Kazakhstan’s Financial Sector Increasing Adoption of Artificial Intelligence

A recent survey by the National Bank of Kazakhstan has revealed that 31% of the country’s financial market participants are already using artificial intelligence (AI), with the highest adoption rate of 60% among second-tier banks. Additionally, 45% of respondents plan to integrate AI further into their operations within the year. The progression of AI usage in 2024 is expected to build on current engagement levels, suggesting that initial investments in AI are likely to enhance further commitments. The study surveyed 94 entities, including banks, microfinance organizations, insurance companies, securities market participants and residents of the Astana International Financial Center, as part of an effort to evaluate Kazakhstan’s readiness to leverage AI in financial services. Kazakhstan’s focus on digital innovation is underscored by its ranking in the top three in Central and Southern Asia in the Global Innovation Index and 34th globally in digital competitiveness according to the IMD World Digital Competitiveness Ranking 2023.