Economy April 6, 2023 | 8:08 am

Buy car in DR

Banks in the Dominican Republic use Artificial Intelligence

As the use of Artificial Intelligence (AI) continues to increase, financial system users are demanding greater access to money with quicker processing times and more inclusive and cost-effective instruments. In the Dominican Republic, the adoption of digital channels for money transfers has been steadily increasing, and AI is becoming more prevalent in the sector. The Superintendency of Banks has reported that in 2022, 24% of banks in the country were using AI, with countries like Brazil making even more significant strides.

The Superintendency of Banks has noted that financial intermediation entities (EIFs) in the Dominican Republic are increasingly implementing exponential technologies such as robotic processes, AI, and machine learning automation. These technologies are being incorporated to enhance customer inclusion, expand anti-money laundering capabilities (PLAFT), including the “know your customer” (KYC) process, and strengthen fraud detection and cybersecurity capabilities. The Superintendency’s Digitization Ranking of the Dominican banking sector 2022 revealed that eight multiple banks in the country had implemented automatic learning at 35%, AI at 24%, and Big Data at 29%.

Savings and Loan Associations (AA&P) have also implemented automatic learning or machine learning, AI, and cognitive intelligence. Savings and Credit Banks have favored using AI, with some even implementing additional technologies. Although most financial entities are evaluating the implementation of these technologies, the Superintendency of Banks has noted that many are planning to do so in the short term.

0 0 votes
Article Rating
Notify of

1 Comment
Newest Most Voted
Inline Feedbacks
View all comments
Martin Stewart
April 6, 2023 12:43 pm

Bank charges are extreemly high sending funds 50 $ min a scam