Fintech is imbued with neural networks

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Systems that process payment traffic are sensitive to cyber attacks of this kind, but payment transactions are reliably protected by cryptographic protection, and AI cannot yet hack them,” he noted.

However, quantum computers, according to Mikhail Malyshev, are already capable of such a task, but they will appear, according to optimistic forecasts, no earlier than 2035. In order content writing service to prepare for this, the US is going to transfer its entire telecommunications infrastructure to post-quantum cryptography algorithms. We should look in the same direction, the expert urges.

The National Payment Card System is already implementing such projects, said Igor Goldovsky, chief architect of the NSPK. These include, in particular, an electronic document management system, which implements algorithms that can be used to organize reliable protection of payment data.

Igor Goldovsky, NSPK :

–  We are currently investigating how post-quantum cryptography affects low-power computing resources, because currently such transactions take about 13-15 seconds to complete, and this is very long.



AI will take over not only information security tasks, continued Sergey Kiryushin. Digitalization is increasingly penetrating many banking business processes. Thus,

AT SBER, ALL DECISIONS ON ISSUING LOANS ARE MADE BY ARTIFICIAL INTELLIGENCE

Neural networks also actively participate in trading on foreign markets, added the member of the board of the 4CIO Club.

Sergey Kiryushin, "4CIO Club":

– We are moving towards the point where digitalization and AI will leave many workers in the financial sector behind.

Marianna Danilina, on the contrary, is convinced that white-collar workers from the banking sector will not be left without work.

Marianna Danilina, FinTech Association:

– The number of new employees in banks is only increasing, especially in IT departments. Thus, in the Russian market, growth was 17% in 2023 compared to 9% in 2022.

The expert added that most bank clients want to be served by a person, not a robot. Moreover,

IN THE FUTURE, HUMAN PARTICIPATION IN SERVICE WILL MEAN PREMIUM CUSTOMER STATUS

As for the foreign practice of abandoning manual labor, only one small bank in Switzerland decided to take a radical step in this area last year, cutting 99% of its staff. In Russia, the staff freed up by automating some functions was usually hired for other positions. Therefore, despite the transfer of some functions to AI, there will be an increase in the number of employees.

With the introduction of digital financial assets (DFA), the number of relevant departments in banks, as well as the number of companies on the market, should have been reduced. But in fact, according to a representative of the FinTech Association, this did not happen.