Greater access to money and quickly in the users want the financial system, as well as more inclusion and lower costsin the instruments, whose mechanisms the sector has been providing, at a time when the use of Artificial Intelligence (AI) prevails at a dizzying rate.
In the Dominican Republic, the The use of digital channels has been growing in the way of moving money, as well as the availability of Artificial Intelligence in the system. According to a report from the Superintendence of Banks, in 2022 24% of banks were using AI. Countries like Brazil reflect a great advance.
“In the Dominican Republic, the EIF ((Financial Intermediation Entities) are increasingly using the exponential technologies, such as robotic process automation, artificial intelligence and machine learning”, according to the Superintendency of Banks (SB).
The supervisory entity of the financial system, objective of the digital transformation is to onboard customer, expand anti-money laundering capabilities (PLAFT), including the “know your customer” (KYC) process.
Also, strengthen the fraud detection capability (cybersecurity)and to mitigate compliance risks, among others.
The survey carried out by the SB for the elaboration of the Digitization Ranking of the Dominican Banking Sector 2022indicates that eight commercial banks in the country have some of these technologies: machine learning in 35%, Artificial Intelligence in 24%, Big Data in 29%.
In addition to two additional banks owning biometric authentication for mobile app (fingerprint reading) and robotization of business processes (RPA).
As for the AA&P (Savings and Loan Associations), they have the implementation of automatic learning or machine learning, artificial intelligence and cognitive intelligence.
According to the entity, Savings and Credit Banks have favored the use of Artificial Intelligence, although some add additional implementations.
Mostly the entities are in the process of evaluating some of these technologies to be implementedaccording to its response, in the short term, said the entity when consulted by this means.
What does AI mean?
According to a document from the Superintendency of Banks, AI is a discipline that tries to create systems capable of learning and reasoning like a human being, so that they learn from experience, find out how to solve problems in given conditions, compare information and carry perform logical tasks.
While the Machine Learning is the disciplinewithin Artificial Intelligence, which tries to get a system to learn and relate information in the way a person would.
Deep learning is a subdiscipline of Machine Learning, a learning system that is inspired by the functioning of the neural networks of the human brain to process information, with a very complex mathematical basis behind it, he explains.
Regional
In his newsletter on Financial Accesslast March of this year, the Latin American Federation of Banks (Felaban) explained the progress of the fast payment system (Faster Payments Systems).
It reveals that the central banks of the Bahamas, Canada, China, Ghana and the Philippines (among others) are implementing digital currency projects more quickly.
Explain the increasing use of digital currencies and highlights “issues of greater transactionality, lower costs and greater speed of money circulation, as well as the search for greater competition in the field of payments.”
In this regard, the Felaban technicians specify that although it is true that the physical security of money is a matter of great importance, “they are also those of protection in cyberspace.”
Banking
The three largest banks in the DR are Popular, BHD and Banreservas.
BPD
In total, 86.9% of all Banco Popular transactions carried out in 2022 were through digital channels
BHD
In the BHD, 82% of transactions were made through digital channels in 2022.
banreservas
Banreservas has also increased digital use and has a campaign.
