Financial technology (Fintech) firms aim to modernize many traditional financial services through efficiency improvements realized through operational, quantitative modeling, and delivery automation. Academic institutions have recently launched focused research and education initiatives in the Fintech area. This included the offering of Fintech certification and degree programs aimed at bachelors, masters, and research oriented doctoral students working in the areas of quantitative finance, computer science, information systems, and computer engineering, among other disciplines. These students are trained by faculty specialists in research areas that include, but are not limited to, human-centered computing, explainable AI, risk modeling, distributed computing, smart contracts, information security, quantum computing, decentralized exchange design, and machine learning finance applications. Given the historical importance of the computational sciences driving financial innovation, the growing development and integration of these technologies in the Fintech area, a collaborative, interdisciplinary consortium of university and industry partners focused on Fintech research and innovation can make a great impact.
Center for Research toward Advancing Financial Technologies (CRAFT), a national collaborative research center at Stevens Institute of Technology (Stevens) and Rensselaer Polytechnic Institute (RPI) and co-funded by the National Science Foundation (NSF), focuses on the advancement of innovative financial technology research with practical applications for industry partners. The NSF created the Industry/University Cooperative Research Center model over forty years ago to focus research attention and build institutional support related to critical fields of science and technology. The I/UCRC model was designed around three primary objectives:
- Conduct high-quality, high-impact research to meet shared needs of key industry constituencies (in this case, the financial services industry)
- Enhance U.S. global leadership in driving innovative technology development (in this case, Fintech)
- Recruit, mentor and develop a diverse, high-tech, exceptionally skilled workforce.
CRAFT is the first I/UCRC focusing on Fintech research and innovation to bring together academic and industry participants, as well as representatives from all levels of government, and support the agenda of advanced research projects related to the Fintech challenges of the financial services industry.
This call for proposals is intended to solicit the second year of research projects from CRAFT affiliated faculty members. The proposals submitted in response to the CfP will be presented to the CRAFT Industry Advisory Board (IAB) at the semi-annual fall and spring meeting for feedback. A formal project selection process will be followed by the IAB and CRAFT Academic Leadership Team (ALT) for funding consideration.