The Action will investigate AI and Fintech from three different angles: Transparency in FinTech, Transparent versus Black Box Decision-Support Models in the Financial Industry, and Transparency into Investment Product Performance for Clients. The Action will bridge the gap between academia, industry, the public, and governmental organizations by working in an interdisciplinary way across Europe and focusing on innovation.
Project funding:
COST actions
Project results:
– Develop approaches to evaluate innovative financial services and their providers, especially in the FinTech domain, building on Machine Learning methods, focusing on prediction (early warning) of operational fragility, fraudulent and illegal behavior ranging from appropriation of loaned funds to money laundering activities.
– Development of conceptual and methodological tools for establishing when black-box models are admissible and, to the extent possible, making them more transparent
– Receive input from regulators and practitioners’ communities and validate results with regard to increasing transparency of artificial intelligence applications.
– Development of methodologies for reducing the false discovery rate in financial research and applied financial investment management.
– Disseminate to the public and share with regulators the results on investment product performance
– Creation of the first European platform comparing the out-of-sample performance of banks’ investment products, insurance-linked investment products and asset management products available to the general public.
Period of project implementation: 2020-09-14 - 2024-09-13
Project partners: United Kingdom, Albania, Austria, Bosnia and Herzegovina, Croatia, Denmark, Estonia, France, Hungary, Iceland, Ireland, Israel, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland, Turkey, Germany, Greece, Italy, Luxembourg, North Macedonia, Slovenia
