How Freedom Bank is Revolutionizing Banking with AI in Kazakhstan

Freedom Bank and the Future of Banking in Kazakhstan

In a groundbreaking move, Freedom Bank has integrated artificial intelligence (AI) into its services, introducing a super-application that features a voice assistant capable of performing various banking transactions. This innovative technology allows entrepreneurs in Kazakhstan to execute routine tasks such as tax payments, salary disbursements, transfers, deposits, withdrawals, and fines seamlessly through voice commands. The application supports an impressive 119 different operations, making everyday banking much more accessible and efficient.

Digitizing Banking Processes

Alongside improving customer convenience, Freedom Bank has digitized its core processes significantly and is offering free access to chat GPT-5 specifically for entrepreneurs across Kazakhstan. This integration not only enhances productivity but also streamlines operations, allowing for a faster response time in managing transactions and customer inquiries.

Moreover, AI is employed for compliance checks, enabling the bank to swiftly analyze transactions, detect hidden patterns, and prevent regulatory breaches. By processing data in mere minutes, Freedom Bank reduces the workload for staff while simultaneously improving risk assessments, ensuring a robust financial environment for its customers.

Innovative Financial Products

The introduction of the Freedom currency, an investment product linked to Exchange Traded Notes (ETNs), marks another significant milestone for the bank. This unique cashback feature rewards customers with shares of Freedom Holding Corp., which is publicly traded on NASDAQ, every time they make a purchase. This initiative has garnered participation from over 3 million customers and significantly boosted the stock price of FRHC, which rose from $67 to $170 within a year. For instance, 20,000 ETNs valued initially at $134 have now appreciated to $340, illustrating a compelling shift toward savings and investment among Kazakhstani consumers.

Digital Transformation Leader

As a leader in digital transformation in Central Asia, Freedom Bank has also rolled out the first fully online mortgage system and captured 62% of the public program market within just seven months. Digital car loans and online business loans have dramatically cut processing times from 30 days to just 1 day, showcasing the bank's commitment to efficiency. These initiatives are set against a backdrop of a growing GovTech landscape, with Kazakhstan ranked 28th out of 193 countries by the UN for its digital governance efforts.

Furthermore, the bank caters to diverse customer preferences by offering customized products. Notably, their SuperCard features licensed designs from various popular franchises such as the DC Universe, Rick and Morty, Naruto, Lord of the Rings, and Game of Thrones. Recently, they launched themed cards featuring singer Dimash Kudaïbergen, further appealing to the local market.

Overall, Freedom Bank is not just a banking institution but a pioneer of digital financial solutions in Kazakhstan. By leveraging AI to enhance user experience and streamline operations, it sets a benchmark for banks across the region, promoting a culture of financial literacy and innovation in the process. Its efforts are instrumental in shifting consumer behavior from mere consumption to saving and investing, ultimately contributing to a more sustainable economic environment.