OTP BANK expert named five directions of using AI instruments
For now, most part of banking market is on the stage of AI research and in two-three years one could see results of this work. However, there are five directions in which to use AI is already more profitable for banks. Head of Digital “OTP BANK” JCS Maksym Volchenko told about this during round-table “How AI is changing Ukrainian banks”, which “Financial club” held.
“Cybersecurity and fight against fraud are on the first place. There are fraud`s steps, steps for protection from frauds and there are new fraud`s steps. That’s why antifraud should be proactive. And for now machine learning is most effective, because it allows to have models with endless parameters quantity”, - Maksym Volchenko said.
He named optimization of work with knowledge bases and usage of generating AI as the second direction.
In his words, usage of AI for prognosing is also important thing from the business perspective.
“Forth direction is a personalization of offers, which banks could propose to their clients. Fifth is a scoring, about which everybody are talking right now. According to European data, speed of customer`s engagement is growing on 15-18% when transitioning on scoring AI models. It will be difficult to do, but who will do it first, would change the market and the other banks will reach for him”, - Maksym Volchenko believe.
At the same time, he emphasized, that security of using cloud services stays as challenge for everyone. “Other risk is usage AI not within organization, but for personal operational work. There is a lot IT-companies which already are blocking access to the the ChatGPT, Gemini, other services. Services helps to write code, but code gets into somewhere outside and what is happening with it is unknown, this are potential risks. Plus there are risks of keeping of commercial secret”, - expert noted.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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