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Freedom Bank Revolutionizes Banking with AI Integration in Kazakhstan

In a groundbreaking move towards digital transformation, Freedom Bank has integrated advanced Artificial Intelligence (AI) into its services, offering a voice-activated assistant within its super app. This innovative feature enables entrepreneurs to efficiently carry out a myriad of financial operations by simply speaking commands. From tax payments and payroll processing to fund transfers and withdrawals, this voice assistant handles a total of 119 different tasks, significantly saving time and minimizing manual data entry.

The Shift Towards Automation

This initiative not only streamlines routine banking processes but also empowers entrepreneurs in Kazakhstan by promoting accessibility to sophisticated financial tools. With the implementation of AI, Freedom Bank aims to digitalize crucial business operations, allowing all registered entrepreneurs to leverage the capabilities of GPT-5 at no cost. This democratization of technology is designed to enhance productivity and financial literacy across the board.

AI in Compliance Checks

Beyond customer service, Freedom Bank is harnessing AI to improve compliance checks effectively. By facilitating rapid analysis of customer transactions, the AI system can uncover hidden patterns and prevent regulatory bypassing, thus bolstering overall risk management strategies. The system is capable of comparing data from both internal and external sources in mere minutes, which markedly reduces workload for employees and increases the accuracy of risk assessments.

Innovative Investment Opportunities

A unique aspect of Freedom Bank's offering is its investment currency known as 'Freedom'. This concept allows customers to earn cashback in the form of Exchange Traded Notes (ETN). Every purchase made results in clients receiving shares in Freedom Holding Corp., listed on NASDAQ, thus converting everyday consumers into investors. This initiative has yielded notable results, with over 3 million participants engaged last year. The share price of Freedom Holding surged 2.5 times, from $67 to $170, showcasing the potential benefits of such a financial model. For instance, 20,000 ETN that were initially worth about $134 have now appreciated to $340.

Digital Mortgage Services

Further solidifying its position as a leader in digital banking services, Freedom Bank has launched the region's first completely online digital mortgage product. This service allows customers to handle everything from filing applications to property registration without the need for physical presence. Within just seven months, Freedom Bank captured 62% of the market share in Kazakhstan's state mortgage program. This initiative is complemented by the introduction of digital car loans and online business loans, which have cut processing times from approximately 30 days down to just one day.

Embracing Creative Onboarding

In addition to technological innovation, Freedom Bank offers personalized products that cater to diverse customer preferences. Their SuperCard payment cards feature inventive designs, collaborating with popular franchises like DC Universe, 'Rick and Morty', 'Naruto', 'The Lord of the Rings', and 'Game of Thrones'. Recently, the bank also released cards inspired by the well-known singer Dimash Kudaibergen, enhancing the appeal of banking while catering to the interests of various demographic groups.

Future of Banking in Kazakhstan

With these advancements, Freedom Bank is at the forefront of digital banking in Central Asia, showcasing how technology can be leveraged to enhance financial services. With Kazakhstan’s GovTech sector ranking 28th of 193 countries on the UN Global E-Government Development Index, Freedom Bank's initiatives represent a commitment to leading the region into a new era of innovation in banking. As they continue to push boundaries with AI integration, the future of financial services in Kazakhstan appears brighter than ever.