The Spanish Banking and Finance Institute hosts a round-table discussion on the potential of AI in daily life and the economy

Last Thursday, 21 March, the Spanish Banking and Finance Institute held a round-table discussion on the myths, realities and future challenges of Artificial Intelligence. Participating experts highlighted the following key ideas:

• Society in general needs to become aware of the potential of Artificial Intelligence in daily life and production processes.
• Now is the time to ensure that AI is implemented responsibly and sustainably, to build trust and credibility with customers and investors, attract and retain the best talent, and mitigate the risks associated with potential compliance and regulatory issues.
• Good corporate governance is essential to the successful adoption of AI; simply implementing it does not always automatically improve productivity.
• Governing AI does not necessarily imply primary regulation, but it does require strengthening institutions, and investing in training and implementing this process hand in hand with companies, in a public-private governance scheme.
• The banking industry stands out in terms of AI adoption: according to data compiled by the European Banking Authority in 2023, 77.6% of European banks use AI for numerous purposes. This percentage reaches 84% if we include European banks that are in different stages in the process, including pilot tests, actual implementation or preliminary discussions.

The speakers were Jon Ander Beracoechea, Chief Scientist at BBVA, Ángel Melguizo, partner at ARGIA GT&E, and Pedro Cuadros, Professor of the Department of Economics at CUNEF Universidad, and the discussion was moderated by Manuel Balmaseda, Director of the Spanish Banking and Finance Institute.