“Just as the steam engine and electricity did in the past, AI is transforming our world. It presents new challenges that Europe should meet together in order for AI to succeed and work for everyone.”

Andrus Ansip
Andrus Ansip Vice-President for the Digital Single Market

“Digitisation has been radically transforming our economy and society. Digitised businesses are more innovative and growing faster; digitised public services are more efficient. But the ongoing revolution of Artificial Intelligence, or AI, will accelerate the transformation even further, bringing new opportunities, and new challenges.”

Mariya Gabriel
Mariya GabrielCommissioner for the Digital Economy and Society

“Artificial intelligence (AI) is currently undergoing a number of important developments and is rapidly being applied in society. The AI market amounts to around USD 664 million and is expected to grow to USD 38.8 billion by 2025.”

European Economic & Social Committee Opinion on Artificial Intelligence
European Economic & Social Committee Opinion on Artificial Intelligence

Data are at the centre of the digital revolution and consequently the use of data analytics is creating increasingly new opportunities both for consumers, who can benefit from more innovative and tailored products and services adapted to their needs, and for companies who are able to better understand their customers’ needs and develop new products and business models.

On 25 April 2018, the Commission published a Communication in which it sets out an ambitious European Strategy for Artificial Intelligence (AI). The Commission’s approach is three-fold: to increase public as well as private investment in AI, prepare for socio-economic changes, and ensure an appropriate ethical and legal framework.

Artificial Intelligence in the banking sector

As European Banking Federation (EBF) we believe that Artificial Intelligence (AI) is a key element for the development of the European Union’s Digital Single Market and the economy as a whole.

AI and big data analytics for automated financial advice could result in significant benefits for both industry and consumers such as enabling greater financial inclusion, improving customer’s protection and privacy, enhancing customer experience, cybersecurity, ensuring sound risk management, and reducing the cost of regulatory compliance (e.g. fraud and anti-money laundering prevention).

At the same time, AI could raise new challenges which will have to be addressed to take advantage of all these new opportunities. Fostering a broad dialogue on all aspects of AI development and its impact remains a key priority for the banking sector.

EBF member of the European Commission High-Level Expert Group on AI

As the voice of the European banking sector, the EBF has been accepted as a member of the European Commission newly established High-Level Expert Group on Artificial Intelligence (AI HLG).

The AI HLEG has the general objective to support the implementation of the European strategy on AI. It will notably produce draft AI Ethics Guidelines. It will also advise the Commission on next steps addressing AI-related mid to long-term challenges and opportunities through recommendations.

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