A major breakthrough in the artificial intelligence (AI) industry came with the introduction of ChatGPT in the fall of 2022. This generative AI app gained immense popularity among everyday consumers. The number of chatbot users in just a few months reached unprecedented levels, passing world-famous tech companies such as Uber, Instagram, and Twitter, making ChatGPT the fastest-growing application in the world.


In Generative AI, neural network technologies actively learn through the analysis of diverse datasets. It isreferred to as “Generative AI” because it is capable of creating its own creative content at the request of the user. This includes various texts and literature, diverse imagery, and even audio-video content.

In the financial industry, AI is mainly used:

  • to calculate a customer’s credit rating based on data about credit history, income and other factors,
  • in chatbots and voice assistants,
  • in anti-fraud systems, AML control, helping to identify unusual user behavior,
  • in personalized marketing strategies, identifying preferences and relevant products for each customer,
  • to optimize investment strategies,
  • for data analytics and forecasting financial sector trends,
  • for servicing ATMs, predicting terminals load.

The SOLAR platform uses modern architecture and offers rich, built-in integration packages for quickly connecting AI solutions.


AI has revolutionized the financial world, ushering in a new era filled with complexities for businesses and regulatory bodies. Striking a balance between mitigating risks and fostering growth is key as organizations navigate this ever-changing landscape, ensuring the resilience and advancement of the industry.

In the financial realm, AI poses two significant risks. Firstly, there’s the danger of data breaches, which could potentially empower AI to execute fraudulent schemes. Secondly, AI may produce erroneous outputs, referred to as ‘hallucinations’, where believable but incorrect data is generated from unvalidated sources. Identifying such errors is already a challenge, and it can become even more daunting as AI evolves.


The rapid advancement of AI is pushing lawmakers to pass new rules. In the fall of 2023, the G7 nations agreed on principles and a code of conduct for AI developers, following recommendations from the OECD in 2019. Implementation strategies differ: some prefer strict laws, others favor gentle nudges, and some rely on the industry to regulate itself.

In Europe and Brazil, they’re cracking down hard on AI, especially when it comes to things like social rating and using real-time biometric identification in public. It’s essentially a “no-go” zone for those technologies. Meanwhile, China, Canada, and the USA are taking a hybrid approach. They’ve got a blend of strict rules, more flexible guidelines, and some self-policing. There’s also the incentive approach, which places like the UK and Singapore are leaning towards. That means they’re opting for softer regulations and sometimes no regulation at all.

In the coming years, we can expect international laws on AI to evolve alongside the technology. With new innovations emerging constantly, it’s crucial to ensure that each use of AI aligns with the legal, cultural, and ethical values of society.

A major challenge we’ll face in the coming years is making sure regulations are consistent across different countries. Establishing standard practices for using AI will go a long way in building confidence in the technology.