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Using advanced technology in modern banking

Using advanced technology in modern banking

As part of their ongoing drive to increase its presence in all major banking services markets, Asia Alliance Bank recently participated in a conference titled “Advanced practice-oriented technologies for elite engineering education” organized by Center of Youth Education and Gor Investment Company ltd in Tashkent, Uzbekistan.

The conference included a host of international professionals in the field, including former US Secretary of Energy Rick Perry, US Secretary of State for Political Affairs Tom Shannon and Massachusetts Institute of Technology (MIT) Director Jacqueline Karaaslanian, as well as representatives from the major companies and ministries of Uzbekistan, including the Minister of Higher Education Ibrohim Abdurakhmonov and the General Director of the Center For Youth Initiatives Ornella Mkrtchyan. Together they shared their experience of implementing technical technologies in Uzbekistan.

Umid Khakimov, the chief executive officer of Asia Alliance Bank, shared his experience in implementing elite engineering technologies and presented successful innovative projects through the theme “Application of Explainable AI in Financing SME”.

The conference covered topics such as the development strategy for New Uzbekistan, which envisages generating dignified responses to the world’s modern challenges related to dynamic advancements in technology and innovation.

Commercial banks in Uzbekistan are also striving to implement advanced data processing and analytics technologies. Digital banks rely on advanced algorithms and flexible strategies to attract and retain customers and it is encouraging to see the banking industry in Uzbekistan embracing technological advancements to better serve their customers.

As part of the conference, Umidjon Khakimov gave a speech on the application of explainable artificial intelligence in the financing of small and medium-sized enterprises. As part of his speech, he discussed the bank’s ongoing innovation activities.

One such project was Asia Alliance Bank’s transition to the new Temenos banking system, with advanced AI capabilities and machine learning. Because AI solutions are transparent and understandable for end users, the bank can approach customers individually and minimize risks.

Khakimov also presented a unique database that will allow the bank to significantly speed up loan application processing and provide a more accurate credit score.

Asia Alliance Bank is one of the leading banks in Uzbekistan in implementing data processing and AI and continues to develop with the help of advanced technologies. As a result, the Asia Alliance Bank team is preparing plans to introduce new services to meet all the advanced needs of its clients in the world of financial technology evolution.

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