May 29, 2024

£1 million awarded for consortium to advance trustworthy AI solutions in financial technology

Innovate UK has awarded £1 million to create a consortium, including the University of Birmingham, to accelerate the adoption of trustworthy AI in Fintech.

Published 12 April 20242 min read

Innovate UK has awarded £1 million to create a consortium, which includes the University of Birmingham, to accelerate the development and adoption of trustworthy AI solutions in financial technology.

The consortium is led by the fintech company, Stratiphy, and consists of academic and commercial partners, who will all offer specific expertise.

The University of Birmingham’s contribution will be led by Chair and Professor of Practice in Finance and Fintech at Birmingham Business School, Karen Elliott. Karen’s expertise focuses on trustworthy applications of AI having co-authored Towards an Equitable Digital Society: AI and Corporate Digital Responsibility. She also co-leads FinTrust and the UKFin Network+ projects which aim to optimise trustworthy and ethical AI.

Professor Elliott said: “I am delighted to be part of this consortium and working with a wide range of academic and commercial partners to adopt trustworthy and responsible AI technologies in the Fintech sector. AI is a rapidly evolving tool in personal and professional settings, so it must be understood and used effectively and responsibly, which of course includes the baking and financial industries. I am looking forward to working with the consortium team on helping the sector make the most of responsible and trustworthy AI.”

Innovate UK, part of UK Research and Innovation (UKRI), is investing up to £21 million in innovation projects in a competitive process. Despite the UK being a leader in AI research, it falls short in terms of AI adoption when compared to its global peers, and state funding is being provided to address this challenge.

By harnessing the collective potential of academia and key industrial partners, the Consortium aims to develop novel solutions in the market that address important commercial challenges across investment management that are trusted by end-users.

Daniel Gold, CEO of Stratiphy said: “We are thrilled to lead this consortium to deliver cutting-edge AI solutions for the finance sector that offer high value and are trusted by end users.”

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