The new data-driven industrial revolution highlights the need for big data technologies to unlock the potential in various application domains. The insurance and finance services industry is rapidly transformed by data-intensive operations and applications. FinTech and InsuranceTech combine very large datasets from legacy banking systems with other data sources such as financial markets data, regulatory datasets, real-time retail transactions, and more, improving financial services and activities for customers.

1. 1This project has received funding from the European Union’s horizon 2020 research and innovation programme under grant agreement no 856632
Flagship initiative for Big Data in Finance and Insurance
FinTech and InsuranceTech case
studies digitally transforming Europe’s
future with BigData & AI driven
innovation
Pavlos Kranas, LeanXcale Spain, pavlos@leanxcale.com
INFINITECH Technical
Overview

2. 2This project has received funding from the European Union’s horizon 2020 research and innovation programme under grant agreement no 856632
Flagship initiative for Big Data in Finance and Insurance
• AI Architectures in their Infancy
• No-Adequate support for real-time AI use cases
• E.g., detection of fraudulent transactions on the fly
• Limited Data Set for Training Algorithms & Data “Silos”
• Lack of testbed & experimentation resources (Data Assets
& Sandboxes”)
• Business Models not validated
• Complex Regulatory Environment
INFINITECH Drivers & Motivation

3. 3This project has received funding from the European Union’s horizon 2020 research and innovation programme under grant agreement no 856632
Flagship initiative for Big Data in Finance and Insurance
INFINITECH Results & Value Proposition

4. 4This project has received funding from the European Union’s horizon 2020 research and innovation programme under grant agreement no 856632
Flagship initiative for Big Data in Finance and Insurance
The INFINITECH AI Technologies
Dataacquisition&
managementlayer
Interoperabledata
exchangelayer
Analytics&
applicationslayer
eLoan
eStockMarket
eTransactions
eBanking
eStatements
Bank1
Reporting
Mining
Risk assessment
INFINITECHPermissioned Distributed SharedLedger
Analytics
Bank2
Bankn
Datagovernance&Regulatorycompliance
Seamless Unified Open Finance/Insurance API (HTAP & Analytics)
DApp
Smart
contract
Smart
contract
Smart
contract
DApp
Seamless Data Management (HTAP) (Intra & Inter-Organization) and Semantic Interoperability
Insurance1
Insurancen
EncryptionAnonymizationPolicy&Consent
Incremental and ParallelAnalytics Declarative Analytics Libraries of DL/ML Algorithms (OpenML, Mlib)

5. 5This project has received funding from the European Union’s horizon 2020 research and innovation programme under grant agreement no 856632
Flagship initiative for Big Data in Finance and Insurance