The Bank of Russia plans to introduce AI to improve the quality of financial services

The Bank of Russia plans to continue to promote the implementation of artificial intelligence as one of the tools for improving the quality of financial services, according to the regulator’s project “Main Directions for the Development of the Financial Market for 2027 and the Period of 2028 and 2029.”

“The Bank of Russia plans to assess the potential and will continue to promote the implementation of AI as one of the tools for improving the quality of financial services in addition to the key information document, protecting and restoring the rights of consumers of financial services in connection with the expansion of its use by financial institutions when providing services to consumers,” the document says.

Using AI to select financial products taking into account the individual needs of the user, generating personalized recommendations and providing an AI summary of the conditions of financial products can simplify the perception of information, including the risks associated with the purchase of a financial service by the consumer, explains the Central Bank.

The regulator believes that the use of AI to assess compliance with the declared characteristics of a financial product and the formation of a claim can increase the availability of mechanisms for protecting consumer rights, reduce the time it takes to consider requests, and will help increase citizens’ confidence in the financial market.