "Azerbaijan's new digital architecture" and at the first meeting of the Digital Development Council, chaired by First Vice-President Mehriban Aliyeva in June.

The meeting, attended by senior officials responsible for digital transformation at banks, discussed the application of artificial intelligence in the financial sector and the main challenges faced by market participants in the digitalization process.

Participants also exchanged views on expectations from the CBA regarding digital transformation and from relevant state bodies on accelerating the process.

It was noted that the opinions and proposals voiced during the discussions would be taken into account in shaping future areas of digital development in the banking sector.