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FINATRAX

Digital Financial Services and Cross-Organisational Digital Transformations Research Group (FINATRAX) has been starting at SnT on the 1st of January 2020.

With the progress of digital technologies, the financial services industry as well as our economy and society as a whole have gone through and will continue going through massive changes. Some industries already have been mostly disrupted by highly-innovative newcomers. In other industries, digital technologies have – so far – caused nothing more but efficiency gains. Advanced technologies like Blockchain/DLT, Artificial Intelligence (AI) and the Internet-of-Things (IoT) will present us with new and possibly even greater challenges than we have seen before.

Thereby, the digital transformation of one company can create opportunities for the digital transformation of others. One example is evolving today: Car manufacturers collecting online sensor data (i.e. the car becomes an IoT device) create opportunities for insurance companies using AI to develop new tariff schemes based on a risk profile generated from the individual's driving habits.

This is of special importance to the financial services industry: To provide the financial services of the future, the financial services industry needs to understand the needs of their private customers and business partners. As a consequence, the financial services industry needs to possibly change their technological approach and even their business model.

Understanding the digital transformation in various industries, designing transformative solutions in the areas of FinTech, RegTech and LegalTech, as well as deriving generalizable principles on "what makes a good design", will be the main objectives of my Digital Financial Services and Cross-Organizational Digital Transformations (FINATRAX) Research Group.

 

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