Deepfakes grab headlines when celebrities are involved, but fewer people are aware that deepfakes affect the financial services industry, too.

That topic and more will be explored at the public Industry Advisory Board (IAB) Meeting of the Center for Research toward Advancing Financial Technologies (CRAFT), a partnership between Rensselaer Polytechnic Institute and Stevens Institute of Technology, at the Rensselaer Shirley Ann Jackson, Ph.D. Center for Biotechnology and Interdisciplinary Studies on Thursday, March 27, 2024. CRAFT is supported by the first-ever National Science Foundation (NSF) grant to create an industry-university cooperative research center devoted specifically to financial technology and science. Leaders will hear presentations from researchers seeking funding for projects and, on the following day, the board will vote on which projects to support in a private meeting.

“We look forward to celebrating RPI’s Bicentennial at this CRAFT IAB meeting,” said Aparna Gupta, professor in the Lally School of Management at Rensselaer and co-director and site director of CRAFT. “Building upon our rich history of technological innovation, financial technologies is just one area in which Rensselaer is continuing to help define the future.”

The event will feature a special presentation entitled the Past, Present and Future of Fintech @RPI. John Hill ’77, Former Assistant Commissioner for Innovation and Transformation (retired) at the U.S. Department of the Treasury’s Office of Fiscal Service, will present Four Innovations: An Engineer's Journey through 40 years of Financial Management, followed by Reflections on RPI Experience and Impact and Defining the Future Agenda.

Keynote speakers at the meeting include Karim Derrick, Chief Products Officer at Kennedys I.Q., and Ravinder Khokhar, EVP and Global Head of Cloud for Financial Services at Capgemini. Hill will present on “Four Innovations: An Engineer's Journey through 40 years of Financial Management,” Derrick will address “Insurtech Innovations and Opportunities,” and Khokhar will speak about “Cloud Computing for Financial Services.” A panel discussion on deepfakes in financial services will be led by presenters from Kennedys I.Q.

Researchers will present their proposals on computing, technological, and artificial intelligence (AI) innovations. This year, RPI will become home to the first-ever quantum computer to be housed on a university campus. It is expected that quantum computing will accelerate the development of financial technologies including AI-enabled elements.

“Artificial intelligence is already a critical tool in fintech research, and quantum computing may make an even bigger impact,” said Steve Yang, CRAFT director and associate professor at Stevens. “The collection of vast amounts of data is required to innovate, and the use of these latest technologies allows us to process more data faster and draw actionable conclusions to make a difference in the finance industry.”

The CRAFT IAB meeting is not only a funding opportunity for researchers, but a training and educational opportunity for participants and students.

“Rensselaer prides itself on the research opportunities offered to students at both the undergraduate and graduate level, and CRAFT presents wonderful opportunities for our students to work with faculty as well as industry experts,” said Rensselaer Provost Rebecca Doerge. “The CRAFT IAB meeting introduces students to research opportunities around fintech and helps them to explore possible career paths. I look forward to learning what innovations CRAFT researchers will explore next.”

“This meeting is open to the public, and we welcome participation from professionals in fintech. Join us to learn more about our capabilities and the advantages of partnering with CRAFT to harness research prowess and drive progress across the industry,” said George Calhoun, CRAFT managing director, and director of the Quantitative Finance Program and the Hanlon Financial Systems Center at Stevens. “Our collaborative approach addresses both consumer and industry needs, while contributing to workforce development in an in-demand sector.”

“CRAFT research is continuing to make a great impact on the financial services industry,” said Chanaka Edirisinghe, acting dean of Rensselaer’s Lally School of Management. “We are all affected by the issues of security, risk, and resilience in fintech, and I’m proud of CRAFT’s contributions in these areas.”