AI in the banking industry: EBF position paper

AI in the banking industry: EBF position paper
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Key points:

◆ Artificial Intelligence (AI) presents opportunities to increase prosperity and growth. For the banking sector, it provides great opportunities to enhance customer experience, democratize financial services, improve cybersecurity and consumer protection and strengthen risk management.

◆ Transparency and explainability, are important in maintaining trust in AI, given the statistical nature of this technology. However, we would highlight that a risk-based approach should be preferred to maintain a high level of
customer protection and trust.

◆ Ensuring a level playing field for all industries and geographies is of capital importance to ensure the uptake of AI in the European banking sector and to maintain a strong level of customer protection, ensuring customers are empowered.

◆ AI is an evolving technology and it is paramount to ensure that the regulatory environment is fit for the use of AI by promoting innovation and legal certainty. We highlight the need for a “future-proof”/ “technology-ready” legal
and regulatory framework.

◆ We thus stress the need to maintain a high level of consumer protection while ensuring a level playing field and an activity-based/technology-neutral approach to regulation.

Media contact:

Liga Semane, Data & Innovation – Policy Adviser – l.semaine@ebf.eu