Baku: The artificial intelligence phase is beginning in the financial sector, said Inigo Cavestany, Head of Data and Artificial Intelligence Solutions Development at IBM, during the ‘InMerge’ Innovation Summit held in Baku, APA-Economics reports.

According to Azeri-Press News Agency, Cavestany emphasized that banks possess a rich legacy of data and applications accumulated over many years, which should not be abandoned. He highlighted the potential of combining IBM’s technological expertise with the financial sector’s domain knowledge to address real-world problems.

Cavestany pointed out that automating numerous processes through artificial intelligence presents both benefits and risks, necessitating a cautious approach. He indicated that the future focus will not solely be on digital services, but on transitioning to smart and intelligent solutions.