Center for Research toward Advancing Financial Technologies Announces Industry Members and First-Year Research Projects to Drive Fintech Sector Transformation
HOBOKEN, NJ and TROY, NY — Stevens Institute of Technology and Rensselaer Polytechnic Institute today announced their first industry members, including Bank of America, and initial research projects for the Center for Research toward Advancing Financial Technologies (CRAFT). An industry-university cooperative research center, backed by a grant from the National Science Foundation, CRAFT underscores the nation's strategic investment in managing risks and challenges facing the high-tech financial services industry.
"CRAFT addresses the critical need for collaborative research and policy initiatives to guide and transform the fintech sector," stated Steve Yang, CRAFT co-director and associate professor at Stevens Institute of Technology's School of Business. "We're extremely pleased to announce our initial member companies and affiliate organizations and the 2022-23 applied research we're undertaking on their behalf. With speed, security, computational power, AI-enabled finance, and novel analytics systems becoming increasingly important to the financial industry's success, we're confident that our work will provide a competitive advantage."
More than eleven member companies have joined CRAFT, which can be viewed on the CRAFT website.
"Greater collaboration between industry and academia is critical in advancing the common needs of clients and the wider financial industry," said Mike Purewal, head of Global Markets data science at Bank of America and CRAFT advisory board member. "Technology is a fundamental part of the business, which is why accessing cutting-edge research and collaborating with leading institutions like CRAFT, Stevens, and Rensselaer will help expand our thinking beyond traditional financial disciplines. As the industry embraces emerging technologies, we are able to work together to address specific challenges and techniques like applying machine learning to finance, fairness, risk, and social responsibility."
CRAFT has identified seven research initiatives to be completed from June 2022 until May 2023, including:
Key to advancing CRAFT's research initiatives is the Hanlon Financial Systems Center, which includes two financial analytics labs to support Steven's students in applying fintech solutions to real-world business problems. In addition, students involved with Stevens' fintech-related bachelor's and master's programs team up with Rensselaer's specialized master's degree students studying Quantitative Finance and Risk Analytics to support CRAFT's research.
“With the first set of industry funded research projects underway, CRAFT is poised to make a significant impact on the future of the financial services sector and the technological challenges it faces,” said Aparna Gupta, CRAFT co-director and professor at Rensselaer’s Lally School of Management. “CRAFT’s accomplished industry advisory board has been instrumental in setting CRAFT off on a great trajectory that will result in exciting and consequential outcomes.”
Stevens Institute of Technology is a premier, private research university situated in Hoboken, New Jersey overlooking the Manhattan skyline. Since our founding in 1870, technological innovation has been the hallmark of Stevens’ education and research. Within the university’s three schools and one college, 7,300 undergraduate and graduate students collaborate closely with faculty in an interdisciplinary, student-centric, entrepreneurial environment. Academic and research programs spanning business, computing, engineering, the arts, and other disciplines actively advance the frontiers of science and leverage technology to confront our most pressing global challenges. As Stevens celebrates its 150th anniversary, the university continues to be consistently ranked among the nation’s leaders in career services, post-graduation salaries of alumni, and return on tuition investment.
Founded in 1824, Rensselaer Polytechnic Institute is America’s first technological research university. Rensselaer encompasses five schools, 32 research centers, more than 145 academic programs, and a dynamic community made up of more than 7,600 students and more than 100,000 living alumni. Rensselaer faculty and alumni include more than 145 National Academy members, six members of the National Inventors Hall of Fame, six National Medal of Technology winners, five National Medal of Science winners, and a Nobel Prize winner in Physics. With nearly 200 years of experience advancing scientific and technological knowledge, Rensselaer remains focused on addressing global challenges with a spirit of ingenuity and collaboration.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Thania Benios, Stevens Institute of Technology
Sheryl Lee, Bank of America