Azerbaijan to have banking, payment systems working without human intervention in 3-4 years

The financial sector of Azerbaijan will have banking and payment systems that work without human interference in the near future (3 to 4 years) with the application of technological solutions, machine learning (ML) and blockchain technologies, as well as integration into existing risk management systems, Nurlan Babayev, the Director of the Department of Work with Supervision and Law Enforcement Agencies of Financial Monitoring Service, said at the Fintech Summit held in Baku, Report informs.

At the same time, the risks in this banking will be quite low compared to traditional banking, he added.

"Thus, the integrity and security of the financial sector will be protected. This is the system I would like to have. As regulators, we are also aware of this. We believe that both electronic money and payment organizations should be interested in measuring risks,” the director said.