Suade's CEO & co-founder, Diana Paredes, spoke at the Eurofi High Level Seminar in Paris to explore the AI Act. Diana was joined by experts from the European Insurance and Occupational Pensions Authority (EIOPA), French Prudential Supervisory Authority (ACPR), Amazon, European Commission (EC) and the Ministry of Finance of the Czech Republic.
The panel discussed the current trends, opportunities and challenges related to the use of AI in the financial sector.
Diana stated that it is really important to differentiate between the hype around AI and practical applications in the financial industry. Robots are not going to totally replace humans in finance any time soon, but there will be an increasing use of natural language processing and machine learning (ML) in particular over time.
Diana highlighted the critical role of data standardisation when fostering the uptake of AI in finance, because AI algorithms need to be trained and this relies on having access to vast pools of good quality data. Data standardisation improves the way that data sources function and the way that databases collect data.
Read more about AI for finance from Diana, in the Eurofi magazine 2022 here.
To learn more about Suade's approach to the responsible use of technology and data standardisation to improve regulatory reporting, get in touch today!