Financial and insurance organizations take advantage of BigData and IoT technologies in order to improve the accuracy and cost-effectiveness of their services, as well as the overall value that they provide to their customers. Nevertheless, despite early deployment instances, there are still many challenges that have to be overcome prior to leveraging the full potential of BigData/IoT/AI in the finance and insurance sectors, which could also act a catalyst for attracting more investments and for significantly improving the competitiveness of enterprises in these sectors. In particular, financial institutions and insurance organizations are currently faced with the following challenges:
- Data Fragmentation and Interoperability Barriers.
- Limitations for Cost-Effective Real-Time Analytics
- Regulatory Barriers
- Data Availability Barriers
- Lack of Blueprint Architectures for BigData Applications
- No Validated Business Models:that could drive monetization and tangible business benefits related to BigData/IoT
- Technical/Technological Developments: At the technical/technological forefront, there is a need for BigData architectures and toolkits tailored to the needs of data-intensive applications in the finance/insurance sector.
- Development of Experimentation Infrastructures (Testbeds & Sandboxes)
- Validation of Novel Business Models: In order to showcase and evaluate the tangible value of new technologies and testbedss
- Introduce and validate a Reference Architecture (RA) for BigData, IoT and AI applications in the financial and insurance sectors.
- Provide solutions for integrated data management over the wide range of databases and data sources used by BigData, IoT and AI applications in finance/insurance, including OLTP, OLAP, streaming data sources, structured data sources, unstructured data sources, semi-structured data source and more.
- Ensure that the INFINTECH platform is secure & regulatory compliant by design, through providing relevant data governance and regulatory compliance technologies.
- Introduce building blocks for semantic interoperability and interoperable data exchange capabilities, as means of facilitating the development and deployment of innovative applications that span multiple systems and stakeholders in the financial supply chain.
- Develop a range of enablers for complex, high-performance analytics that combine data from multiple sources and enable low-latency, near real-time operations.
- Provide 9 testbeds for experimentation, testing and validation of BigData and IoT applications in the financial and insurance sectors.
- Demonstrate the potential of BigData, IoT and AI to disrupt the financial/insurance sectors based on Large-Scale, innovative, industry-driven pilots covering the full spectrum of digital finance/insurance applications.
- Establish and Validate Novel Business Models with an outlook towards the commercialization of the pilots’ products and services.
- Establish a multi-sided market platform and pan European Digital Innovation Hub (DIH) in order to support the sustainability and wider use of the project’s results.
ATOS leads the validation of the project’s results in the scope of 14 high impact pilots providing complete coverage of the sectors, including Know Your Customer (KYC), customer analytics, personalized portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, usage based insurance, automotive connected vehicle, agro-insurance and more. Atos’ team has an important role designing and developing the baseline IoT platform that shall allow the data collection and analysis and it will contribute to the implementation of different AI/ML in the connected vehicle to detect driving patterns ( insurance companies). Furthermore, the IP Lab will bring its security and data protection expertise to support regulatory compliance specifications (eIDAS Regulation, GDPR, NISD, among others).