Central Bank of Hungary
Building thought-leadership and innovation capabilities at the Central Bank of Hungary
Background
With the mission of being digitalised and safely spreading Fintech initiatives, the Central Bank of Hungary (MNB) is one of the first central banks around the world to adopt a financial technology strategy and to empower its members to be part of the digital transformation in the industry.
Budapest Institute of Banking (BIB) is the training arm of the Central Bank of Hungary, and has the objective to support and train the financial sector in Hungary and beyond. It is one of the few dedicated training institutions that was set up by a Central Bank to help the financial sector achieve the required level of knowledge and expertise, especially in a fast changing world.
In recognition of Artificial Intelligence as a transformative force in the financial industry, MNB and BIB recognised the need to upskill their own employees to properly understand and regulate financial institutions’ use of AI. To address this, MNB and BIB joined forces with CFTE to launch an extensive training programme, aimed at equipping hundreds of Central Bank employees with the knowledge and skills needed to understand and effectively regulate the use of AI in the financial sector.
Programme
- CFTE extended their AI in Finance specialisation, to bolster the development of MNB financial professionals. The course was offered to over 100+ participants for a duration of 3 months, aiming to position them at the forefront of the AI disruption in the regulatory space.
- Through 15-hour learning and 22 instructors involved, the course was designed to facilitate a better understanding of the way AI is transforming the financial sector while providing profound knowledge of technology and its applications in finance. It assisted the professionals in the financial sector to gain the knowledge necessary to take an active part in the AI revolution. This knowledge is the quintessential ingredient required to drive digital transformation and build a competitive banking system at both the structural and systemic level.
Content
- Foundations of AI in Finance: The basics of what AI is and its trends in the industry
- Emerging technologies : Machine Learning Techniques, NLP and Recommendation Engines
- Implementation strategies in large organisations : Approach to implement AI to achieve the strategic objectives of an organisation
- Application of AI in Finance : Use cases of AI in wealth management, insurance, credit sourcing, fraud detection, etc.
These courses were taught by global experts with a very large variety of organisations, geographical, and gender diversity.
For example: - Ayesha Khanna, co-founder of ADDO.AI and member of World Economic Forum’s Global Future Council
- Jean-Philippe Desbiolles, Global VP, IBM Watson
- Philip Watson, Global Head of Innovation, Citi Private Bank
- Stephan Murer, former Group CTO at UBS, and lecturer at Oxford
- Winnie Cheng, Director of AI Lab at PwC
Results
The Central Bank of Hungary has become one of the most advanced Central Banks in AI, where employees at all levels and all functions are able to articulate key terminologies in AI, navigate and lead AI transformation projects and implement AI solutions to overcome current challenges.
CFTE hosted a graduation ceremony for the first 100 students who successfully completed the AI in Finance course, and were handed their certificates at the Central Bank of Hungary.
As a result, discussions with financial institutions are much more insightful on Artificial Intelligence, which helps the whole industry progress much faster and safer.
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