Relationship status: "It's complicated". This was how Sebastian Heinz began his keynote speech, which gave an outlook on where artificial intelligence and the world with it would develop over the next five years. Expectations of the Technology are high, but investment is hesitant - especially in Europe, which is lagging behind the USA and Asia in terms of software, infrastructure, data, etc. Heinz sees the big competitive advantage in customer-facing applications; European players could very well get involved here, provided they approach AI boldly and are willing to invest.

The other speakers at the conference, which was skillfully moderated by Inke Schönauer, Head of Finance at F.A.Z., demonstrated that AI is increasingly finding its way into the business activities of companies around the world - albeit still primarily in the back office and in a wide variety of forms and speeds.

Philipp Schwaab, Chief AI Officer of the Helaba Group, explained its approach of rolling out AI centrally and in cooperation with the Bureau for fraud detection, money laundering prevention and sales analysis. In doing so, the bank places great emphasis on human-friendly digitalization in order to allay fears, create acceptance and build internal expertise.

The insurance company ERGO Group AG, represented by Georgina Neitzel, Head of Innovation Lab, has been relying on AI since 2017 and has since implemented 105 applications in data management, processing times and consulting. LGT can also look back on several years of experience with AI applications. An internal chatbot is already used by 80 percent of LGT employees, explained Simon Gomez, Head of Innovation and Data, and primarily serves to increase internal productivity, which ultimately benefits the client.

Prof. Dr. Katja Langenbucher, Professor of Civil, Commercial and Banking Law, House of Finance, Goethe University Frankfurt am Main, pointed out with regard to regulation that banks and insurance companies are already among the most heavily regulated industries, but that the AI Act brings additional legal certainty not only for the customer but also for the financial market player. She also called for an active and open approach to the topic of AI in Europe and for it to be claimed for itself.

This brought her to the welcoming address by Liechtenstein's ambassador in Berlin, Isabel Frommelt-Gottschald. The ambassador began by pointing out that Liechtenstein is able to hold its own economically against larger, stronger nations not least because this openness towards new technologies and the associated willingness to innovate not only exists on the part of the Economic Affairs Division, but is also supported at a political level, as demonstrated, for example, by the introduction of the world's first blockchain law.

Dr. Oliver Glockner, Head of Product Management and Innovation at Hilti AG, provided an entertaining look beyond the horizon into the construction industry. He showed how Hilti began developing a digital offering years ago. Incorporating new technologies such as AI was therefore a logical next step in the company's development in order to further expand its customer-oriented services and offer customers ever better solutions.

"With the European Economic Outlook, Liechtenstein Finance, the Embassy of the Principality of Liechtenstein in Berlin and the F.A.Z. have created a platform that enables discussions on the pulse of the times. After highlighting digitalization at a political level last year, we were able to continue the discussion at a financial industry level with the topic of artificial intelligence. AI is of concern to all players in the financial center, and there are many uncertainties, not least with regard to data, customer protection and regulation. However, I am certain that we were able to provide the numerous guests with valuable and practice-oriented input at today's event and at the same time demonstrate that Liechtenstein is proactive and open to new technologies and sees innovation as an opportunity to make existing things even better," said Simon Tribelhorn, President of Liechtenstein Finance, expressing his delight at the successful event.