Sectors

AI is a generic technology that is ultimately applicable in all sectors. For the development of knowledge and experience in the use of AI in the Netherlands, it is essential to focus on specific industries that are relevant to our country. These industries can achieve excellent results, and knowledge and experience are extended for application in other sectors.

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Don Ginsel

Chair working group Financial Services

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Financial Services

Since the growth of the financial sector in the mid-20th century, computers and data have played an essential role in facilitating financial flows and financial advice. This sector was one of the first to digitalise strongly. The availability of data, as a result, calls for the deployment of AI to connect services and help the customer to achieve better and automatic advice, better estimates of risks and optimised processes to reduce costs. At the same time, it is the financial sector in which the use of data to gain insights in customer behaviour is most controversial due to privacy risks.

In recent years, the financial services industry has gone through an enormous development, often signalled by the rise of Fintech. Fintech stands for the increased use of (digital) technologies such as big data, APIs, cloud computing and robotisation. These technological developments – together with significant changes in regulation, such as the introduction of the GDPR and PSD2 (European directive for payment services) – have a substantial impact on the financial sector. The financial industry is now increasingly characterised by many smaller players, an enormous playing field of technology suppliers and an ever-growing interest on the part of major technology players such as Google, Apple and Facebook.

As the world becomes more digital, it is crucial to make choices together with other parties about the rules of the game regarding the use of data and privacy. Also, it is essential to work towards a level playing field in which consumers and companies have the same view of the value of data, the risks of its distribution and how to keep sufficient control. Policymakers, regulators, market players and consumers together still have a lot of work to do to find the balance between ease of use and availability of data for parties offering solutions.

The financial sector is eager to share the knowledge already gained concerning the confidential management of data with other industries and to learn how we can use data and AI to strengthen the Dutch economy for the benefit of all consumers and businesses.

Working group

Within this working group, participants work together on a programme to identify the most significant opportunities and challenges in AI for financial services and Fintech, to connect cooperation partners and to boost the development of AI-based solutions. Separate teams work on the following themes: policy and regulation, market acceptance, international cooperation, availability of data, talent, education and information.

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