What do market participants, infrastructure and experts think about the issue of AI regulation and its relevance? Thus, Senior Vice President, Head of the Technology Block of Sber Andrey Belevtsev also noted the importance of the security of solutions that will be used in the financial sector. He is confident that AI will determine the trends in the market. The bank's representative recalled the phrase that has become commonplace that "artificial intelligence is the new electricity."
And we are talking primarily el salvador whatsapp resource about generative AI and how its implementation will lead to the transformation of “digital assistants” that are already being used by the financial sector.
— Current assistants are quite stupid. You can ask them for something simple. With generative intelligence, we have embarked on the path to strong interaction. Any task that a person solves can generally be formulated in natural human language, — said Andrey Belevtsev.
Sergey Shvetsov sees development in this segment in the distribution of applications that clients will buy from fintech platforms so that they interact with financial institutions instead of a person. Simply put, a citizen buys a program that manages his personal finances and trusts it with this process. The user selects the settings, and then the program manages his money.
— Technologies are aimed at freeing up time, so the interaction of the person with the financial sector will be much lower. But the interactions within the financial sector themselves will be much higher — thanks to the fact that there will be an "avatar" on the person's side, — explained the head of the Moscow Exchange Supervisory Board.
Deputy Chairman of the VTB Management Board Vadim Kulik is also confident that the market is expecting a tectonic revolution - both for participants and the regulator. He suggested that the "digital assistant" will become one of the most important trends when fintechs begin to provide access to remote banking services through applications.
— These are some companies that sell "avatars" of banks. On these platforms, you can buy digital assistant programs. Their strong point will be that they will not recommend a product in this bank, but will work for the client, — explained Vadim Kulik.
In his opinion, such a scenario will move from the realm of fantasy to reality if a way is found to transfer the money that banks currently have to the side of financial platforms.
— The regulator is also rethinking its role, since all these processes are based on data, as well as ways to exchange data. And the more of them, the smarter the models and the faster you develop. The same thing is happening with regulation. Supervision is changing qualitatively — central banks are rethinking access to data and methods of regulation. The interaction of banks as entities will also undergo changes, — the expert is sure.
Big question
As Sergei Shvetsov told Izvestia, answering the question of whether regulation of AI in the financial market is inevitable, “it is inevitable to go through the path that Olga Skorobogatova described (report, discussion, definition of approaches. — Izvestia).
— The question is at what level. At the level of the Bank of Russia — a big question. At the level of the state — also a big question. At the level of a self-regulatory organization — too. That is why a consultative report is planned, — the head of the Moscow Exchange Supervisory Board told Izvestia.
Perhaps regulation is needed - in terms of determining the information provided to clients, who is offering them what and on what basis, and who will bear responsibility and risks after use, believes Vice President of the Association of Russian Banks Alexey Voilukov.
This is not about regulating AI technology, added Yegor Krivosheya, head of the Blockchain and Fintech Lab at the Skolkovo School of Management. In his opinion, this makes no sense.
— But the application of regulation in the financial market is quite possible, since it is unclear what kind of AI influence on the financial behavior of Russians could be, — the expert noted. — The regulation formats may be different, but in any case, the Central Bank’s powers to regulate this area will be limited to financial markets only.
Given the current breadth of application of machine learning algorithms in various fields, he suggested, an interdepartmental regulatory format could prove more effective.