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AI in financial services: fintus supports GaiaX

Recognising new business models at an early stage and sustainably defending oneself against new, innovative competitors are the two greatest challenges for banks these days. With its active participation in the initiative of the Financial Big Data Cluster (#FBDC), fintus makes a decisive contribution to advancing KI in financial services and strengthens Frankfurt as a technological location. Key resources for artificially intelligent systems are heterogeneous and high-quality data, on the basis of which new technologies can be trained.

Within the framework of a two-day workshop on the 12th and 13th of November 2019, the German Ministry of Economics as well as industry and technology experts developed strategies to establish a central platform, that makes a large amount of heterogeneous, non-redundant data available to different organisations of the financial sector – cleansed, formatted and in a cloud structure!
The platform was conceived under the name “Financial Big Data Cluster” (FBDC) and is meant to support financial institutions, regulators and researchers in particular.

fintus participated in the strategy event as did the Bundesbank, Deutsche Bank, Commerzbank, Deutsche Börse, SAP, IBM, EY and TechQuartier. The first valuable use cases for the use of the Financial Big Data Cluster were quickly found.

AML (Anti-Money Laundering) was one of them: Money laundering is currently particularly difficult to identify because transactions are distributed across different financial institutions. A central platform, such as the FBDC, can view transactions jointly and recognise AML even better.

Next steps of the initiative are the application for funding, the identification of sponsors and the allocation of concrete roles.

 

Patrick Schöller, 
14th of November 2019