The Role of AI in Credit and Finance: Development, Future Trends and Current Issues Analysis

Abstract

The signiffcance of this research lies in its examination of AI’s use in banking, judging that the active integration of AI by Russia’s top credit institutions doesn’t reflect broader adoption within the nation’s banking industry overall. The subject of this study is the challenges hindering the wider adoption of AI by banks. This study aims to pinpoint and suggest the best way to resolve conflicts in AI use within the credit and financial industries, and to identify resources and strategies that will make AI available to all players in the banking market. The study used statistical, informational, and analytical materials, along with empirical data from public sources, official websites of the Russian Federation Government and the Bank of Russia, and scholarly articles from respected academic journals. The high cost of AI implementation and a shortage of training data make AI inaccessible to most Russian credit institutions, even though some major ones are AI Native banks. As a result , the banking market is increasingly becoming an oligopoly. A few large credit institutions possess insurmountable and growing competitive advantages, widening the gap between them and other banks. The study concludes that engaging a more diverse and competent pool of relevant scientists and experts is essential to overcome the difference in AI adoption between major Russian banks and other market entities.

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