The European Central Bank (ECB) has partnered with Reply, a platform focused on digital innovation, in order to offer a 48-hour coding marathon, which will focus on teaching participants how to apply the latest artificial intelligence (AI) and machine learning (ML) algorithms.
The marathon is scheduled to take place during the final days of February 2020 at the ECB in Frankfurt, Germany. The supervisory data hackathon will have over 80 participants from the ECB, Reply and various other organizations.
Participants will be using AI and ML techniques to gain a better understanding and quicker insights into the large amounts of supervisory data gathered by the ECB from various banks and other financial institutions via regular reporting methods for risk analysis purposes.
Program participants will have to turn in projects in the areas of data quality, interlinkages in supervisory reporting and risk indicators, before the event takes place. The best submissions will be worked on for a 48-hour period by multidisciplinary teams.
Last month, the Bank of England (BoE) and UK’s financial regulator, the Financial Conduct Authority (FCA), announced that they would be running a public/private forum that would cover the relevant technical and public policy issues related to bank adoption of artificial intelligence (AI) and machine learning (ML) technologies and software.
A survey conducted by the BoE last year revealed that ML tools are being used in around two-thirds, or 66%, of UK’s financial institutions, with the technology expected to enter a new stage of development and maturity that could lead to more advanced deployments in the future.