OREANDA-NEWS The Bank of Russia plans to continue to promote the introduction of artificial intelligence as one of the tools for improving the quality of financial services, according to the regulator's draft "Main directions of financial market development for 2027 and the period 2028 and 2029."

"The Bank of Russia plans to assess the potential and will continue to promote the introduction of AI as one of the tools for improving the quality of financial services in addition to the key information document, protection and restoration of the rights of consumers of financial services in connection with the expansion of its use by financial organizations in providing services to consumers," the document says.

The use of AI to select financial products tailored to the individual needs of the user, the formation of personalized recommendations and the provision of AI summaries of financial product conditions can simplify the perception of information, including about the risks associated with the purchase of financial services by the consumer, explains the Central Bank.

The regulator believes that the use of AI to assess compliance with the stated characteristics of a financial product, the formation of a claim can increase the availability of consumer protection mechanisms, shorten the time for reviewing appeals and will help increase citizens' confidence in the financial market.

"It is planned to scale a pilot project implemented by the Bank of Russia jointly with market participants to simplify the perception of information, including risks associated with the purchase of financial services by consumers," the document also says.