CaixaBank, together with another 16 European companies, has created the GREEN.DAT.AI European research consortium. This aims to develop new AI-based services that provide a more sustainable data analysis. Among the possible applications of this consortium’s developments are the optimisation of energy efficiency in big data usage and the utilisation of explainable AI in fraud detection and prevention.
This is specifically the use case researched by CaixaBank. Specifically, it includes a proposal to avoid any potential biases when using artificial intelligence in fraud detection systems.
The European Commission has presented the first worldwide legislation on artificial intelligence. This legal framework describes how companies and governments can use this technology to guarantee the users’ rights and security. The legislation identifies high-risk systems with a possible use in especially sensitive sectors. Examples include healthcare and finance, where the application of AI requires specific human supervisory mechanisms. In these cases, a human being must be provided the power to intervene on the system. The aim is to mitigate the biases that could affect the population.
Funding comes from the Horizon Europe research and innovation programme under the GA 101070416. This aims to provide tools that help understand AI’s criteria in the decisions it makes in each case. As a result, it allows for the monitoring of these decisions as well as correcting and avoiding this bias risk. This project is geared towards facilitating the supervision required by the legislation and thus contributing to its compliance.
The project, launched in 2023 will be completed in December 2025. It follows a multi-disciplinary approach to make the most of the experts’ knowledge about various subjects.
Project findings will be made available to all the European companies and institutions interested in improving the different aspects of sustainability in big data analysis.
European research projects
In addition to this consortium, CaixaBank has participated in other European projects framed within the Horizon 2020 programme. The EU is supporting the projects with a budget of almost €80bn for the period 2014-2020.
The European Commission’s current funding framework for research and innovation, Horizon Europe, has €95.51 billion available for the 2021-2027 period. Its objective is to guarantee that Europe produces top-tier science and breaks down the barriers to innovation.
CaixaBank has participated in ten winning consortia in recent years. Specifically, it has received funding of more than €2.5m for technological innovation and cybersecurity. Among them are other projects related to artificial intelligence and big data. These include A4CYBER, which analyses how this technology can be applied to improve cybersecurity.
CaixaBank: innovation in the application of AI to financial services
CaixaBank describes itself as the most innovative bank in the application of Artificial Intelligence to financial services in Spain. The bank has been a pioneer worldwide in training conversational AI in Spanish. It is also implementing cognitive assistants to help employees and customers.
CaixaBank is now applying the power of AI to develop tools for its managers and customers. Other strategic objectives include employee training.