KARACHI: The State Bank of Pakistan (SBP) is in the advanced stages of finalising guidelines for the responsible use of artificial intelligence (AI) in financial services.

These guidelines aim to promote trust, transparency, and accountability in AI-driven financial services while protecting the rights and interests of consumers.

In its Financial Stability Review 2024, the central bank noted that with AI adoption surging across different sectors, the global banking industry is also increasingly embracing these technologies.

In the case of Pakistan, financial institutions are also embracing AI technology. The most commonly adopted AI technologies by banks include robotics, process automation (for structured operational tasks), virtual assistant (for customer service), and machine learning techniques (for fraud detection and risk management).

SBP survey finds half of regulated entities have adopted AI tools

In 2024, the SBP surveyed 55 regulated........

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