FCA and banks join industry consortium to deliver AI-driven “data access platform”

A new cross-sector consortium of major businesses and universities is set to provide the key to the challenge of data access for regulated industries through an AI-powered industry-agnostic platform. 

Led by regtech company RegulAItion, the AIR Platform offers data access and collaboration for how the private and public sectors operate and interact with each other locally and globally. 

Backed by Government funding from UK Research and Innovation (UKRI) and private investment totalling £1.67 million, the AIR Platform is being developed in conjunction with project collaborators including the Financial Conduct Authority (FCA), two international banks, AshurstOasis Loss Modelling FrameworkWilson Wright Accounting and Tax PracticeUniversity College London (UCL) and Loughborough University

It is currently under development and is expected to launch before June 2021. 

“There is simply more data in the world than we can handle. It is suffocating businesses, industries and regulators. Equally, data silos mean organisations are unable to develop meaningful solutions, and privacy concerns such as GDPR and commercial interests stand in the way of delivering collaborative efforts to share knowledge from data,” said Sally Sfeir-Tait, CEO of RegulAItion.

“Tackling these challenges as individual businesses or sectors is not only prohibitive but also limiting in terms of what can be achieved that is of real value. However, a collaborative, sector-agnostic approach driven by artificial intelligence, machine learning and other analytical technologies can work. The AIR Platform will be that generational breakthrough.” 

“A common hurdle when trying to develop and apply AI solutions is accessing data, often across organisational boundaries. This is particularly true in regulated sectors such as legal, accountancy and insurance where concern for the privacy of client data is paramount,” said Stephen Browning, Challenge Director, Industrial Strategy Challenge Fund at UKRI.

“The AIR Platform project has the potential to overcome some of these issues and unlock the potential of applying AI to professional and financial services. I’m excited to see what this project can deliver in privacy-enhancing data solutions.”