BDVA launches a new subgroup on AI and Big Data in the Financial Sector
On December 16th 2019 the Board of Directors of BDVA approved the creation of a new Subgroup under TF7.Applications focused on AI and Big Data in the Financial Sector. The new subgrop is led by GFT Italy, BDVA Full member and coordinator of the INFINITECH project (the BDV PPP flagship project focused on the financial sector), and is co-led by ABI Lab, the Banking Research and Innovation Centre, founded and promoted by the Italian Banking Association (ABI).
Financial technology (FinTech) and insurance technology (InsuranceTech) are rapidly transforming the financial and insurance services industry due to digital transformation. In the finance industry, the digital transformation is not acting on a product, rather on services and the processes used in the “manufacturing” of these services. AI has disruptive role as it is the one analyzing data, evaluating risk and perspectives, and enabling more intelligent and automated processes, along with personalized services that are tailored to customers’ needs.
The vast majority of digital transformation applications for the finance and insurance sectors are data-intensive. This holds for applications in different areas such as retail banking, corporate banking, payments, investment banking, capital markets, insurance services, financial services security and more. All of these applications leverage very large datasets from legacy banking systems (e.g., customer accounts, customer transactions, investment portfolio data), which they combine with other data sources such as financial markets data, regulatory datasets, real-time retail transactions and more.
Over 20 organisations have already shown interest in actively contribute to this topic within BDVA and the number is growing fast. This new Subgrup, that will start operations at the beginning of 2020, would bring added value to the community as know-how and relevant partnerships in the Financial Sector. On the other hand, the technologies used in Fintech and Insuretech may find valuable insights from BDVA as well as gaining relevant information on how to manage datasets reliably and accordingly to regulations and requirements.
Interested in joining? The Subgroup is open to all BDVA members. Non-members can benefit from all our public workshops and events and upcoming publications.