AI Adoption in Kazakhstan’s Financial Market: A Third of Participants Embrace Artificial Intelligence
The National Bank of Kazakhstan revealed in a recent report that 31% of financial market participants are utilizing artificial intelligence (AI) in their activities. Among these participants, second-tier banks are leading the way with a utilization level of 60%. The report was based on a survey conducted among 94 financial market participants, including second-tier banks, microfinance organizations, insurance firms, securities market participants, and residents of Astana International Financial Centre.
Interestingly, 45% of respondents have expressed intentions to integrate AI into their operations this year, indicating a growing interest in leveraging the potential of AI technology within the financial market sector. The development of AI in 2024 is closely tied to the current level of utilization of the technology, suggesting that initial investments and experience with AI adoption are shaping organizations’ intentions to further invest in this technology.
Kazakhstan has been making strides in the realm of innovation, consistently ranking among the top countries in the Central and Southern Asia region in various global indices. The country secured the 34th spot out of 64 nations in the International Institute for Management Development (IMD) World Digital Competitiveness Ranking 2023, highlighting its capacity and readiness to adopt digital technologies. With a growing interest in AI and a strong commitment to technological advancements, Kazakhstan is poised to further solidify its position as a key player in the global innovation landscape.
