Innovate UK has awarded £1 M to consortium for improving reliable AI solutions in fintech

Innovate UK has granted £1 million to establish a consortium, including the University of Birmingham, to expedite the development and uptake of trustworthy AI solutions in the financial technology sector.

“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,” stated Professor Karen Elliott from the University of Birmingham.

The consortium, spearheaded by the fintech firm Stratiphy, comprises academic and commercial partners, each contributing specialised expertise.

The consortium members are:

• University of Bristol: Expertise in AI and financial modelling
• University of Birmingham: Expertise in trustworthy AI applications
• Chenavari Investment Managers: Specialists in structured credit
• Smart Pension: Innovative workplace pensions technology
• Aventur Wealth: Financial planning
• Stratiphy: Personalised portfolio management

Professor Karen Elliott, who will lead the University of Birmingham’s participation, holds the position of Chair and Professor of Practice in Finance and Fintech at Birmingham Business School. Her expertise is centred on the trustworthy applications of AI, having co-authored “Towards an Equitable Digital Society: AI and Corporate Digital Responsibility”. She also co-leads the FinTrust and UKFin Network+ projects, which focus on optimising trustworthy and ethical AI.

Professor Elliott added: “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 banking 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, a component of UK Research and Innovation (UKRI), is investing up to £21 million in competitive innovation projects. Although the UK is a leader in AI research, it lags behind in AI adoption compared to global counterparts, prompting state funding to overcome this hurdle.

By leveraging the combined capabilities of academia and key industrial partners, the Consortium aims to develop innovative market solutions that tackle significant commercial challenges across investment management, trusted by end-users.

Daniel Gold, CEO of Stratiphy, commented: “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.”