Open Finance, Artificial Intelligence and Data Quality

Date: January 30, 2024 (Tuesday)
Time: 1pm – 2pm
Venue: Academic Conference Room, 11/F Cheng Yu Tung Tower, The University of Hong Kong

Speaker: Dr. Konrad Borowicz (Assistant Professor, Tilburg Institute for Law, Technology, and Society, Tilburg University)

As the financial industry seeks to leverage the strengths of artificial intelligence (AI), it must confront the data quality problem. AI applications demand substantial volumes of both training and testing data, posing significant challenges not only in terms of data availability but also with respect to its quality. Open finance initiatives focus on the former but not the latter. AI regulations are likely to impose strict but general data quality requirements prompting the question how the financial industry will meet them. While some private initiatives aimed at addressing the problem are ongoing, major issues in areas such as data structuring, compensation, liability, and dispute resolution are likely to remain unaddressed. This paper proposes a menu of public policy options designed to address the data quality problem inspired by data quality regulations in various sectors. These options range from providing guidance regarding financial data quality, mandating the setting of data quality standards by private data sharing schemes to public management of data pools certified to meet such standards.

Dr. Konrad Borowicz is an Assistant Professor of Financial Regulation and Technology at the Tilburg Institute of Law, Technology and Society at Tilburg Law School, Tilburg University in the Netherlands. He is also a Research Coordinator of Tilburg Law and Economics Center based at the Tilburg School of Economics and Management. In his research, he looks at the regulation of credit and data, mainly from a law and economics perspective. His work has appeared in the Journal of Financial Regulation, the Capital Markets Law Journal, Law and Financial Markets Review, Review of Banking and Financial Law, among other publications. He is also a co-editor of a volume “Evolution of Transnational Rule Makers through Crises” recently published with Cambridge University Press. Prior to joining Tilburg University, Dr. Borowicz worked as a finance lawyer in London. He obtained his JSD from Columbia Law School, PhD from the European University Institute, LLM from Duke Law School and his first law degree from Adam Mickiewicz University in Poznan, Poland. He is a qualified New York attorney.

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