The European Central Bank Wins Central Banking Global Award “Artificial Intelligence” for Tool Developed With Squirro
The sixth edition of the FinTech RegTech Global Awards by Central Banking was held on June 14th, 2023. The awards recognized the best technological innovations by central banks, supervisors, and private sector firms. The awards covered areas such as cyber resilience, CBDC ecosystem development, and AI applications in RegTech and SupTech. The awards also recognized the use of AI and machine learning to combat money laundering and fraud, comply with international regulations, build CBDC infrastructure, and set ethical AI standards globally.
Squirro extends heartfelt congratulations to the European Central Bank on winning the Central Banking FinTech RegTech Global Awards 2023 in the category Artificial Intelligence, with its new natural language processing (NLP) artificial intelligence (AI) tool "Athena," developed with Squirro! A big thank you for the remarkable collaboration and trust. We're excited about this partnership and future endeavors!
It will allow over 1,000 supervisors to analyze more than 5 million documents across the Single Supervisory Mechanism (SSM). The solution is approved by the Eurosystem Procurement Coordination Office (EPCO).
“It is a great honour to receive the Central Banking award in the field of AI,” Frank Elderson, member of the ECB’s executive board and vice-chair of the ECB’s supervisory board, says. “Combining supervisory technologies with the expertise of our supervisors allows us to be forward-looking and adapt quickly to the continuously changing environment.”
In Squirro’s June 22, 2023 webinar, Steven Moons, Team Lead of Supervisory Technologies at the European Central Bank, will present how the tool draws on NLP technologies to enhance Banking Supervision.
In the aforementioned press release, Mr. Moons said the following:
“Looking to the future, the potential for combining insights from structured and unstructured data is even more powerful. Being at the frontier of applying AI pushes us to continuously evaluate our practices.”
His presentation during the webinar will be followed by a demo of the key features of Squirro's Insights solution for Risk, Compliance, and Audit management, including the new enterprise-ready Generative AI capabilities.
If you are curious about the winners in the other categories of the Central Banking FinTech RegTech Global Awards 2023, you can find them here.