Artificial intelligence (AI) will help increase the efficiency of banks in Uzbekistan. Manguberdi Abdukarimov, specialist at the National Bank of Uzbekistan, explains that AI is used in foreign banks in both back office and front office functions. The key is to gradually delegate large amounts of routine work to AI solutions. This has the advantage of freeing up thousands of manual labor hours as well as that of improving the consistency and quality of services a bank can offer. This includes the incorporation of chatbots to act as financial advisors, analyzing customer income and expenditures to offer ways of saving money.
For Uzbekistan, the introduction of AI into the banking sector will require numerous practical difficulties, especially in determining the right balance of how AI can be used to benefit both the bank and the customer. But before Uzbekistan can even begin introducing AI in the banking sector, it must first improve the necessary conditions that will allow it to thrive. These include developing appropriate algorithms, improving client databases and converting customer data into convenient formats. To do this, Uzbek banks will need to work closely with FinTech companies to determine how AI can best benefit them while weighing all the potential risks involved with such a change.