Saving for a home? Otbasy Bank turns to AI to show you how

Artificial intelligence could help Kazakhstanis save for a mortgage down payment faster and better assess borrowers’ potential, Lyazzat Ibragimova, CEO of Otbasy Bank, said on the Taldau Talks podcast.

Read also: Risky business: Kazakh housing bank chief compared to Venezuela’s Maduro.

According to Ibragimova, Otbasy Bank, the sole bank implementing housing construction savings system in Kazakhstan, has significant potential to expand its use of AI. The financial institution already uses basic AI-powered services, including a legal AI agent.

«But there is great potential in terms of behavioral finance — that is, how to encourage people to save faster. The more and longer they save, the lower their interest rate will be,» Ibragimova said.

She added that AI could also be used to more effectively assess borrowers’ prospects.

«We are currently introducing AI elements into housing allocation to eliminate the human factor,» Ibragimova said.

The bank’s scoring model already incorporates AI components.