The Know Your Customer (KYC) process adoption rate in Azerbaijan's fintech sector exceeds 90%, said Edgar Abdullayev, chairman of the Board of the Azerbaijan Fintech Association (AzFina), Report informs.
He noted that the KYC process has significant potential for use through artificial intelligence, with the recognition rate already exceeding 90%. However, he emphasized that it is necessary to maintain confidence that a human being makes the final decision. As long as serious threats to the national economy, such as money laundering and illegal gambling, exist, the decisive role must remain with a real, human professional.
He noted that this is also important from a security perspective for end users of fintech solutions. He emphasized that if a person uses a digital wallet, whether their product or any other, the user should be confident that the process is completed by a conscious and purposeful decision-making mechanism, not a fully automated system.
Abdullayev also emphasized that technology is developing very quickly. At the same time, he noted, regulatory requirements and the underlying security concerns must be taken into account. Therefore, even though artificial intelligence already makes decisions with nearly 99% accuracy, the human factor must remain, at least at this stage. The final decision, based on the valuable information provided by artificial intelligence, must be made with mandatory human participation, which is especially relevant for the country and the entire region, he concluded.