MNB: artificial intelligence could be the new engine of the financial system

By: Trademagazin Date: 2025. 12. 08. 10:40

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Artificial intelligence (AI) can be the new engine of the financial system – emphasized Norbert Izer, the central bank’s executive director responsible for financial markets and digitalization, in the Magyar Nemzeti Bank (MNB) podcast.

Norbert Izer said: the domestic financial system is stable and capital-rich, but at the same time, due to the rapidly changing international environment, the most important task of supervision is to increase its responsiveness. “It is not enough for the supervisor to see the risks months after the events – we need a near real-time information base” – he stated.

He added: digitalization can also greatly increase the efficiency of supervisory work and facilitate rapid response to market changes.

Speaking about the application of AI in the central bank, he highlighted that the widespread introduction of artificial intelligence is currently underway within the central bank. The MNB has been using AI-based solutions in certain areas for years, but the goal is to integrate these into the organization’s operations in the coming period.

According to Norbert Izer, AI can primarily bring breakthroughs for analysis, forecasting and supervisory purposes. With the help of the technology, the effects of economic growth, inflation or interest rate decisions will be able to be modeled more accurately in the future.

On the supervisory side, it can enable the rapid processing of huge amounts of data, the early identification of risks and real-time monitoring.

The use of AI in the Hungarian banking system is already widespread: more than 90 percent of domestic banks use some kind of artificial intelligence solution, primarily to increase internal efficiency and prevent fraud.

He mentioned as an example the internal chatbots that assist bank clerks in their work, as well as the digital customer service solutions that support borrowing or advice.

“Artificial intelligence is one of the most effective tools in the fight against fraud, but fraudsters also adapt quickly, so protection must constantly keep up,”

– he noted.

Banks and supervisors must continue to understand how the models work and take responsibility for the results. “Artificial intelligence applied to a bad process does not improve it, but rather reinforces it. Therefore, all new technologies must be introduced thoughtfully”– he said.

He also emphasized that the true power of technology lies in its application to solving real social and environmental problems. “Financial digitalization has already brought about a revolution, but the challenge of the future is how we can use technology to improve the quality of life, for example in the areas of food or water management”– he said.