Problems and Prospects of Artificial Intelligence Use in the Financial Sector

Currently, the term “artificial intelligence” (AI) summarizes various digital technologies (neural networks, machine learning, chatbots, robotic systems, and generative intelligence) and their applications, such as computer vision, natural language processing, speech recognition, and intelligent decision support systems, and intelligent robotic systems, used, among other things, in various activities. At the same time, there is no consensus definition of the concept of artificial intelligence, and there are often mixtures of technologies and specific applications used in literature and public speeches. The lack of a clear definition and adequate legal regulation of AI limits the use of AI technology in civil circulation. The article provides a comparative country-by-country analysis of the development of legal regulation of artificial intelligence. There is also a review of the possible use of AI in the financial sector, which is currently most actively using this technology. AI programs can be integrated into the overall operating model of a financial institution in different ways, the most common of which are centralized models of technological innovation management. Based on a systematic analysis of the stages and areas of application of artificial intelligence technologies in the financial sector, the authors identify and analyze risk groups: general risks, risks of data entry, risks of data processing, and risks of results. The author’s approach to risk classification can be developed and applied in new adapted risk management systems. Depending on the prospects for innovation regulation, the authors have developed four scenarios for the possible further development of artificial intelligence technology. Authors’ contribution. O.I. Larina – research review and analysis of Russian legal regulation of the use of artificial intelligence in Russia, systematization of application risks, and creation of scenarios for possible further development of artificial intelligence technology. V.V. Kuznetsova – comparative country analysis of the development of legal regulation of artificial intelligence, analysis of the areas of application of artificial intelligence in the financial sector, and systematization of the risks of using artificial intelligence technology.