Innovate UK has committed £1 million to the creation of a consortium including the University of Birmingham to accelerate the adoption of trusted AI in fintech.
issued April 12, 20242 minute read
Innovate UK has committed £1 million to the creation of a consortium including the University of Birmingham to accelerate the development and implementation of trusted AI solutions in financial technology.
The consortium is led by fintech company Stratiphy and comprises academic and commercial partners who provide specific expertise.
The University of Birmingham’s contribution will be led by Karen Elliott, Professor of Finance and FinTech Practice at Birmingham Business School. Karen's expertise focuses on trusted applications of AI. Towards a just digital society: AI and corporate digital responsibility. She is also co-leader of the FinTrust and UKFin Network+ projects aimed at optimizing trustworthy and ethical AI.
Professor Elliott said: “We are excited to be part of this consortium and work with a wide range of academic and commercial partners to bring trusted and responsible AI technologies to the fintech space. AI is rapidly evolving in personal and professional settings. We need to work with consortium teams to ensure that the sector, including the baking and financial industries, understands and uses AI responsibly and responsibly. We look forward to helping you get the most out of it.”
Innovate UK, part of UK Research and Innovation (UKRI), invests up to £21 million in innovation projects in a competitive process. Despite being a leader in AI research, the UK falls short in terms of AI adoption compared to its global peers, and national funding is being provided to address this challenge.
By leveraging the collective potential of academia and key industry partners, the consortium aims to develop new solutions on the market that address key commercial challenges across investment management that are trusted by end users. We are aiming for
Daniel Gold, CEO of Stratiphy, said: “I am excited to lead this consortium and bring cutting-edge AI solutions to the financial sector that deliver high value and are trusted by end users.”
