Published: 17 July 2019

Surrey Business School academic invited to testify at House of Financial Services, Capitol Hill Washington DC

Last month on the 26 June 2019, Professor Bonnie Buchanan was invited to testify as a witness at Capitol Hill, Washington DC to congressmen and congresswomen at The Task Force on Artificial Intelligence of the House Financial Services Committee.

Professor Buchanan is the Head of the Department of Finance and Accounting at the Surrey Business School and conducts research in Fintech, AI in Finance, Securitization and International Finance.

At the hearing entitled “Ending Perspectives on Artificial Intelligence: Where We Are and the Next Frontier in Financial Services”, Professor Buchanan provided some context around AI and Big Data, their applications in finance, as well as challenges and opportunities facing the financial services industry. Other witnesses at the hearing included Founder and CEO of ZestFinance and the Financial Innovation Lead, World Economic Forum.

Key insights shared by Professor Buchanan centred around the rapidly changing landscape of AI and Machine Learning (ML) and how they are both disrupting and refining existing financial services. As well as sharing findings around AI and accountability, fraud, cybersecurity issues and the comparison of emerging trends for the future.

Through close inspection of key finance and digital industry players such as Google, JP Morgan and Alibaba among others, Professor Buchanan proposed solutions to protect against the ever-increasing complexities around AI programs, endorsing the need for government to develop processes and systems which are technically robust, secure and ethically sound and regulation compliant.

This hearing was the first of four and witnesses now await further questions from the congress. Professor Buchanan will be involved throughout the hearing, which is set to unfold over the the next few months. 

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