Artificial intelligence changes the perception of traditional banking services

For the last two-three years, there has been an active integration of artificial intelligence technologies into the banking sector. However, innovative banks and financial organizations are starting to uncover the results of using AI now only.

"We are seeing an AI-technological boom, but the financial sphere is very sensitive to changes, and it is hard to assess the immediate effect of AI on it," - commented a guest attending one of the panel discussions at the International financial exhibition iFX EXPO ASIA in Bangkok.

The exhibition, held in late June, was dedicated to digital technologies in the realm of finance. It brought together an audience from Southeast Asia, Europe and the Middle East.

The event's speeches and discussions primarily covered technologies in the field of trading, prospects of the crypto industry and WEB3 development, innovational achievements in the Asian region and their impact on the financial world. Separate sections were devoted to legal regulation and new risks in the area.

The section dedicated to AI drivers emphasized the areas of greatest influence and growing threats to the use of technology. "At present, the main points of AI implementation are the acceleration of processes and the personalization of financial offers," - says Uakhat Bastimiyev, Co-Founder of Verigram, iFX EXPO speaker. Most often, AI is applied for behavioral analytics, which allows banks and financial organizations to select the most suitable offers for customers. For most people, these technologies are invisible because they are neatly and natively embedded. "For example, in Kazakhstan, we no longer notice when an adequate insurance service is selected for us or a credit limit is calculated. Such a level of technology is not yet available in all countries," - Uakhat emphasizes.

Another vital component is the speed of processes. Today, it is not normal if a transaction takes several days, and opening of an additional bank account or connecting services requires a personal visit. "One of the popular automation services is the implementation of KYC processes online. It is a procedure when you transfer your data to the bank and confirm with the help of a smartphone camera that it is you. AI checks whether the documents match the person in the video. In particular, such services are offered by Verigram. We can say that the time savings are significant. The client does not need to go anywhere, and the bank operator does not need to reprint the data from the ID. Everything is done automatically," - Uakhat notes.

The section participants pointed out access to personal data as one of the main threats. No company can operate without proper database protection processes. It needs special attention.

Digital technologies from Kazakhstan were presented for the first time at iFX EXPO ASIA 2023. Verigram's team demonstrated biometric verification services and ways to repel fraudulent attacks.

Verigram LLP

Postal address:
Kazakhstan, Almaty city, 050000
9B Satpayev street, office 75

Press contacts:
Gaukhar Baimuldinova
email: gaukhar@verigram.ai
mobile: +7 702 737 9007

Verigram is a Kazakhstani company founded in 2017, a resident of Astana Hub. The company is a leader in the field of developments based on computer vision in Central Asia. Currently, Verigram specializes in artificial intelligence technologies. Verigram services are designed to automate and enhance the security of business processes.

This release was published on openPR.