On the 1st January 2021 the initiative Financial Big Data Cluster was launched with the research project “safeFBDC” as a solution for a technological driven development of the European Financial Sector. To do so the safeFBDC congregates a consortium of public and private collaborating partners managed by TechQuartier – to leverage knowledge in the areas of artificial intelligence, machine learning and business model development.
Therefore, the initiative is a response to increasingly structural change, fuelled by technological innovation. Participants are reacting to the challenge of adaptation with increasing speed. As “banking is unbreakably connected with the use of information technology” the financial sector is a prime representative of the importance of technological innovation. While US and Chinese actors have been predominant in the adaptation of technological innovation in the financial sector, European actors have to step up their game. Their engagement is of importance to secure data sovereignty and thus obtain a competitive position when it comes to data-driven financial services. To achieve this collaboration of the private and public sector is of utmost necessity. For this applicable, european-centristic research is needed to understand and thus enable innovations and their necessary environment. Providing such research will in turn enable the proactive engagement of practitioners.
Thus the safeFBDC project is set up to deliver on these necessities by aligning three major goals:
- Increasing research output through the development of new AI systems and analysis of new, information-rich data sets.
- Enhancing financial stability by facilitating the exercise of oversight and supervisory functions by public authorities.
- Promoting the development of new data-based products, services and business models, and to increase the transfer of knowledge from research to business.
Collaboration on the research of new business models driven by technology
To facilitate applicable, european-centristic research of the financial sector TechQuartier and FINDER, have decided to join forces. Together we want to utilize the opportunity the safeFBDC is providing to study the collaboration driven by technological change. To do so Luisa Kruse from TechQuartier and me will work together on this project. Aim of our collaboration is to study the underlying organizational mechanisms driving this flagship project. By doing so we generate value in three important ways. First, we facilitate applicable research to enable practitioners. Second, we gain a better understanding of how technology affects opportunities of innovation. Third, we establish a new venture of research of the European financial sector. The progress of our collaboration will subsequentially covered within my blogposts culminating in a collaborative whitepaper.
– Jonas Geisen, ESR
 Schwab, K. (2017). The fourth industrial revolution. Currency.
 Thalassinos, E. (2008). Trends and Developments in the European Financial Sector. European Financial and Accounting Journal, 3(3), p. 58