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Tailored IoT & BigData Sandboxes and Testbeds for Smart, Autonomous and Personalized Services in the European Finance and Insurance Services Ecosystem

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Helping Europe’s finance and insurance industry leverage the power of technology

The EU-funded INFINITECH project has compiled the best practices, tools and solutions that European financial institutions need to fully benefit from big data, the internet of things and artificial intelligence.

Digital Economy icon Digital Economy

Emerging technologies such as big data, artificial intelligence (AI) and the internet of things (IoT) all have the potential to revolutionise how we live, work and play. But tapping into that potential first requires knowing how to use them – something that for the financial and insurance industry can be easier said than done. “Many financial and insurance institutions still face difficulties using big data technology due to complicated regulations and a lack of appropriate test bed resources,” says Maurizio Ferraris, innovation manager at GFT Italia. With the support of the EU-funded INFINITECH project, GFT, together with a consortium of over 40 fintech partners, are working to lower the barriers to data-driven innovation, boost regulatory compliance and stimulate investment. “INFINITECH aims to provide the technological capabilities, experimentation facilities and business models needed to enable European financial organisations, insurance enterprises, and fin- and insurance-tech innovators to fully leverage the benefits of big data, the IoT and AI,” adds Ernesto Troiano, service manager at GFT Italia.

A one-stop shop for fintech innovation

While it took some time to align the project’s international partners, once a common vision was found, it was full steam ahead. At the centre of that vision is the INFINITECH Marketplace, a repository of best practices in fintech developments for Europe’s insurance and financial sectors. “This innovative framework allows industry players to seamlessly navigate through the design, development and deployment of various technology-based solutions,” explains Ferraris. The Marketplace currently boast more than 600 resources, including third-party tools, courses and workshops, ‘how to’ videos and accelerator programmes. It also includes a reference architecture for developing and operating big data systems within the digital finance arena. “This reference architecture was key to helping the project test various technologies against different use cases, identify best practices and ensure regulatory compliance,” notes Troiano. To help companies utilise the reference architecture, the Marketplace provides an intuitive onboarding process. “This process helps companies evaluate available paths for implementing different technological solutions, ensuring their easy adoption and efficient deployment,” says Ferraris.

A far-reaching legacy

Within a relatively short period of time, the INFINITECH project succeeded at producing a vast number of exploitable results – some of which have since evolved into products and services that are now available to citizens and businesses. “While the EU-funded project may be over, its legacy will live on through the solutions it developed, many of which have a clear industrial plan for exploitation or have already been rolled out and are now serving customers,” explains Troiano. That legacy is further bolstered by the articles and books that have been published – including one with over 100 000 downloads – along with the Marketplace, virtual design information hub, and active YouTube channel. Many of the project’s partners are also working together in additional EU-funded projects, such as FAME and MobiSpaces, both of which will leverage the success of the INFINITECH project. “Said simply, the INFINITECH project has delivered!” concludes Ferraris.

Keywords

INFINITECH, finance, insurance, technology, big data, internet of things, IoT, artificial intelligence, AI, fintech

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