New Prosperity Partnership to drive responsible AI adoption across UK financial sector
Posted: 11th August 2021
Professor Marta Kwiatkowska is part of a collaborative research team on the newly announced PROJECT FAIR: Framework for responsible adoption of artificial intelligence in the financial services industry.
The business-led Prosperity Partnerships have been announced in support of the government’s ambitious new Innovation Strategy. They are supported by the Engineering and Physical Sciences Research Council (EPSRC), part of UK Research and Innovation (UKRI), businesses and universities.
One of these projects will see The Alan Turing Institute, the national institute for artificial intelligence and data science, HSBC, and other organisations in the financial sector, developing a Framework for responsible adoption of Artificial Intelligence in the financial services industry (FAIR).
The partnership also includes affiliate organisations, Accenture, Global Open Finance of Excellence, Mozilla Foundation, Microsoft, Quantexa and Privitar. It will embark on a systematic programme of industrially-driven interdisciplinary research, building on the strength of the existing Turing-HSBC partnership.
The partnership aims to develop the trustworthy, data-driven AI decision-making approaches that are needed for the wider adoption of these technologies in the financial and professional services sector, which employs 2.2 million people and has an estimated total value of £190 billion.
The project is one of eight business-led Prosperity Partnerships announced in support of the government’s ambitious new Innovation Strategy. It aims to address challenges such as how to increase the accuracy of predictive models without compromising privacy and security of customers, or improving transparency without leaving systems open to external threats.
It intends to outline how the finance sector can make the transformational shift to the greater use of AI technologies, ensuring they have fairness, security and accountability at their heart, while being robust and aware of privacy.
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