TASHKENT, Uzbekistan, August 25. Financial institutions need to strengthen their digital infrastructure and security systems before actively deploying artificial intelligence technologies, Umid Khakimov, Chief Executive Officer of Ipak Yuli Bank, said, Trend’s special correspondent reports from Tashkent.
He made the remarks while speaking at the Silk Road Finance & Technology Forum.
According to Khakimov, AI can help financial institutions optimize costs, including by automating certain processes. “We have over 20 million POS terminals. This is very costly, and applying AI can really save us part of costs,” he said.
At the same time, he stressed that efficiency should not come at the expense of security. “We cannot apply AI without understanding the risks. That’s one side. Another side is that we have to build the infrastructure prior to applying AI,” Khakimov said.
According to him, financial institutions need to assess in advance the potential risks associated with the use of AI, including possible threats to information systems and data. “We have to use that as knowledge, as a tool, as experience in order to make prior and very efficient steps, to protect our data,” he said.
Khakimov noted that Ipak Yuli Bank is currently focusing primarily on infrastructure development, followed by improving efficiency and optimizing costs.
He also noted that the growing number of users accessing financial services for the first time is increasing the importance of financial literacy and data protection. According to him, banks face additional cybersecurity responsibilities as many SMEs do not have dedicated IT or cybersecurity teams.
