Column by Maxim Builov about developments and showdowns around artificial intelligence technologies

A study by the FinTech Association on the use of artificial intelligence (AI) technologies in the financial market, published this week, revealed many interesting and curious patterns, even paradoxes. For example, according to the study, 95% of respondent companies have already implemented AI technologies in their core processes. At the same time, only 35% of respondents have approved a full-fledged AI development strategy, and another 12% have plans to move in this direction reflected in other documents.

It turns out that most organizations are implementing AI without having any strategy for its development at all. And we are not talking about small businesses or individual entrepreneurs. The study involved more than 300 people representing various financial and technology companies, including 65% of respondents – banks, three quarters of which are in the top 20 (including Sberbank, VTB, GPB, Alfa Bank, Tinkoff and others) .

Meanwhile, those who do know how and why they plan to implement AI seem to want to do so without any restrictions. Thus, 14% of respondents are categorically against regulation in the field of development and implementation of AI. Analysts especially emphasize that all of these 14% consist of “market leaders.” Another 20% were in favor of a recommendatory format for regulating this area in the financial sector. That is, it turns out to be exactly the same 35% that have a full-fledged AI development strategy.

This entertaining numerology can easily be transformed into a conspiracy theory that AI has already seized power from industry leaders and is not going to share it even with the Central Bank, the Ministry of Digital Development and other regulators. Moreover, 95% of respondents noted that the most promising direction for implementing AI is “improving decision support.” And representatives of Sberbank stated back in December 2022 that 99% of decisions on loans to individuals in a credit institution were made by artificial intelligence (see Kommersant on May 11). Many respected businessmen, by the way, have already warned about the dangers of AI, which can take over the world. The corresponding letter was signed by Elon Musk, Steve Wozniak and more than a thousand famous people in March. So I’m hardly kidding.

Although, of course, it is much more likely that leaders in the field of AI implementation are justifiably wary of the serious impact of regulation on the rules of the game in a market in which huge amounts of money have already been invested. According to the head of Sberbank, German Gref, the bank invests about $1 billion a year in AI (see Kommersant, July 20). In such conditions, it is obvious that the largest participants in the banking market do not want some regulator to come and curtail any of the promising areas of development, because they seemed dangerous or, say, unpatriotic. But, of course, the version about the AI ​​raider is more romantic. Maybe at least in one bank?