ARTIFICIAL INTELLIGENCE IN FINANCE AND FINTECH
Creators
- 1. Romanian Academy, Victor Slavescu" Centre for Financial and Monetary Research
Description
Artificial intelligence has experienced a rapid evolution in recent years, and in the financial field solutions have developed with the same speed. Moreover, the trend of innovations in finance is an increasing one, and Fintech is gaining more and more ground instead of traditional financial services, an accelerated phenomenon and a result of digitization services globally. Obviously, in the world of research there are numerous hypotheses related to this phenomenon, which is why in our paper we propose to develop, based on empirical results, and scientifically argued answers to these challenges. Even more so, as artificial intelligence (AI) involves multiple potential risks, and these could be exemplified by opaque decisions, elements of discrimination, or even elements of a negative nature for the financial field. Identifying the opportunity and challenges of AI in the financial field is the core of this work, and the development and implementation of AI in the financial field should be based on a series of values and standards necessary for societal progress and balance.
Files
2_Manta ARTIFICIAL INTELLIGENCE IN FINANCE AND FINTECH.pdf
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(1.6 MB)
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Additional details
References
- 1. European Digital Finance Strategy, https://ec.europa.eu/info/publications/digital-finance-outreach-2020_en
- 2. Report containing recommendations to the Commission - "Digital finance: emerging risks in crypto-assets - regulatory and supervisory challenges in financial services, institutions and markets" [2020/2034(INL)], https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2020/2034(INL)&l=en Report of the Expert Group on Regulatory Obstacles to Financial Innovation, established by the European Commission in June 2018, it published its recommendations on how to create an enabling framework for the provision of technology-based financial services.
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- 4. https://ec.europa.eu/info/publications/cmu-high-level-forum_en
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- 7. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on an EU strategy on retail payments, COM(2020) 592.
- 8. Regulation (EU) no. 910/2014 on electronic identification and trust services for electronic transactions on the internal market and repealing Directive 1999/93/EC, OJ L 257, 28.8.2014, p. 73-114.
- 9. Structural reform support program https://ec.europa.eu/info/departments/structural-reform-support_ro European Financial Transparency Portal (EFTG) https://ec.europa.eu/budget/financial-transparency-system/index.html,
- 10. Horizon Europe Program https://ec.europa.eu/info/funding-tenders/find-funding/eu-funding-programmes/horizon-europe_en