Expert: Banks eagerly use Data Science technology

The most active banks are vigorously applying the Data Science technology, as it is the most efficient financially. There is less profit from using chat bots and robotic document recognition, Yury Sirota, head of the Artificial Intelligence and Data Analysis Directorate at Uralsib Bank, said at Russian Tech Week 2018.

“Modern banks make limited use of artificial intelligence. They are mainly using chat bots and artificial intelligence for optimization of banking and robotic recognition of documents. However, artificial intelligence is mainly monetized through Data Science, which helps analyze, process and store data arrays,” the banker said.

According to him, the growing application of new technologies in banks has led to a personnel shortage, as there are not enough specialists who know how to introduce innovative solutions.

“You can’t completely rely on open source; proprietary solutions are also needed, and for that, competent specialists have to be hired. Unfortunately, those are too few, since few people are capable of developing and adapting new algorithms for business tasks,” Sirota added.

The development of technologies in the banking sector is prodded by the need to improve financial performance, he pointed out.

“Before a new solution is introduced, a financial model is built. If the result is worth the cost, the solution will be implemented,” the expert concluded.

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