BIP xTech sponsors CTC’s (Consorzio per la Tutela del Credito SIC e AISP) prestigious financial event. Held on May 22nd – 23rd and partnering with Cabel, a prominent Italian ICT service provider, this event fosters high-level networking and discussions in AI-driven financial solutions.
AI’s importance in finance
Participants engaged in insightful discussions about the evolving role of Artificial Intelligence (AI) in financial markets. In 2024, AI remains a top priority for Italian banks, especially in digital channels. Notably, 80% of Italian banks use AI to support assisted channels, thus enhancing customer service and operational efficiency.
However, the Italian banking industry faces new obligations under the EU AI Act. This legislation classifies common AI applications as High and Limited Risk, requiring significant adjustments. Consequently, banks must strengthen risk management frameworks and comply with strict regulatory standards for their AI systems.
AI Expansion Across Italian Sectors
In Italy, AI growth is expected mainly in the financial, telecommunications, and manufacturing sectors. Recent estimates suggest significant growth in these areas. The financial and banking sector already uses AI extensively. Additionally, it will further enhance its use in credit risk management, fraud prevention, business process automation, data analysis, and customer relationship management.
AI is pervasive in 2024, benefiting all banking areas. Digital channels remain the top focus. According to recent data, 44% of Italian banks track client digital feedback. Moreover, 38% use chatbots in client relations, and 62% prioritize AI in their top 10 initiatives. Furthermore, 52% of Italian banks rank AI among their top 10 ICT investments.
BIP xTech’s Commitment in AI-driven financial solutions
Andrea Casati, Director of Data & AI Financial Services at BIP xTech, led these discussions. He showcased the company’s innovative solutions and strategic vision. Casati highlighted how AI unveils massive opportunities in financial services. For instance, global cost savings through AI are projected to exceed $100 billion per year from 2019 to 2025. These savings represent over 10% of total costs, benefiting front, middle, and back offices.
By participating in this prestigious event, BIP xTech reaffirmed its leadership in AI integration within the finance sector. The collaboration with CTC and Cabel underscores the company’s commitment to innovation and addressing the evolving needs of the financial services industry. Moreover, this event provided a valuable platform for engaging with key stakeholders, thus paving the way for future advancements in AI and financial services.
