The European Union and the United States recently announced their plans to develop a voluntary code of conduct for artificial intelligence, expecting to have a draft ready in the upcoming weeks. They aim to encourage other democratic nations to adopt this code.
British officials have expressed the belief that a balanced AI regulatory framework could be achieved, one that navigates between the stringent measures proposed by the EU and the more lenient approach suggested by the US. Recently, both Prime Minister Rishi Sunak and President Joe Biden have met with leaders from major tech companies to discuss the importance of regulating AI, reflecting the increasing focus on the swift advancements in artificial intelligence throughout 2023.
The opportunities and associated risks of AI continue to dominate discussions. A recent letter from an AI industry organization referred to the technology as an "extinction risk" on par with threats like pandemics and nuclear warfare.
Sridhar Iyengar, Managing Director of Zoho Europe, emphasized the importance of public trust in AI, suggesting that education about its benefits is crucial for its acceptance. He noted that as the economy stabilizes, AI could significantly enhance business growth by improving efficiency in areas such as customer service, fraud detection, data analysis, and forecasting.
Rishi Sunak highlighted the government’s commitment to ensuring safe AI development, urging companies to implement necessary safeguards. His discussions on this topic include raised dialogues at the G7 summit and plans for further conversations in the United States.
The impact of AI on financial services will be a key topic at EBAday 2023 in Madrid. A panel titled “How New Technologies Are Transforming Banking” will feature discussions on the roles of AI, robotic process automation, and cloud computing in reshaping financial institutions. Notable speakers will include:
- Graeme Jeffery, Partner at Bain & Company
- Cal Corcoran, Vice President of Global Banking at Microsoft
- Simone Löfgen, Managing Director of Payment Platforms at Commerzbank
- Jose Ignacio Núñez García, Head of Payments Practice at NTT Data
- Simone Satan, Global Head of Digital Market Management at Treasury Services, BNY Mellon
EBAday, the premier event for payments and transaction banking leaders, will take place from June 20 to 21, 2023, at IFEMA in Madrid, Spain. You can register for EBAday 2023 here.