On October 22 and 23, the School of Business recently hosted the 7th Industry Advisory Board Meeting for the Center for Research Toward Advancing Financial Technologies (CRAFT). This unique platform unites leaders from academia and industry. This collaboration is instrumental in advancing financial technology innovation, as demonstrated by this two-day event. It underscored CRAFT’s commitment to merging academic rigor with real-world industry insights to tackle some of the fintech sector’s most pressing challenges.
The meeting’s attendees included notable figures from the University of Cambridge, BNY Mellon, and innovation powerhouse Plug and Play. The agenda offered a mix of keynote addresses, presentations, and interactive panel discussions highlighting the center’s latest research and the dynamic collaboration between academia and industry. Topics ranged from cutting-edge fintech applications to the vital interplay between financial technology and climate sustainability. An area CRAFT is exceptionally dedicated to exploring.
One event highlight was the “CRAFT PI Experience,” where principal investigators showcased research projects bridging theoretical innovation with practical applications. These projects, which are already bringing forward real-world solutions to pressing issues in the financial services industry, underscored how CRAFT’s efforts are making a tangible impact. This collaborative environment fosters an exchange of ideas and best practices that provide actionable insights for industry professionals and valuable learning opportunities for students and researchers.
Beyond these open sessions, CRAFT’s board meeting included private, closed-door discussions. These intimate settings allowed members to delve into strategic priorities and discuss sensitive research developments, underscoring CRAFT’s depth of planning and research. This format ensures transparency around the center’s initiatives while creating a confidential space for industry advisors to guide the center’s future directions.
As the only National Science Foundation Industry-University Cooperative Research Center (IUCRC) dedicated exclusively to fintech, CRAFT operates at the forefront of financial technology. Two esteemed research universities founded it, Rensselaer Polytechnic Institute and Stevens, both recognized for their robust science and engineering programs. CRAFT’s mission is to drive transformative change across financial markets through research in market stability, risk management, and sustainable finance while addressing the ethical and societal implications of advanced technology in finance.
Industry representatives brought a wealth of experience to the meeting through presentations and case studies, offering real-world examples of how CRAFT research translates into tangible impact. These insights underscored the importance of integrating academic knowledge with industry expertise, a unique feature of the CRAFT model. For example, one presentation discussed the integration of quantum computing into financial systems, showcasing the potential for these new technologies to enhance decision-making and improve computational speed and security.
Another presentation tackled the challenges of making AI-driven financial decisions more transparent and equitable. Assistant Professor Jia Xu from Stevens led a project to identify biases in automated loan approvals, striving to make these systems fairer and less prone to discrimination. This project exemplifies CRAFT’s broader commitment to addressing the social dimensions of fintech, an aspect often overlooked in technology development.
CRAFT’s dual focus on technological innovation and social responsibility makes it a vital player in the evolution of fintech. By fostering collaboration between students, professors, and industry experts, CRAFT is helping build a future where financial technology serves the financial sector and broader society. With initiatives like the Industry Advisory Board Meeting, CRAFT remains at the forefront of research and development in fintech, poised to shape the future of finance through ethical and impactful innovation.
