05 October 2023
press release
austria
Austria: Schoenherr advises Erste Bank on implementation of first AI based financial tool in Austria
Schoenherr advised Erste Bank der oesterreichischen Sparkassen AG on the legal implementation of the 'Financial Health Prototype'. The 'Financial Health Prototype' is a text-based chatbot that combines Erste Bank’s financial expertise with AI technology from OpenAI and ChatGPT to answer 24/7 financial-related questions.
"Erste Bank is taking a pioneering role in Austria with this financial AI tool. I am very pleased that Erste Bank relied on our expertise in the legal aspects of the implementation and that we were able to advise on this cutting-edge project of technology and law," stated Partner Martin Ebner, who led the Schoenherr team. In addition to financial regulatory aspects, Schoenherr offered specific guidance on technology regulation, competition law, and IP.
The primary objective of the 'Financial Health Prototype' is to provide easy and engaging access to financial knowledge, making it available around the clock to as many customers and interested parties as possible. The Financial Health Prototype is available at www.erstebank.ai.
The Schoenherr team that advised Erste Bank included Martin Ebner (partner), Christian Schumacher (partner), Veronika Wolfbauer (counsel), Matthias Pressler (counsel) and Tullia Veronesi (attorney at law).
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artificial intelligence
Artificial intelligence (AI) is shaping our world, and the European Union (EU) aims to become a world-class hub for AI and to ensure that AI is human-centric and trustworthy.
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