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COST Action 19130

Fintech and Artificial Intelligence in Finance -

 Towards a transparent financial industry (FinAI)

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Our vision

To establish a large and interconnected community across academia, public institutions and industry focusing on Financial Technology and AI, improving transparency in financial services, especially in and through FinTech, in financial modelling and investment performance evaluation.

Key statistics

Throughtout the COST Action duraton - from 14.09.2020​ to 13.09.2024​

3

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Working groups

71

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Awarded grants

38

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Countries involved

24

People in the

leadership positions

400+

Action members

2900+

Meetup members

Our motivation

The financial sector is the largest user of digital technologies and a major driver in the digital transformation of the economy. Financial technology (FinTech) aims to both compete with and support the established financial industry in the delivery of financial services. Globally, more than $100 billion of investments have been made into FinTech companies and Artificial Intelligence (AI) since 2010, and continue growing substantially.

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The Action investigates 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 bridges the gap between academia, industry, the public and governmental organisations by working in an interdisciplinary way across Europe and focusing on innovation.

Our objectives

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Transparency

 

To improve transparency of AI supported processes in the Fintech space

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Accountability

 

To address the disparity between the proliferation in AI models within the financial industry for risk assessment and decision-making

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Evaluation

 

To develop methods to scrutinize the quality of products, especially rule-based “smart beta” ones

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Key people:

Action Chair: Joerg R. Osterrieder

Prof. Osterrieder is an Associate Professor of Finance and AI at the University of Twente, Professor of Sustainable Finance at Bern Business School, and Advisor on AI to ING Group, with over 15 years of experience in financial statistics, quantitative finance, and the digitization of finance. He leads numerous research initiatives, including the European COST Action 19130 Fintech and AI in Finance, and coordinates the Marie Sklodowska-Curie Action Industrial Doctoral Network on Digital Finance, bridging academia and industry.

Grant Holder Manager: Branka Hadji Misheva​​

Prof. Dr. Branka Hadji Misheva is a Professor of Applied Data Science and Finance at BFH, specializing in AI applications in finance, XAI methods, network models, and fintech risk management. She leads/co-leads multiple significant research projects, including two large EU-funded initiatives on fintech compliance and AI in finance, and has contributed to over 20 projects, publishing extensively on credit risk modeling, graph theory, and explainable AI.

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