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Artificial intelligence (AI) offers new opportunities for businesses and public authorities regarding the work they do and the way they do it. The use of AI also brings with it risks that need to be managed. On 13–14 November 2024, the Bank of Finland and the Financial Supervisory Authority (FIN-FSA) are holding a seminar to explore the impacts of AI on the economy, the financial sector and financial supervision.

“The AI and data revolution must be harnessed to improve Europe's competitiveness and stability, as well as to enhance the resilience of the economy and financial system,” said Deputy Governor of the Bank of Finland Marja Nykänen in her opening remarks at the two-day seminar.

The event brings together representatives from the sector and from universities and public authorities to discuss practical AI applications and the opportunities and limitations of AI. The different speakers will look at the current situation as well as the outlook regarding future uses of AI. Speaking at the seminar will be Professor of Economics Anton Korinek from the University of Virginia and other top experts from both Finland and abroad.

The Bank of Finland and the FIN-FSA have a long tradition of using and analysing data. A shared project on the data economy is also in progress, and this is focusing especially on efficient data analysis using AI. “New technologies and large datasets promise new insights that can help drive forward our understanding of the functioning of our economy, and improve supervisory work,” Nykänen said.

AI will continue to be one tool among many, and decisions will still be made by people. “It is important to underline that AI is a virtual assistant, not a decision-maker. Indeed, human oversight and critical assessment are now more important than ever,” said the Deputy Governor.