Artificial intelligence and digital assets are strategic tools that can transform banking, provided they are adopted with a clear framework of governance, transparency and risk management.
In an environment where innovation is evolving faster than the regulatory framework, the balance between progress and security emerges as the key to the sustainable transition of the banking sector into the new digital era.
The panel, titled 'Artificial Intelligence and Digital Assets in Banking – Driving Innovation and Managing Risk', explored how banks can leverage artificial intelligence to drive innovation in both traditional banking and digital asset services, while effectively managing security, compliance and ethics issues.
These are precisely the developments explored by the panel which took place as part of the 13th Banking, Payments and Fintech Forum and Expo, presented by Logicom.
AI and compliance in a geopolitically complex environment
Askar Akhayev, Head of the Sanctions Compliance Division, JSC Freedom Bank Kazakhstan, raised the issue of artificial intelligence through the lens of regulatory compliance and international sanctions. As he explained, the bank operates in a unique geopolitical context, as Kazakhstan does not apply institutional sanctions regimes comparable to those of the EU, the US or the UK.
However, the need to maintain correspondent banking relationships, access international markets and avoid secondary sanctions makes compliance essential in practice. In this environment, artificial intelligence can act as a critical tool for analysing data, identifying risks and managing complex compliance scenarios on a global scale.
AI and blockchain: productivity, security and customer experience
Vasilis Charalambous, Senior Lawyer at George Z. Georgiou & Associates LLC and Head of GZG Tech, highlighted the combination of artificial intelligence and blockchain as a catalyst for change for the banking sector. As he noted, AI can automate processes, strengthen AML practices, improve cyber threat detection and enable the provision of more personalised products and services.
At the same time, he underlined that the same technologies introduce new challenges, making the right legal and regulatory approach necessary so that innovation coexists with compliance and risk management.
From automation to hyper-personalisation
George Naoum, Senior Advisor, Technology Consulting at PwC, focused on the impact of artificial intelligence on the front office of banks. As he said, AI now enables not just personalisation, but hyper-personalisation, radically changing the way leads are generated and customers are interacted with.
At the same time, he noted that the cooperation of banks with fintechs is becoming inevitable, while AI is also being applied to core processes, such as document management, onboarding and customer verification, reducing costs and limiting manual work.
Blockchain as a “single source of truth”
Christoph Pliessnig, Founder & CEO of Teroxx, presented blockchain as the future single source of truth for the financial system. As he stated, in a blockchain-based environment, regulators, banks, businesses and customers have access to the same data in real time.
This transparency, he explained, paves the way for the wider adoption of digital assets, tokenisation and stablecoins, which can no longer be ignored as a trend in the global financial market.
AI in risk management and fraud prevention
Michael Skender, Chief Financial Officer, CYTA, emphasised that artificial intelligence is particularly effective in environments with large volumes of data, repetitive transactions and high costs of errors. In the banking sector, this mainly translates into risk management and fraud prevention, where AI can identify patterns and threats that traditional systems are unable to detect in a timely manner.
The discussion was coordinated by Katerina Christofalou, Sales Manager, Logicom Solutions.
Main Sponsor: Logicom Solutions
Gold Sponsors: Ecommbx, Freedom Holding Corp., PwC Cyprus
Silver Sponsor: Moneygate, Parsectix, Sliq
Strategic Partner: Cyta Business
Sponsors: GZG, IMR/University of Nicosia™, Teroxx, payabl.
Supporters: Alpha Bank, Bank of Cyprus, CDB Bank, Eurobank, National Bank of Greece (Cyprus), SGBCy
Exhibitors: EFFECT, Ellinas Finance, JCC Payment Systems, KLIDI, Profile Software
With the support of: ACB, ACEMPI, CFA Society Cyprus
Communication Sponsors: CBN (Cyprus Business News), GOLD magazine, IN Business magazine, Omega TV, Reporter, Super FM
Organiser: IMH
Website: www.imhbusiness.com
(Source: InBusinessNews)
