31% of financial market participants in Kazakhstan are now using artificial intelligence (AI) in their operations, according to a report released on April 23 by the National Bank of Kazakhstan. The highest adoption rate, at 60%, is observed among second-tier banks. It was also revealed that 45% of the participants plan to integrate AI into their operations within the current year. This indicates a trend towards greater use of digital technology in the financial sector.
This data was collected through a survey of 94 entities across various financial sectors including second-tier banks, microfinance organizations, insurance companies, securities market participants, and entities within the Astana International Financial Centre.
The National Bank of Kazakhstan also noted a correlation between the current use of AI technologies and plans for further AI investment. It suggests that initial investments and the experiences derived from these early adoptions are reinforcing the confidence of financial institutions to continue embracing this technology.
In addition to its strides in AI adoption, Kazakhstan achieved notable rankings in global indices related to innovation and digital competitiveness. The country ranks among the top three in Central and Southern Asia in the Global Innovation Index.
Moreover, it is positioned 34th out of 64 countries in the International Institute for Management Development (IMD) World Digital Competitiveness Ranking 2023, which evaluates nations based on their capacity and readiness to adopt digital technologies.
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