Artificial intelligence is already generating significant revenue for banks, and its future advancements promise even greater benefits. JPMorgan CEO Jamie Dimon, in a Bloomberg interview, emphasized that AI-driven solutions will reshape financial institutions by addressing critical operational challenges. One of the most pressing issues in banking today is the lack of time and resources to respond efficiently to customer inquiries. This is where top AI and data analytics experts step in.
One such innovator is Pavel Baltabayev. His developments—including the RAG assistant, credit risk optimization, deposit pricing models, and AI-powered recommendation systems—are revolutionizing banking processes and customer service. We spoke with Pavel to understand how he builds cutting-edge products and which AI-driven solutions will shape the future of the financial sector.
From mathematics to data science
Entering the tech industry today may seem straightforward—take a course, earn a certificate, and apply for jobs. However, truly shaping the future with AI-driven innovations demands much more.
From an early age, Pavel Baltabayev was passionate about mathematics and participated in academic competitions. He later enrolled at the Higher School of Economics (HSE), one of Russia’s top universities, where he studied statistics, machine learning, and programming. It was there that he first encountered Data Science.
After several internships, Pavel solidified his career path by joining a leading consulting firm, where he combined technical expertise with strategic thinking to optimize banking operations through data analytics. This experience reinforced his belief that AI has the potential to solve even the most complex challenges. He then embarked on independently developing and implementing AI and analytical models that significantly improved banking efficiency.
Breaking barriers with AI-powered innovations
The banking sector is uniquely positioned to benefit from AI due to its vast data volumes, stringent security requirements, risk management needs, and the constant push for better customer service. In recent years, AI-driven products have emerged as the solution to these challenges.
Pavel Baltabayev was among the first to recognize this growing demand. His AI models have been successfully integrated into banks worldwide, leading to remarkable efficiency gains.
One of his standout achievements is the development of an AI-powered RAG (Retrieval-Augmented Generation) assistant based on OpenAI’s ChatGPT for a major US investment bank. The RAG assistant significantly improved employees’ access to critical information, boosting task productivity by 20% and increasing user satisfaction to 75%. This success was made possible by integrating advanced AI technologies with a deep understanding of banking workflows.
“The RAG system combines machine learning and natural language processing with a vast database of industry-specific information, enabling AI to provide highly accurate responses on professional topics. This allows bankers to quickly access essential insights, make informed decisions, and enhance customer service quality,” Pavel explains.
Another groundbreaking project is his AI-powered deposit pricing model, designed to analyze customer sensitivity to interest rate changes. By studying data from over 500,000 commercial banking clients, Pavel and his team optimized interest rate expenses, leading to substantial cost savings. This AI-driven model enables banks to more accurately forecast customer behavior and make data-driven adjustments to interest rates.
Pavel has also developed a range of AI-based recommendation systems. For instance, his Next-Product-to-Buy model assists personal managers in recommending tailored financial products, significantly boosting the bank’s commission revenues. In a recent project, he introduced an AI model for deposit acquisition, which increased conversion rates by an astonishing 600%, making internal sales efforts dramatically more effective. These AI innovations have helped banks offer customers the most relevant financial products, strengthening their competitive edge in the market.
Despite these impressive results, Pavel believes that AI’s influence on the economy is still in its early stages.
“While AI is making waves in finance, its full economic potential is yet to be realized,” Pavel reflects. “However, if large-scale and rapid optimization continues, we may need to consider implementing policies like universal basic income so that society as a whole can benefit from technological advancements.”
Knowledge sharing: A key to sustainable growth
Education and knowledge exchange play a crucial role in AI’s ongoing development and adoption. Experts worldwide are collaborating to share insights with the next generation of professionals.
Pavel Baltabayev is actively engaged in educational initiatives. He founded a summer mathematics seminar for high school students in his hometown, where he and his former classmates deliver lectures on mathematics. This program has already helped several students gain admission to HSE’s mathematics faculty.
“I always wanted to provide students from my hometown with more opportunities for their future education and career paths,” Pavel shares.
Pavel is committed to inspiring the next generation of AI specialists, equipping them with essential skills, and supporting their career growth. According to him, fostering a strong professional community is essential for solving complex challenges and driving AI innovation forward.
Looking ahead, Pavel plans to continue his career in strategic consulting, assisting businesses in implementing advanced data analytics and AI-driven solutions. His long-term goal is to contribute to the growth of the US fintech sector, potentially by launching a startup or joining a major tech company.
“The integration of AI across industries enhances productivity, improves product and service quality, creates new job opportunities, and boosts overall competitiveness,” Pavel states. “Artificial intelligence will play a transformative role in shaping socio-economic processes in the coming decades, and I aim to be at the forefront of this evolution.”
Featured image credit: rupixen/Unsplash
