The Bank of Italy has launched initiatives concerning the use of artificial intelligence for innovation in the banking, financial and payments sector and the handling of complaints.

Last week, the Bank of Italy released a Call for proposals submit FinTech projects to the Milano Hub, i.e. the Bank of Italy hub created with the aim of supporting the development of innovative projects and fostering the digital evolution of the Italian banking and financial market.

The theme of the call for proposals is the contribution of artificial intelligence (AI) to improving the delivery of banking, financial and payment services to businesses, households and public administrations, with particular emphasis on the financial inclusion, adequate consumer protection and data security.

Projects can be submitted to the Milano Hub by three different categories of aspiring participants (Italian and foreign). Indeed, within the Milano Hub, there is an operations area dedicated to each type of participant:

  • Fintech division: for non-bank / financial companies (eg technology solution providers) or their combinations;
  • Innovation hub: for banking, financial and insurance intermediaries or their combinations;
  • Research & Development Department: for universities, research institutes, other organizations or their combinations.

Specific requirements must be met to participate in the call for proposals.

In addition, as part of the annual report on complaints from customers of banks and financial intermediaries, published by the Bank of Italy on September 28, 2021, the regulator highlighted the advisability of using AI for a more efficient complaints process.

Next steps

Applications for the Milano Hub call for proposals can be submitted from September 27 to October 29, 2021.

A maximum of 10 projects will be eligible for support from the Milano Hub.

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