The world has been shaken by GPT and other AI models, the emerging possibilities of AI models has taken over every industry.
In the times when there have been endless discussions over the possibilities and its outcomes there is finally something we all were looking up to, a much needed act, a much needed regulation ‘EU AI Act’.
This act has varied benefits but in this article we will discuss and elaborate its effect on the BFSI sector. Global banking and financial service sector has compounded its annual growth rate of 12.3% .
And thus this actor is putting emphasis on integrating artificial intelligence and machine learning to amplify productivity and cut down on cost.
The strong willingness of the industry to integrate AI applications led to the rise in question regarding the extent of usage, reliability , trust and ethics. All these critical questions have been flagged by the New AI Act.
Let’s walk through the article and unravel the relation between Big Data, Al and ML and the regulation circumscribing them.
In April 2023 the EU published the first draft of the AI Act in April 2023. The Act is adreses the organisations working on the AI frameworks and systems. It imposes strong implications for the BFSI sector stretching their business across European borders. Here is the list of complete implications across BFSI firms across EU borders.
Though all the rules and regulations are still in discussions, the final guidelines for BFSI are available in order for the organisation to be prepared.
This act has some specific regulations only for the BFSI sector; it is advised to the organization belonging to this sector to keep a check with all the updates over this act. It would be great if you can consult some legal professionals and industry experts beforehand. Exact regulations can't be revealed but here are the explanations of the context around which these regulations will revolve.
Qualimtrix leaves no stone unturned to keep its readers updated with everything that surrounds tech, whether it's some software, testing techniques or a new update in the news world. We keep you up with everything. So in this article we explored the AI act for you , hope you liked it and will keep reading the upcoming blogs, Also if you have been reading us last week you must be knowing about the vietnam - Cambodia ESC event and the membership benefits around it , if not we are announcing it here and we request you to read our previous article you know everything in detail. And mind you if you are a tech person, CEO of a tech company , software developer or tester looking forward to avail some benefits from the government in the name of networking or promoting your services, the previous article holds immense meat for your appetite.