The use of artificial intelligence has significantly accelerated product development, according to a senior official of the Central Bank of Azerbaijan.
Vusal Khalilov, a board member of the Central Bank of Azerbaijan (CBAR), made the remarks at the 10th International Finance and Banking Summit, as quoted by Report.
Speaking about digitalization and AI, Khalilov said that at a meeting chaired by President Ilham Aliyev on February 11, digital transformation and artificial intelligence were identified as key national priorities.
He noted that the financial sector, being one of the most digitalized areas of the economy, has incorporated these priorities into its strategies and initiatives.
"We believe that digitalization and artificial intelligence will be widely implemented across all organizations in the future. The topics discussed at today's summit confirm this trend," he said.
Khalilov added that the Central Bank is also taking consistent steps to expand the use of artificial intelligence in its own operations.
He pointed out that global trends show central banks are no longer limited to traditional regulatory roles, but are increasingly acting as institutions that guide the formation and development of digital financial ecosystems.