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COST Action 19130 - Fintech and Artificial Intelligence in Finance - Towards a transparent financial industry

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. In early 2018, the European Commission unveiled (a) their action plan for a more competitive and innovative financial market, and (b) an initiative on AI with the aim to harness the opportunities presented by technology-enabled innovations. Europe should become a global hub for FinTech, with the economy being able to benefit from the European Single Market.

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

The key objectives are:

• to improve transparency of AI supported processes in the Fintech space
• to address the disparity between the proliferation in AI models within the financial industry for risk assessment and decision-making, and the limited insight the public has in its consequences by developing policy papers and methods to increase transparency
• to develop methods to scrutinize the quality of products, especially rule-based “smart beta” ones, across the asset management, banking and insurance industries.

Our COST Action FinAI

• Responsibilities
• Internal Newsletter
• External Newsletter
• Events
• How to join
• Important links
• Technical Coordination
• Get funding (proposals for activities)
• Contacts

COST FinAI Working Groups

Prof. Dr. Wolfgang Karl Härdle, Leader Working Group 1, email Prof. Dr. Petre Lameski, Leader Working Group 2, email Prof. Dr. Peter Schwendner, Leader Working Group 3, email

• Working group 1 - Transparency in FinTech
• Working group 2 - Transparent versus Black Box Decision-Support Models in the Financial Industry
• Working group 3 - Transparency into Investment Product Performance for Clients

COST Action Tools

To apply for an STSM grant or ITC grant, please register here: Official e-COST tool

• STSM application
• ITC application
• Training schools
• Conferences and workshops

Collaboration with industry, governments and international organisations

• Industry coordination
• Government collaboration
• Regulators
• International organisations

Management Committee Meetings

• 1st MC meeting, online, September 14/15, 2020, Start of the Action FinAI
• 2nd MC meeting, online, November 12, 2020, Start of the first Grant Period
• 3rd MC meeting, online, February 17, 2021, Intermediate Results from the first Grant Period

Working Group Meetings

• See our meet-up [1]

Grant Holder

The COST Action runs from September 2020 until September 2024 and is divided into five grant periods, each with different goals and budget. Please go to grant periods for more details.

Research

• Official COST FinAI Publications
• Research proposals
• Research projects
• How do I get funding for my COST activities?
• Contribute to writing a common paper

Diversity

Diversity is one of the main aspects to be considered in this Action. The three main considerations are gender balance, participation of Inclusiveness Target Countries and Early Career Investigators.

Science Communication

• Details about our Science Communication.
• Webpage
• Twitter
• LinkedIn

For any content to be added to our website, please compile the following Form

Short-term scientific missions

Short-term scientific missions STSM and Inclusiveness Target Country conference grants are two of the main tools which support the COST Action goals.

Virtual Networking

The Virtual Networking Grants aim to promote virtual collaboration within the Action.

Collaborative research funding applications

Leveraging on the Action network to secure further research funding for joint research is a key goal and deliverable of the Action. A committee of Action members has been formed to collaborate towards this goal. Any Action MC and/or WG member can join the commitee. To join, please enter your details in the Google spreadsheet here below:

• [2]

How to?

• How to publish COST papers?
• How to apply for STSMs?
• How to join?
• How do I get funding for my COST activities?
• How to find the google drive?

Contacts

Prof. Dr. Joerg Osterrieder, Action Chair, email

Prof. Dr. Valerio Poti, Action Vice Chair, email

Prof. Dr. Wolfgang Karl Härdle, Leader Working Group 1, email

Prof. Dr. Petre Lameski, Leader Working Group 2, email

Prof. Dr. Peter Schwendner, Leader Working Group 3, email

Dr. Branka Hadji Misheva, Grant Holder, email

Prof. Dr. Dr. Ania Zalewska, Academia-Government Coordinator, email

COST FinAI Core Group

COST FinAI member profiles

COST FinAI country profiles

Management Committee

COST FinAI participants

Acknowledgements

Important_links#COST_Acknowlegdement

COST FinAI Logo

Please always use our COST FinAI logo.