Fintech: Launch of Artificial Intelligence Centre of Expertise for Banks

In an effort to share knowledge and experience from across the banking sector, ABI Lab, the banking research and innovation centre promoted by the Italian Banking Association (ABI), has created a new Centre of Expertise on Artificial Intelligence, the Artificial Intelligence Hub (AI Hub).

 In the future, an increasing development and synergy between the entities managing artificial intelligence initiatives could improve the mechanisms of the interpretation and verification of the key elements that contribute to make a system transparent, reliable and secure. For example, it could have a positive effect the introduction of indicators to measure the value that artificial intelligence can offer to banks and customers, through appropriate procedures to validate the systems from an ethical point of view and to clarify roles and responsibilities associated with the development and management of artificial intelligence-based systems. 

Furthermore, in relation to artificial intelligence, it will become paramount that the regulatory framework applies the “same services, same risks, same rules and same supervision” principle. The focus should continuously be on technology, the outcome, and the potential impact of an application. This is particularly important in the banking world, which is subject to very strict regulations that extend also to the use of artificial intelligence in the sector. Banks continue to operate under specific requirements that frequently do not apply to non-banks, even if they are providing the same services. 

With this in mind, the AI Hub promoted by ABI Lab will serve as a relational, mutual exchange platform open for the participation of various centres of expertise on artificial intelligence within banks, banking expert teams, partnering companies, research bodies and institutions.

The AI Hub’s activities are funded by the European project Infinitech.

ABI Lab participates in the European project Infinitech, presented in Lisbon (https://cordis.europa.eu/project/rcn/223974/factsheet/en). Infinitech will develop new Artificial Intelligence applications for the financial sector through the participation of ABI Lab and 42 partners from 14 European countries.

With the founding of the AI Hub, in a collaborative international setting, ABI Lab will focus on gathering and analysing case studies, monitoring the regulatory framework, and involving Italian banks in potential experimental areas of artificial intelligence.

Author: Yash Hirani

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