Hoboken, NJ and Troy, NJ, May 01, 2023 (GLOBE NEWSWIRE) — 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 towards Advancing Financial Technologies (CRAFT). An industry-university collaborative research center, supported by a grant from the National Science Foundation, CRAFT underscores the nation’s strategic investment in addressing 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,” said Steve Yang, CRAFT co-director and associate professor at Stevens Institute of Technology’s School of Business. “We are very excited to announce our first member companies and associated organizations and the applied research we are conducting on their behalf for 2022-23. With speed, security, computational power, AI-enabled economics and new analytics systems becoming increasingly important to the success of the financial services industry, we ensure that our
work will provide a competitive advantage.”
More than eleven member companies have joined CRAFT, which can be seen on the CRAFT website.
“Greater collaboration between industry and academia is critical to advancing the shared needs of clients and the broader financial industry,” said Mike Purewal, Head of Global Markets Data Science at Bank of America and a member of CRAFT’s Advisory Board. “Technology is a fundamental part of business, which is why access to cutting-edge research and collaboration with leading institutions like CRAFT, Stevens and Rensselaer will help expand our thinking beyond traditional financial disciplines. As the industry embraces new technologies, we are able to work together to address specific challenges and techniques such as applying machine learning to finance, equity, risk and social responsibility.”
CRAFT has identified seven research initiatives to be completed from June 2022 to May 2023, including:
- Reasoning for fairness and explanation in economic decisions
- Explainable machine learning for credit risk analysis
- High-dimensional portfolio design and optimization using an explainable Ensemble learning framework
- Predictive learning from long financial text documents
- Risky business? Deep dive into DeFi
- Risk reduction in decentralized finance across platforms
- Fast Quantitative Methods for Financial Risk Management
Key to advancing CRAFT’s research initiatives is the Hanlon Financial Systems Center, which includes two financial analytics labs to support Stevens students in applying fintech solutions to real-world business problems. In addition, students involved in Stevens’; fintech-related bachelor’s and master’s programs are teaming up with Rensselaer’s specialized master’s 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 have a significant impact on the future of the financial sector and the technological challenges it faces,” said Aparna Gupta, CRAFT co-director and professor at Rensselaer’s Lally School of Management. “CRAFT’s talented industry advisory board has been instrumental in setting CRAFT on a great trajectory that will result in exciting and consistent results.”
Visit the Stevens website to learn more about CRAFT and its current research.
About Stevens Institute of Technology
Stevens Institute of Technology is a leading private research university located in Hoboken, New Jersey, overlooking the Manhattan skyline. Since its 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 students and postgraduates work closely with the faculty in an interdisciplinary, student-centred, entrepreneurial environment. Academic and research programs spanning business, computing, engineering, art and other disciplines are actively promoted
the frontiers of science and harnessing technology to meet our most pressing global challenges. As Stevens celebrates its 150th anniversary, the university continues to consistently rank among the nation’s leaders in career services, post-graduation salaries for alumni and return on tuition investment.
About Rensselaer Polytechnic Institute
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 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 one Nobel laureate in physics. With nearly 200 years of experience advancing scientific and technological knowledge, Rensselaer remains focused on meeting global challenges with a spirit of ingenuity and collaboration.
