Task Force 7 - Subgroup 10: Finance
The Subgroup on Finance explores the main opportunities related to Big Data and AI in the Financial Sector, with objectives, mission and a vision towards 2025 by setting the scene drawing a snapshot of current digital finance landscape. It is contributing a State of the Arts of main technologies, iniatives and solutions in each of the four main branches “Banking”, “Financial Services”, “Insurance”, “Fintechs and others”.The Subgroup also explores Policy and Regulatory guidelines and landscape (PSD2, Open Banking, MiFID, GDPR) as well as the key challenges in applying Big Data and AI in Digital Finance. On that, it focuses on technical challenges, such as Infrastructures (e.g. testbeds), datasets management and so on), but deepening also non-technical challenges (on legal, regulatory and ethical issues, as well as in relation to the value chain and business models), with a multi-disciplinary and holistic approach.
Financial technology (FinTech) and insurance technology (InsuranceTech) are rapidly transforming the financial and insurance services industry due to digital transformation. In the finance industry, the digital transformation is not acting on a product, rather on services and the processes used in the “manufacturing” of these services. AI has disruptive role as it is the one analyzing data, evaluating risk and perspectives, and enabling more intelligent and automated processes, along with personalized services that are tailored to customers’ needs.The creation of the Task Force within BDVA environment could bring added value to the community as know-how and relevant partnerships in the Financial Sector. On the other hand, the technologies used in Fintech and Insuretech may find valuable insights from BDVA as well as gaining relevant information on how to manage datasets reliably and accordingly to regulations and requirements.
- Whitepaper on Big Data and AI for the Financial Sector (coming soon, 2021)