The AI Act,
which is expected to enter into force this summer, defines two
high-risk use cases for the financial sector: AI systems used to
evaluate the creditworthiness of a person, and for risk assessments and
pricing for life and health insurances of a person.
The European
Commission is planning to gather input from financial services
stakeholders to get an overview of how and for which purposes
AI applications are used in the financial sector.
A targeted stakeholder consultation
has been published (see below for more info), and workshops giving
companies but also consumer associations the opportunity to present
AI applications they are developing are being organised together with
the European Supervisory Authorities
and National Competent Authorities.
But more concretely, how
is AI being used in finance? And which opportunities and challenges does
it bring? (...)
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