Clearer, not more rules for AI in finance

The EPP Group wants to boost the use of Artificial Intelligence (AI) in the financial sector. "The European Parliament has sent a clear message that we want simplification and clarification of AI rules - not new legislation for AI in finance", says Arba Kokalari MEP, the European Parliament’s chief negotiator for the report on AI in finance. "We are at a historic turning point. If Europe wants to stay competitive in the global tech race, we must invest more in AI. The finance sector can be a driver in boosting private investments."

AI in finance could be used, for example, to detect fraud, monitor transactions, and generally make businesses more competitive. The finance sector, as the largest spender on tech and IT, has a key role in mobilising private investments in AI.

"If we don’t simplify AI rules, we will miss out on our competitiveness and on the many benefits that AI can bring to society", concludes Kokalari. The report adopted by Parliament today looks at the state of play of AI in finance and how the EU can boost the use of AI in finance.