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16.11.2023

Unveiling the World of Artificial Intelligence at Finopolis 2023 Forum

The Finopolis 2023 Forum recently delved into the captivating realm of Artificial Intelligence (AI), unraveling a tapestry of advancements and considerations.

 

1. Mixed Emotions:

The advent of AI brings a mix of excitement and concerns among the masses. In daily life, AI is already seamlessly integrated through chatbots and voice assistants. Russian banks, recognizing the potential, are leveraging AI for credit assessments and fraud prevention. However, as the Bank of Russia notes, discussions about the emergence of strong AI, with autonomous capabilities, raise both anticipation and apprehension.

2. Navigating Regulation:

The Bank of Russia is steering a course in regulating AI. Striving for a balanced approach, they aim to foster AI development while safeguarding citizens from potential risks. The strategy involves a risk-based approach to regulation. Elvira Nabiullina, the Chairperson of the Bank of Russia, emphasized the need for careful regulation, striking a balance between promoting technology and protecting citizens.

3. Government's Data Vision:

The Russian government is orchestrating the "Data Economy" national project. A pivotal element is the establishment of a state big data factory, serving as a hub for accumulating and disseminating datasets crucial for AI training. It's emphasized that AI thrives on quality data. Maksut Shadayev, the Minister of Digital Development, outlined plans for a strategic session to restart the national project, with the creation of a state big data factory at its core.

4. AI in Moscow's Daily Affairs:

Moscow emerges as a hub for AI applications, permeating various sectors such as healthcare, urban planning, security, and transport management. The technology aids in digitizing medical records, making preliminary diagnoses, and enhancing overall security measures. Sergey Sobyanin, the Mayor of Moscow, highlighted the significant strides made in AI implementation across various city functions.

5. Sberbank's AI Impact:

Sberbank, a financial powerhouse, showcases the transformative power of AI. Notably, the bank has achieved a milestone by making 60% of its business loan decisions solely based on AI. There's a visionary push toward achieving 80% and eventually full automation. German Gref, the Chairman of the Board of Sberbank, underscored the bank's commitment to sharing its AI model with others in the financial market.

6. Hurdles and Contemplations:

The integration of AI comes at a considerable cost, with substantial investments made by institutions like Sberbank. However, the journey is not without challenges; regulations, at times, impede the creative potential of AI, affecting accuracy and innovation. As AI gains momentum, questions arise about its impact on employment and decision-making processes. Sergey Shvetsov, Chairman of the Supervisory Board of the Moscow Exchange, expressed concerns about the rapid pace of AI implementation and its potential impact on traditional roles and decision-making processes.

7. Peering into the Future:

The pace of AI progress is rapid, outstripping historical timelines for innovation. Looking ahead, there's a pressing need to understand and navigate the potential threats and challenges posed by AI. The evolving interaction between humans and AI is anticipated to undergo significant changes in the next decade. Dean of the Faculty of Economics of Moscow State University Alexander Auzan emphasized the need for humans to find their place in partnership with AI and adapt to changing educational paradigms.


As we unravel the layers of AI's potential, there's a call for cautious exploration and responsible governance. While the future promises unparalleled advancements, a judicious approach ensures that AI becomes a positive force across various domains without compromising ethical and practical considerations. The journey into the future of AI beckons, a voyage rich with possibilities and responsibilities.

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