Site icon Gadgets Africa

Italy’s largest bank Intesa improves bank supervision with AI

Italy's largest bank Intesa improves bank supervision with AI

Italy’s largest bank, Intesa Sanpaolo, has announced the launch of an artificial intelligence application meant to sift through thousands of articles on banking supervision.

Lisa, or Linguistic Intelligence for Supervisory Awareness, is a machine learning programme that scans documents for correlations and patterns of meaning to assist forecast future trends.

Lisa scans texts considerably faster than humans and can spot correlations that aren’t immediately clear, according to Intesa, using the connection between climate change and credit problems as an example.

Intesa has a specialised team of individuals that worked with Lisa, validating its findings while also broadening its understanding of banking regulatory challenges.

“Banking supervision is an area where it is fair to speak of information overload, with truly massive and exponential content production,” Walter Chiaradonna, head of Intesa’s supervisory strategic steering department, stated.

Chiaradonna mentioned, “practises, interviews, statements, texts, and in-depth studies that, in turn, generate a proliferation of information that is unmanageable without adequate support.”

According to Reuters, the European Central Bank also deployed artificial intelligence techniques (SupTech) to help sieve material such as board meeting minutes or hundreds of datasets and documents necessary from the more than 100 larger banks that the ECB directly oversees.

Exit mobile version