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German Regulator's view on Big Data and Artificial Intelligence (BDAI)

News / / German Regulator's view on Big Data and Artificial Intelligence (BDAI)

The studys aim was to identify strategic trends, market developments and newly emerging risks in relation to BDAInbsp BaFin seeks new supervisory and regulatory approaches to these developmentsThe study highlights the opportunities and risks of BDAI and develops possible scenarios about the impact on the financial market and its actors as well as potential implications for financial supervision and regulationWith an eye to consumer protection, BaFin highlights in particular that customers need to be aware of the importance of data and its use Consumer trust is not only pivotal, it is also the key to the success of BDAI innovations Therefore, it is important to promote a framework for genuine data sovereigntyGerold Grasshoff, senior partner and Leader of the Germany and Austria Financial Institutions Practice at BCG and one of the authors of the study, expects a higher degree of decoupling between the customer interface and core processes BDAI creates more efficient and more effective operating and business models for financial services providers, but these will require both new technical expertise and new professional skills The entire report can be found here

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