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DOI: 10.33226/0137-5490.2021.8.1
JEL: O30, E22, D14, D18

Artificial intelligence and algorithms assisting personal finance. A legal and economic perspective

The fourth industrial revolution, Economy 4.0 and Finance 4.0 are facts. Technological changes in the context of finance have resulted in a more active application of artificial intelligence, machine learning and algorithms for product ranges and services aimed at individual clients. Examples of applying AI within the financial sector are automated creditworthiness assessment and financial advice (robo-advice). The article presents these areas from a legal and economic perspective. The wider application of algorithms within the financial sector requires a non-conventional approach by regulators in order not to over-regulate this new and promising segment of the financial services market.


Keywords: artificial intelligence; algorithms; creditworthiness; machine learning; robo-advice




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Akty prawne i inne źródła/Legal acts and other sources

Announcement by the Polish Financial Supervision Authority concerning the implementation by banks and other institutions legally authorized to grant loans of the loan applicant's right to obtain explanations on the assessment of creditworthiness (detailed version), PFSA, 21/07/2020, (10.03.2021).

Commission delegated regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (Text with EEA relevance), Official Journal of the European Union L 87/1, (12.03.2021).

Commission delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading (Text with EEA relevance), Official Journal of the European Union L 87/417, (12.03.2021).

Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on a Digital Finance Strategy for the EU, Brussels, 24.9.2020, COM(2020) 591 final, (24.03.2021).

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA relevance), Official Journal of the European Union L 337/35,, (25.03.2021).

EBA Report on Big Data and advanced analytics. January 2020. EBA/REP/2020/01, (20.03.2021).

Ethical guidelines on trustworthy artificial intelligence, High Level Expert Group on Artificial Intelligence, 2018, (15.03.2021)

European Parliament resolution of 20 October 2020 with recommendations to the Commission on a civil liability regime for artificial intelligence (2020/2014(INL)), (25.03.2021)

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Proposal for a Regulation of the European Parliament and of the Council on European data governance (Data Governance Act), Brussels, 25.11.2020, COM(2020) 767 final, 2020/0340(COD), (22.03.2021).

Raport z prac Zespołu ds. innowacji finansowych FinTech. Departament Innowacji Finansowych FinTech, Urząd Komisji Nadzoru Finansowego, (12.05.2021)

Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection

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Resolution no. 196 of the Council of Ministers of 28 December 2020 on the establishment of the "Policy for the development of artificial intelligence in Poland from 2020", Monitor of Poland, Official Journal of the Republic of Poland of 12 January 2021, item 23, (25.03.2021).

Stance of the Polish Financial Supervision Authority on the provision of a robo-advisory service, KNF, 4 November 2020., (12.03.2021)

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