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AI and data frameworks: main priorities ahead in the financial sector

AI and data frameworks: main priorities ahead in the financial sector

Day 1 Afternoon

Wednesday 21 February

Room :

ROOM 1

Speakers

Chair
Fausto Parente
Executive Director - European Insurance and Occupational Pensions Authority (EIOPA)
Public Authorities
Marcel Haag
Director, Horizontal Policies - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Tsvetelina Penkova
MEP - Committee on Industry, Research and Energy, European Parliament
Caroline D. Pham
Commissioner - U.S. Commodity Futures Trading Commission (U.S. CFTC)
Industry Representatives
Jon Ander Beracoechea Álava
Chief Scientist - Banco Bilbao Vizcaya Argentaria (BBVA)
Caroline Casey
General Manager Customer Experience & Innovation - Moody's Analytics

Objectives

This session will first discuss how the uptake of AI is progressing in the financial sector, the relationship between data and AI, how use cases are expected to evolve in the medium term with the sophistication of AI technologies and increasing analytical capacity and also the expected benefits and challenges for customers and financial institutions from a wider use of AI in finance.

The panel will also assess whether the implications of a wider adoption of AI in finance are appropriately taken into account in the AI and data frameworks that are in the process of being implemented in the EU, how these issues are approached by other jurisdictions and at the international level, and whether any further measures are needed to support an appropriate development of AI in the financial sector.

Points of discussion

  1. AI uptake and future prospects: How far has AI uptake come in the financial sector? What are the prospects ahead and how transformative is Generative AI expected to be in the financial sector? What are the expected benefits, main challenges and risks associated with AI? What is the relationship between data and AI?
  2. AI and data frameworks: Do the AI Act and the European strategy for data provide an appropriate framework for supporting the uptake of AI in finance? How do these frameworks compare to those proposed or being implemented in other jurisdictions and should international coordination be enhanced in these areas? What should be the main priorities for the next European political cycle in the areas of AI and data? Could more be done to take into account the specificities of finance in the AI Act? Is further work needed to ensure that the operational conditions to allow AI systems to be trained and function effectively are in place in the financial sector in terms of data quality and standardization?