How Freedom Bank is Revolutionizing Banking with AI Technology in Kazakhstan

Freedom Bank Integrates AI to Transform Banking Services

In a remarkable stride towards digital transformation, Freedom Bank in Kazakhstan has embraced artificial intelligence (AI) to enhance its banking services. The bank has introduced a voice-activated AI assistant within its super app, enabling entrepreneurs to conduct financial transactions seamlessly. This integration allows businesses to elevate their operational efficiency through automation, freeing them from tedious routine banking tasks.

The AI assistant can execute approximately 119 different commands including automatic tax payments, payroll calculations, inter-account transfers, and other financial operations. This helps entrepreneurs avoid manual data entry, saving valuable time and effort in their banking activities. To implement this innovation, Freedom Bank digitized essential business processes by leveraging AI technology. Additionally, the bank offers free access to a GTP-5 chat service for all entrepreneurs in Kazakhstan, fostering an environment for financial growth and education.

Freedom Bank's initiative isn’t just a singular development; it follows previous efforts to incorporate generative intelligence into its processes. The bank has been utilizing AI for compliance checks, which involve detailed analyses of customer transactions to identify hidden patterns and prevent circumvention of restrictions. The AI system can process data in mere minutes, comparing both external and internal sources to enhance accuracy in risk assessment and identification, thereby reducing the workload for employees.

Among Freedom Bank's innovative offerings is its own cryptocurrency known as “Freedom,” which is listed as Exchange Traded Notes (ETN). This distinctive cashback mechanism allows customers to acquire shares in the Freedom Holding Group, which is publicly traded on NASDAQ. As a result, every banking client essentially becomes an investor, benefiting from the appreciation of the stock's value. Over the past year, the bank has gained over three million customers participating in this unique investment opportunity. Notably, the price of FRHC shares increased from $67 to $170, translating to significant returns for investors. For instance, if a client initially received 20,000 ETN, valued at $0.0067 per ETN, their asset worth would be $134; today, at $0.017 per ETN, that value has risen to $340.

These advanced tools not only support the transition from consumer behavior to savings and investment practices but also foster a culture of financial literacy among the public. Notably, Freedom Bank has emerged as a pioneer in digital transformation across Central Asia. It has launched digital mortgages, marking the first product in the region where the entire process—from application to property registration—is conducted online. After just seven months from its initiation, the Freedom Bank secured an impressive 62% market share in the government mortgage program.

Subsequently, the bank expanded its offerings to include digital auto loans and online business loans, significantly reducing the processing timeframe from 30 days to just one day. Such projects were made possible through the development of GovTech in Kazakhstan, which ranks 28th among 193 countries in terms of e-government development, according to United Nations metrics.

Moreover, the bank doesn't solely focus on technological advancements; it also aims to provide tailored solutions to its users. Its SuperCard payment cards are available in various designs, featuring popular themes and characters from franchises including DC Comics, “Rick and Morty,” “Naruto,” “The Lord of the Rings,” and “Game of Thrones.” To facilitate this, licensing agreements were secured with Warner Bros., Discovery Global, and TV Tokyo. Recently, Freedom Bank announced the launch of cards depicting the world-renowned singer Dimash Kudaibergen, furthering its commitment to customer engagement and brand creativity.

Ultimately, Freedom Bank stands as a testament to the robust potential of digital integration within the financial sector, demonstrating how technology can enhance service delivery and reshape customer experiences in banking.