Earlier this week, the European Union and the United States announced they expect to draft a voluntary code of conduct on artificial intelligence in the coming weeks, with the hope that other democratic nations would sign on to the code.
British officials reportedly believe that an AI regulatory framework could strike a good balance between a “draconian” approach taken by the EU and a less stringent approach proposed by the US.
Both Rishi Sunak and Joe Biden have met with BigTech CEOs to discuss AI regulation in recent weeks, drawing further attention to the rapid surge in interest artificial technology has garnered during 2023.
The opportunity and the potential risks presented by the technology continues to dominate headlines. Earlier this week a letter published by an AI industry body stated that AI should be recognised as an “extinction risk” to humanity, in line with other risks like “pandemics and nuclear war.”
Sridhar Iyengar, Managing Director for Zoho Europe, commented: “Public trust must be gained for AI to be embraced and education around its benefits can help. As the economy stabilises, AI can act as a way of boosting business growth by improving efficiencies, customer service and operations with capabilities such as customer service bots/assistants, fraud detection, data analysis, forecasting and many more.”
The government is looking very carefully at this.
Last week I stressed to AI companies the importance of putting guardrails in place so development is safe and secure.
But we need to work together. That’s why I raised it at the @G7 and will do so again when I visit the US. https://t.co/vo04w4uC6L
— Rishi Sunak (@RishiSunak) May 31, 2023
The topic of AI and how its impact across financial services will be discussed during a panel a the upcoming EBAday 2023 in Madrid. The panel is titled ‘How new technologies are transforming banking’ and will explore how AI, robotics process automation and cloud computing are rapidly changing the way financial institutions operate, and will feature the following speakers:
- Graeme Jeffery, Partner, Bain & Company
- Cal Corcoran, Vice President, Global Heading of Banking, Microsoft
- Simone Löfgen, Managing Director, Payment Platforms, Commerzbank
- Jose Ignacio Núñez García, Head of Payments Practice, NTT Data
- Simone Satan, Global Head of Digital Market Management, Treasury Services, BNY Mellon
EBAday, the annual event for payments and transaction banking executives, will return on the 20th – 21st of June 2023, at IFEMA in Madrid, Spain.
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- Source: https://www.finextra.com/newsarticle/42404/ebaday-2023-eu-and-uk-as-global-leaders-in-ai-regulation?utm_medium=rssfinextra&utm_source=finextrafeed
