Russian Central Bank Looking Into Ways to Use AI
17:23 04.11.2023 (Updated: 17:26 04.11.2023)
© Sputnik . Ilya PitalevCentral Bank of Russia
© Sputnik . Ilya Pitalev/
MOSCOW (Sputnik) – Earlier, the Russian central bank said it had plans to use artificial intelligence for behavioral supervision of financial organizations.
The Bank of Russia is looking into spheres where it could start using Artificial intelligence (AI), acknowledging that this technology is past the point in its development when it could have been stopped, bank governor Elvira Nabiullina said on Saturday.
"This is the technology that no longer can be held back. It will permeate all spheres of life," Nabiullina said at the Russia International Exhibition and Forum in Moscow.
Many banks and other finance actors are increasingly looking into ways to integrate AI, the Russian central bank's chief said, adding that "we, too, are mapping out the areas where AI could work."
The use of AI could offer such advantages as taking away part of "routine and not-so-routine functions," Nabiullina said. At the same time, the official admitted that some people will inevitably be "driven out" of the industry by AI and will need to "focus on developing in other spheres," adding that she sees "nothing terrible about it" and that everybody will eventually benefit from it.
In summer, the Russian central bank announced its plans to integrate AI to carry out a behavioral supervision of financial organizations.