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UBITECH kicks off the INFINITECH Innovation Action on Tailored IoT and Big Data Sandboxes for the Finance and Insurance Services Industry

UBITECH participates in the kick-off meeting, in Lisbon, Portugal (November 4-5, 2019), of the INFINITECH project, officially started on October  1st, 2019. The project is funded by European Commission under Horizon 2020 Programme (Grant Agreement No 856632) and spans on the period October 2019 – December 2023. INFINITECH is a joint effort of global leaders in ICT and finance towards lowering the barriers for Big Data, IoT and AI driven innovation, boosting regulatory compliance and stimulating additional investments and aims to provide novel Big Data and IoT technologies for seamless management and querying of all types of data (e.g., OLAP/OLTP, structured/unstructured/semi-structured, data streaming and data at rest), interoperable data analytics, blockchain-based data sharing, real-time analytics, as well as libraries of advanced AI algorithms; regulatory tools incorporating various data governance capabilities (e.g., anonymization, eIDAS integration) and facilitating compliance to regulations (e.g., PSD2, 4AMLD, MIFiD II); and nine novel and configurable testbeds and sandboxes, each one offering Open APIs and other resources for validating autonomous and personalized solutions, including a unique collection of data assets for finance and insurance.

The results of the project will be validated through 14 pilot projects, which will cover all areas of reference for the sector, such as know your customer (KYC), customer analytics, personalised portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, usage-based insurance, agro-insurance and much more. INFINITECH will also make a platform available that will provide access to project solutions, along with a Virtualized Digital Innovation Hub (VDIH). This will support innovators such as FinTech and InsuranceTech in their ongoing commitment to the concrete application of Big Data technologies, AI and IoT.

Within INFINITECH, UBITECH will lead the development of a range of enablers for efficient, high-performance analytics that combine data from multiple sources and enable low-latency, near real-time operations. To facilitate high-performance analytics, UBITECH will contribute in the parallelization of incremental algorithms that are commonly used in finance and insurance applications (e.g., clustering, collaborative filtering and frequent pattern matching) as a means of accelerating their execution. Moreover, UBITECH will work towards the implementation of a declarative analytics framework that will enable analytics over diverse data sources based on conventional SQL-like primitives and in a way that handles the underlying complexity of data sources, as well as of a library of ML/DL algorithms for analytics in the finance and insurance sector, including both conventional algorithms and parallelized incremental algorithms. Finally, UBITECH will create a Big Data Workbench for use by the INFINITECH data scientists, for accessing the added-value analytics functionalities of INFINITECH such as the declarative analytics functionalities, as well as the ML/DL algorithms, and for executing analytics over the INFINITECH data management infrastructure and data analytics enablers.