President of the Central Bank stated that artificial intelligence will be the final step in an innovation process
The president of central bankRoberto Campos Neto, said that the monetary authority has plans to implement artificial intelligence in the Brazilian financial system by 2025. According to him, the objective is “use AI to make the process [financeiro] better for people”.
The statement was made in a recording transmitted on Friday (3.Nov.2023) at the Mind Grenades event, organized by the startup DrumWave Inc. The BC president was invited to talk about the process of technological innovation in the financial system, which began with the creation of Pix.
The project to incorporate technology would be the last stage of an innovation process in Brazil’s financial system, elaborated in 4 blocks:
- Pix – the instant transaction system;
- open banking – data integration between banks;
- internationalization of currency – change laws and regulations to facilitate international transactions;
- drex – creation of the digital real.
Campos Neto said that the biggest benefit of Drex is not the ease of carrying out transactions. “We already have most of the payment advantages with Pix”stated. According to him, the new technology will make processes that require intermediation, such as contracts, cheaper. Spoke in “Insert more technology and less costs”.
It also mentioned benefits for financial institutions: “Banks will start to look at assets and liabilities in a more ‘tokenized’ way, which will improve securitization efficiency, risk management”.
Campos Neto stated that Drex is in the testing and experimentation phase.
Read more about the modernization of the Brazilian financial system:
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