Austria: Schoenherr advises Erste Bank on implementation of first AI based financial tool in Austria

"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).