Part 22: Guidelines For Using Artificial Intelligence In Financial Institutions (FINMA)

Many banks, insurance companies and other Swiss financial institutions are currently working on projects involving the use of artificial intelligence – some of which have been running for years, while others are new. While the Federal Council is still considering where and how AI should be specifically regulated, FINMA has already defined its expectations in the form of four guiding principles for AI. But what do these guidelines mean? We provide an answer in this, part 22 of our AI blog series.

Despite the current hype surrounding AI, the use of artificial intelligence in the Swiss financial industry is nothing new. Applications trained with machine learning have been used for many years, for example in recognizing money laundering or fraud, in investment decisions or for forecasts in the insurance industry. What is new are applications based on generative AI. They are used in financial institutions via tools such as "ChatGPT", but also built into applications for