European Commission opens consultation on AI in finance

18/06/2024 | European Commission

The European Commission's Directorate-General for Financial Stability, Financial Services, and Capital Markets Union has launched a public consultation on the role of artificial intelligence (AI) in the financial sector. 

The consultation aims to provide insights into the impact of AI on financial services and address potential challenges. Specifically, it focuses on various AI applications in financial services, including fraud detection, risk management, automation of tasks, personalised financial advice, and improved customer services. Additionally, the consultation seeks to understand the specific risks and challenges associated with AI, such as regulatory compliance, bias and discrimination, transparency, and dependability. It also examines the potential uses of AI in banking, from payments and credit risk assessments to compliance, anti-money laundering, and risk assessments in securities markets, insurance and pensions. Finally, the consultation seeks feedback on the implementation of high-risk AI use cases outlined in the EU Artificial Intelligence Act (AI Act), particularly relating to credit evaluation, risk assessment, and pricing for life and health insurance. 

The consultation closes on 15 September 2024. Comments can be submitted here.

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Accountancy, numbers, finance

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