GAIA-X and artificial intelligence as facilitators of the financial sector

The finance industry is undergoing radical change. It faces the challenge of offering its customers new added value while exploiting previously untapped potential. It needs a platform that offers trustworthy cloud services, reinvents data usage and thus contributes to strengthening the entire industry. This is where GAIA-X comes in: using artificial intelligence applications from the GAIA-X ecosystem enables efficiency gains and enormous economic growth. At the same time, trustworthy AI should be created for the benefit of our society and our economy. A contradiction? No - rather the chance to create a trustworthy offering through new so-called 'trust' technologies and AI design as well as corresponding platforms and infrastructures. At the same time, these trust technologies and AI designs offer the opportunity to stand out from global competitors and set new standards and trends. Through GAIA-X, trustworthy and value-added cloud services that comply with European regulations and values can be harnessed and the huge European potential in terms of technical expertise and market size can be fully exploited. Thus GAIA-X not only embodies a secure and networked data infrastructure, but also acts as a pan-European accelerator of the very dynamic European financial innovation community.

The requirements of the finance sector for GAIA-X

The highly regulated finance industry relies on the convergence of the GAIA-X framework and policy rules as well as the applicable sector regulations. Accordingly, it is advisable to take into account existing approaches and solutions for the finance industry, such as the standardisation and certification of services or the widely available services for identification, fraud detection and risk management, already during the development of GAIA-X. This approach helps to save costs and uses economies of scale to ensure a high level of security and compliance while creating growth and trust. The industry context also requires that we consider from the outset the cooperation of multiple companies in a value chain, the environment for the creation of open-source software and the use of AI.

GAIA-X enables the trustworthy use of artificial intelligence

We can observe a particularly interesting development with regard to the requirements for the use of AI: With the technology "Explainable AI" (XAI), the aim is to make the decisions of any AI system more transparent and explainable, i.e. to open the "black box". In recent years, this technology and the accompanying call for transparency and traceability have received a rapid surge of attention and development. While these requirements primarily apply to critical applications and business functions such as model risk management, compliance, governance and audit, transparency is also often required in customer and management environments regarding AI-based decisions. The use of techniques such as XAI on the secure and networked data infrastructure of GAIA-X strengthens confidence in data, algorithms and decisions – without having to forego the benefits of deep learning to uncover complex and high-dimensional relationships. In addition, GAIA-X makes it possible to create large amounts of test data without violating individual rights, and thus train other AI systems. Thus, GAIA-X, as a digital infrastructure, enables the trustworthy use of AI in the finance sector, accelerates the development of suitable use cases and strengthens the innovation potential of the entire industry. At the same time, the approaches and techniques presented here can be transferred to many other industries. Transforming these endeavours into reality requires the commitment of numerous industry representatives involved in the development and creation of GAIA-X from the perspective of the user.

#Artificialintelligence, #BigData, #Trust, #Standards, #Cooperation, #Transparency