What threatens the Ukrainian financial sector and what prospects society can expect next year. The conference «UAFIN.TECH 2024: Future with AI» brought together domestic and foreign experts in the field of finance and technology. On December 13 in Kyiv, they formulated the directions in which the industry will move in 2025.
What threatens the Ukrainian financial sector and what prospects society can expect next year. The conference «UAFIN.TECH 2024: Future with AI» brought together domestic and foreign experts in the field of finance and technology. On December 13 in Kyiv, they formulated the directions in which the industry will move in 2025.
Countering fraud and cybersecurity, automating banking operations, providing a more flexible approach to customers, and increasing the inclusiveness of financial services are just some of the processes in which AI has already proven itself as a powerful and reliable tool. A number of Ukrainian banks are already using it in their work, although some functions are still in the testing phase. The conference examined in detail the experience of domestic companies, their plans and concerns regarding AI, and the vector of technology’s impact on the economy and society in general.
«We have a good tradition that even enemy missiles cannot break. Every year in December, we talk about the future of finance with the best experts from the banking and non-banking sectors. And for the last three years, when the whole world was talking about the metaverse, artificial intelligence and technology, we discussed fintech in the context of war. But this year we decided not to wait for victory and finally turn to the role of AI within the state. We skipped the topic of artificial intelligence because of its prospects in the financial sector and the topics related to it,» said Rostyslav Dyuk, Chairman of the Board of the Ukrainian Association of Fintech and Innovation Companies (UAFIC).
Artificial intelligence, when used in areas with large amounts of personal and confidential data, requires particularly careful regulation. Therefore, the UAFIN.TECH conference discussed the experience of AI restrictions already implemented by the EU, the USA, and the UK. In this regard, Ukraine is still a fairly democratic field for the application of AI, but regulation will soon become stricter.
«Today, Ukraine actually has relaxed conditions for the development of the digital market, it is not too regulated. But when we talk about Europe, the European Commission will require Ukraine to implement the standards that are currently in the EU. Today, Ukraine actually no longer has a choice whether to accept EU regulations or not, since the adopted Ukraine Facility Plan also applies to virtual assets. Over the next two years, Ukraine must implement a number of EU regulations and standards, in particular regarding the financial sector,» said Inna Meteleva, project manager at TheCityUK.
Along with the undeniable high potential of AI use, the conference also discussed the risks of its integration into certain processes and how to mitigate them. In addition to cybersecurity threats that require the development of additional technological tools for data protection, there is also the fact that AI in some industries cannot do without human control.
«Any AI model hallucinates, that is, it can create data out of thin air. That is, we always try to add the „Original Source“ button in our products. And this is about critical thinking. That is, when we add AI to the product, a person must check whether he did it correctly,» said Olena Stepura, a partner at Artellence.
Artificial intelligence is essentially just another stage in the digital transformation of humanity. This tool, like every new technology, requires careful use and regulation, as well as careful analysis of how and in what process it can be useful.
«There are hundreds of thousands of technological solutions in the world. And if we implement microservices in our company, we do not create our own AI model, but connect entire teams of developers who are engaged in this or that technology. And how to choose yours? There should be a person who analyzes what will be more convenient for you from a technological point of view. And the initiative of what exactly to integrate should come from the manager. He should be a dreamer, have a vision of what his company should be,» emphasized Marina Avdeeva, co-owner of Arsenal Insurance.
The event was hosted by the Ukrainian Association of Fintech and Innovation Companies (UAFIC), with the support of the International Finance Corporation (IFC) and in partnership with the Swiss State Secretariat for Economic Affairs (SECO), the UK Government’s Good Governance Fund in Ukraine (GGF) and the European Fund for South East Europe (EFSE). Innovative Technology Partner — Hitachi Vantara. Technology Partner — LanTec.
