The National Bank is preparing sectoral recommendations on the ethical and responsible use of artificial intelligence technologies (hereinafter referred to as AI) by participants in the financial services markets of Ukraine, whose activities are regulated and supervised by the National Bank. This was reported by the NBU .
The regulator notes that the introduction of artificial intelligence is significantly affecting the financial sector in the world. Combined with digitalization, this changes business models, approaches to the activities of financial institutions, as well as the expectations of citizens and businesses from state institutions.
Along with the advantages – increased efficiency, improved risk management and the development of innovations – the use of artificial intelligence can also create new challenges. In particular, it concerns risks for clients, transparency of decision-making and the level of trust in the financial sector.
The National Bank emphasizes that the Ukrainian financial market also needs clear rules and guidelines in this area. That is why the regulator has prepared a discussion document dedicated to the ethical and responsible use of AI by participants in the financial services market.
This document should become the basis for forming a common vision of the principles of applying artificial intelligence. The NBU calls on market representatives, experts and all interested parties to join the discussion and send their proposals.
In particular, the regulator is interested in opinions on the principles of responsible use of AI, approaches to risk management and human control, consumer protection, as well as requirements for data, models and cybersecurity. The National Bank emphasizes that expert developments of market participants will help form a holistic policy for the development and safe use of AI in the financial sector of Ukraine.
Despite active investments in artificial intelligence, only 20% of companies have already experienced an increase in revenue from its implementation. Most businesses are still recording only an increase in productivity, while the financial effect remains limited.
