European Central Bank to launch AI hackathon
The European Central Bank (ECB) is organising a coding marathon focused on the application of machine learning and artificial intelligence.
The ECB wants to explore how AI can help its supervisory role
Organised in collaboration with Reply, the ‘Supervisory Data Hackathon’ will occur from 27 February to 29 February at the ECB headquarters in Frankfurt.
It will feature 80 participants from the ECB, Reply and further companies, charged with exploring the possibilities of gaining deeper and faster insights into the large amount of supervisory data gathered by the ECB.
Participants have been asked to submit projects in the areas of data quality, interlinkages in supervisory reporting, and risk indicators. The most promising submissions will be worked on for 48 hours during the event by the multidisciplinary teams.
Founded in 1996 and based in Turin, Reply is made up of a network of “highly specialised” companies, which support industry groups in defining and developing business models to “optimise and integrate processes, applications and devices.”
Related: Scotiabank donates CAD 750,000 to AI research
FinTech Futures has conducted its own research into the capabilities of both AI and ML in the financial services sector.
To discover just how ready the market is for this technology, we surveyed its readers on their investments, hopes, fears, and dreams for the development of innovative analytical technology. Among the eye-opening results were:
- 83% of firms believe AI to be a core part of their business strategy going forward
- 60% of firms will increase their AI spend in the future
- 53% are already live, or planning to go live this year, with an AI or ML solution
The report can be downloaded and read here.
