INFINITECH is a joint effort of Europe’s leaders in IT and Finance/Insurance sectors towards providing the technological capabilities, the experimentation facilities (testbeds & sandboxes) and the business models needed to enable European financial organizations, insurance enterprises and FinTech/InsuranceTech innovators to fully leverage the benefits of BigData, IoT and AI technologies. The latter benefits include a shift towards autonomous (i.e. automated and intelligent) processes, that are dynamically adaptable and personalized to end-users’ needs, while being compliant to the sector’s complex regulatory environment. INFINTECH works towards delivering disruptive innovations in four complementary forefronts/levels: Innovative Technological Building Blocks for BigData, IoT and AI in Finance and Insurance, including infrastructures, components and toolkits for seamless data access and querying across multiple fragmented data sources, technologies for cost-effective real-time analytics, advanced analytics algorithms (including AI), technologies for data governance and regulatory compliance, technologies for trustful and secure data sharing over blockchain infrastructures, as well as handling of semantic data interoperability across stakeholders of the financial/insurance supply chain. INFINITECH will also provide a Reference Architecture (RA) for BigData, IoT and AI applications in the financial sector, which will serve as a blueprint for integrating, deploying and operating BigData and IoT infrastuctures, including infrastructures that will leverage the above-listed building blocks. The RA will provide the means for integrating and deploying applications that take advantage of leading edge technologies, including predictive analytics, different instances of AI (e.g. DL, chatbots), blockchains and more. Several Large-Scale Innovative Pilots in Finance and Insurance, which will leverage both the technological developments of the project (including the INFINITECH RA) and the testbeds/sandboxes in order to deploy and validate novel use cases in real-life environments based on realistic datasets i.e. either real anonymized datasets or synthetic datasets with pragmatic statistical properties. The pilots will span a wide array of areas covering the most prominent processes of the financial and insurance sectors, including KYC and customer centric analytics, fraud detection and financial crime, credit risk assessment, risk assessment for capital management, personalized portfolio management, risk assessment in investment banking, personalized usage-based insurance, insurance products recommendations and more. The pilots demonnstrates the added-value of the project’s technologies and testbeds, while at the same time showcasing the project’s disruptive impact on Europe’s financial and insurance sectors .
