Practical example and current challenges
- Big Data and AI are the key drivers for innovation in the financial sector. Not only do they represent important research focuses, they are also already shaping the business models of banks and stock exchanges.
- In the future, the Financial Market Authority will also use AI applications to take, for example, more effective action against money laundering and market manipulation.
- Key players in the industry are currently joining forces in a Financial Big Data Cluster (FBDC) to build a cloud-based data platform for the financial sector. This platform will integrate the previously unconnected financial data of companies, authorities and science in a common data pool and will be optimized for the development of AI applications and systems.
- The underlying IT infrastructure requires a secure data vault that meets the high legal and regulatory requirements of the financial sector. It should be possible to make data available to different user groups in gradations according to their sensitivity.
- The platform will also provide analysis tools, data exchange tools and computing capacity.
What added value does the "GAIA-X project" offer?
- The project can serve the FBDC in the sense of a multi-cloud approach as an alternative infrastructure platform, which brings improved possibilities for the development and use of AI applications.
- The project increases transparency in the cloud market and thus makes an important contribution to data sovereignty. Users can obtain a targeted overview which offers are linked to which conditions (e.g.: Where is the data hosted?). This transparency is particularly important for players in the financial sector. In some cases, they are subject to strict guidelines on where their data may be stored and how it may be used.
- The project thus facilitates access to the FBDC for additional participants and can thus in-crease the target group and scope of the developing ecosystem around financial data. There is also particular potential in linking the FBDC ecosystem with other industry ecosystems, such as the industrial sector.
Use Case Team
- Dr. Stephan Bredt – Hessian Ministry of Economics
- Konrad Sippel – Deutsche Börse
- Prof. Stefan Bender – Deutsche Bundesbank
- Dr. Sebastian Schäfer – TechQuartier