Bank of Italy initiatives on Artificial Intelligence in the banking, financial and payment sector

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Bank of Italy launched initiatives regarding the use of Artificial Intelligence for innovating the banking, financial and payment sector and complaints handling.

Last week the Bank of Italy published a Call for Proposals to submit FinTech projects to the Milano Hub, i.e. the Bank of Italy hub established with the aim of supporting the development of innovative projects and fostering the digital evolution of the Italian banking and financial market.

The theme of the Call for Proposals is the contribution of Artificial Intelligence (AI) in improving the provision of banking, financial and payment services to businesses, households and public administrations, with a particular focus on financial inclusion, adequate consumer protection and data security.

The projects can be submitted to Milano Hub by three different categories of aspiring (Italian and foreign) participants. Indeed, within Milano Hub there is a dedicated area of operations for each type of participant:

  • Fintech Hub: for non-banking/financial undertakings (e.g. technology solution providers) or combinations thereof;
  • Innovation Hub: for banking, financial and insurance intermediaries or combinations thereof;
  • Research & Development Hub: for universities, research institutes, other bodies or combinations thereof.

Specific requirements must be met to participate to the Call for Proposals.

Moreover, in the context of the annual report on complaints of banks and financial intermediaries customers, published by the Bank of Italy on 28 September 2021, the regulator highlighted the opportunity to use AI for a more efficient complaints handling process.

Next steps

Applications to the Milano Hub Call for Proposals may be submitted from 27 September to 29 October 2021.

Maximum of 10 projects will be eligible for support from the Milano Hub.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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