What is the Bank of England Innovation Competition?

The Bank of England Innovation Competition invites students from across the UK to develop creative, AI-driven solutions to real-world challenges faced by the Bank. Each year has a different theme. This year, the challenge asked how the Prudential Regulation Authority (PRA) could use Generative AI to improve financial supervision.

The PRA regulates banks, insurers and other financial institutions to ensure the financial system remains safe and stable.

To take part, we were tasked with designing a practical solution to the question, explain the concept in a written proposal and then bring it to life through a short video presentation. The process tested not only our technical and analytical skills, but also how well we could communicate complex ideas.

Why I decided to take part

The challenge brought together two things I really enjoy: using technical skills and communicating complex ideas clearly.

It was a chance to put into practice the technical skills I’ve built through the BSc Economics, Finance & Data Science programme - from statistics and linear algebra to algorithms and data analysis. I’ve always believed that deeper learning happens when theory is applied to real-world challenges, and this competition offered exactly that.

It also gave me space to explore new areas, like how AI can be used within financial regulation, which aligns perfectly with my long-term career ambition to drive technological progress and innovation in the sector.

Developing my AI solution

When I began working on my proposal, I did some research into how the Prudential Regulation Authority (PRA) is expanding its role to support not just financial stability, but also innovation across the sector. That led me to frame my central question: how can we encourage innovation and competition while keeping the financial system safe and resilient?

To answer that, I proposed a two-part AI innovation system that could help PRA spot risks earlier rather than reacting to problems after they happen. Together, these tools would help make regulation faster and more proactive, balancing innovation with stability:

1. The first innovation was a “digital twin” – or a virtual, AI-powered version of each regulated firm. This digital model could test how a company responds to different scenarios, including cyber attacks and market volatility, allowing supervisors to see how firms handle risks in real time.
2. The second innovation used machine learning to create a live risk map that identifies unusual patterns and emerging threats across the financial system. It acts as an early warning system, allowing PRA to identify and respond to issues before they become serious.

Utilising Imperial’s expertise during the contest

I’m grateful to be taught by professors with deep real-world experience, such as Professor David Miles, who previously served on the Monetary Policy Committee. Having access to his expertise was invaluable during the contest.

As part of my Macroeconomics module, I had the chance to learn directly from him, and when I began developing my proposal, I reached out to discuss my early ideas. He helped me to think more critically about how my solution would function and be applied to regulatory contexts.

My key takeaways on innovation

This competition taught me that innovation begins with a growth mindset and being open to learning, asking questions and seeking input from others. Some of my strongest ideas came from conversations with people whose perspectives helped me reshape how I approached the challenge.

I presented my ideas in a five-minute video. I planned, scripted, filmed and edited it myself, using sections and animations to bring the technical ideas to life. I learned that effective communication isn’t just strong research it’s crafting a story that engages the viewer and shows why the idea matters.

From competition to internship: my summer at the Bank of England

After winning the challenge, I completed a summer internship with the Bank of England, working in the Innovation team under ARTIS, which focuses on applying technology to supervisory work. I conducted research, produced reports and prepared a presentation on synthetic data for senior managers.

I really enjoyed learning more about central banking and seeing innovation in action. One of the highlights was speaking with senior leaders, including the Executive Director of ARTIS, whose insights on careers and technology in finance taught me a lot about leadership, adaptability and continuous learning.

Key takeaways and the impact of my internship

Both the competition and internship confirmed my interest in the intersection of finance, data science and regulation, and showed me how to apply technical skills in a real-world, policy-focused environment.

The biggest lesson I learned was the value of being proactive and seeking guidance from others. Conversations with colleagues gave me insights beyond reports and presentations, helping me grow professionally and personally.

The internship gave me hands-on experience in regulatory innovation and the chance to contribute meaningful work in the public interest. It has motivated me to keep developing my AI skills and explore how predictive models can be responsibly applied in financial regulation.

My advice to other students

My advice is to make the most of every opportunity, especially those that push you out of your comfort zone. Innovation challenges are a great way to apply what you’ve learned, explore new ideas and gain real-world insight. Don’t be afraid to ask questions and seek feedback - your fellow students, lecturers and staff are always willing to help.

If you’re unsure where to start, reach out to your programme team, lecturers or Head of Year. Whether it’s research projects, industry events or skill-building workshops, there are plenty of resources, just be proactive in exploring them.