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RiskON – Promoting the Further Development of Risk Management in Switzerland

September 08, 2024, by Reik Leiterer, data innovation alliance

The aim and motivation of the RiskON initiative are to promote the further development of risk management in Switzerland under the patronage of sminds AG/N9 House of Innovation, the program management of the University of Zurich, especially of the UZH Innovation Hub, including business partners such as Bank Julius Baer, LGT Bank Switzerland, Pictet, EFG International and the Association of Swiss Cantona Banks.

Actively joined strategic partners in 2024 were Swiss Financial Innovation Desk (FIND), Swiss Risk Association and the Innosuisse Innovation Booster Artificial Intelligence. The latter will allow for the practice transfer after the RiskON Hackthon – a practice transfer for co-innovation between banking representatives and students, guided by the UZH faculty.

The RiskON brought together professional risk expertise with enthusiastic young academics in the format of a ‘Risk-/Hackathon’ with the aims to provide concrete solutions for real challenges in non-financial, financial, and digital risks: at RiskON 2024, experience and youth, curiosity and established professionalism, commitment and openness met for the second time at the University of Zurich to jointly develop comprehensive and digital risk management solutions.

The RiskON 2024 had three concrete challenges with 15 teams and 53 students to work on and produced use cases and approaches for the banks involved:

  • Challenge-1 ‘Use of new technologies for risk events classification and analysis’
    Financial institutions, as part of their risk frameworks, are required to capture, investigate/analyze and report on risk events. Given the volume of such events, their handling and analysis may be cumbersome and resource intensive. So how to leverage new technologies to facilitate the classification of risk events and their analysis?
  • Challenge-2 ‘Fraud Risk Detection – How artificial intelligence can help’
    Fraud risk, external and internal, is currently among the top risks in the financial sector. Big data and the rapid development of artificial intelligence has, unfortunately, also contributed to that over the past few years. On the other hand, AI-methods can be efficiently used by banks for early detection of fraud risk. In this context, a pragmatic approach for using AI methods and tools as part of a fraud risk detection tool with a focus on Private Banking business profiles is required.
  • Challenge-3 ‘How can AI be leveraged and enabled to enable CRO employees to work more efficiently’
    By focusing on either completing counterparty due diligence questionnaires, enhancing the Anti-Money Laundering (AML) alert resolution process or streamlining, harmonizing, translating, and updating legal client forms using advanced analytics techniques, Optical Character Recognition (OCR), and NLP, ideas for improving, scaling and automating tasks performed by Chief Risk Officer (CRO) employees are needed (incl. considering the associated risks, limitations and implementation cost).

The participating, interdisciplinary teams were able to deal intensively with the challenges in advance and, after a brief introduction by the organizers and a description of the hackathon’s procedure, they moved to their break-out rooms to work on their projects. Here they were coached not only by the challenge owners, i.e. the finance institutions, but also by experts from the fields of finance, risk management and technology integration.

The following day – and for many of the participants after a rather short night – the results were presented separately for each challenge in front of a jury and discussed together with the bank’s representatives. All the results were consistently of a very high standard, both in terms of conceptual depth and technological implementation, as well as in terms of reflection on the challenges and basic understanding of the complex challenges worked on.

The award ceremony and networking aperitif took place in the center of Zurich – and gave the winners of each challenge the chance to present their results again in front of all participants and in a festive setting. In addition, the award ceremony dinner and the unofficial closing aperitif were used extensively to exchange ideas with the industry and research experts present – and to discuss possible next steps in the teams after this RiskOn experience.

For the winning teams, these steps are clear: the innovative solutions will receive funding and support to ensure practical implementation. Within six months, a Minimum Viable Product (MVP) or Proof of Concept (POC), showcasing the feasibility, viability and desirability of the ideas, will be put into motion. The innovation teams will also get the opportunity to co-author articles and white papers with UZH professors, gaining access to cutting-edge research, enhancing academic credentials and thereby allowing for academic transfer.

Open Innovation – a trust-building setting from legal considerations to the incorporation of ethical and sustainability criteria

August 08, 2024, by Reik Leiterer, data innovation alliance

In open innovation, creating a safe space to share knowledge and ideas is vital for successful co-creation. This entails establishing a legal framework for open innovation by creating policies and guidelines that foster collaboration, protect intellectual property (IP) rights, ensure fair use, and maintain compliance with relevant laws. The following video explains how to enable a trust-building setting with rules of participation for an open innovation program and for collaborating teams.

In the frame of Intellectual Property Management, create and/or follow guidelines on the ownership and sharing of IP created through open innovation, including e.g. joint ownership, licensing agreements, or IP transfer policies. Create understanding on how patents and trademarks will be handled, including the set-up of agreements on filing and maintaining IP protection. If necessary, use non-disclosure agreements (NDAs) to protect sensitive information shared during collaboration.

With regard to compliance with laws and regulations, be aware of data protection laws (e.g., GDPR, CCPA) when handling personal or sensitive data, comply with export control regulations that may affect the sharing of technology or information across borders, and avoid anti-competitive practices by ensuring that collaboration does not lead to market monopolization or unfair trade practices. May be consider using Creative Commons and open source licenses  (e.g., MIT, GPL) to facilitate and ensure legal sharing, contribution and reuse of creative works. 

We always recommend establishing ethical guidelines to ensure that innovations are developed and used responsibly. In addition, the incorporation of sustainability criteria into the innovation process could be something to think about to promote environmentally and socially responsible practices.

Workshops at 11th IEEE Swiss Conference on Data Science (SDS2024)

July 4, 2024, by Reik Leiterer, data innovation alliance

The Swiss Conference on Data Science (SDS) is Switzerland’s premier event for applied data science. The conference brings together leaders and science and business experts to exchange ideas and drive innovation in products and services, with a focus on the Swiss market. The SDS2024 took place in Zurich on May 30-31 at The Circle Convention Centre, Zurich Airport. If you want to get an impression how it was, have a look on the SDS2024 Flashback Video!

The 2-day conference started with an interactive workshop day to provide in-depth, practical and application-oriented insights into the latest developments in the field of data science and Artificial Intelligence. Over 450 participants took advantage of these opportunities and were able to benefit from exciting and professionally prepared and conducted workshops. Two of the workshops were supported by the Innovation Booster Artificial Intelligence to identify challenges and discuss possible ideas for radical solutions.

Next-Gen Cleantech Solutions: Mining Insights from Media and Patent Data with Natural Language Processing (NLP) and Large Language Models (LLMs)

The first workshop addressed challenges and solutions in the cleantech sector and was organized and moderated by HSLU (Guang Lu), ETHZ (Susie Xi Rao), FHNW (Daniel Perruchoud) and Equintel GmbH (Janna Lipenkova). All slides, data and further information are provided here.

At a time when tackling environmental challenges is of paramount importance, the cleantech industry plays a central role in promoting sustainable solutions. However, technological innovation in the cleantech sector requires a deep understanding not only of the technologies, but also of the market requirements. The workshop addressed the challenge how this information, usually embedded in a large amount of patent and media data, could be analysed using Natural Language Processing (NLP) and the latest advancements in Large Language Models (LLMs).

The workshop started with a talk about Disentangling the Global Innovation Landscape by J. Lipenkova and expert techniques were presented for analysing patent and media data for cleantech innovation including NLP, LLMs, RAG, and LLMs-augmented recommender systems. These inputs were then applied in a hands-on session and transferred to specific use cases, where the participants were able to try out the presented LLM-powered cleantech question-answering and recommendation system.

They key challenges identified and discussed were:

i) How to identify use cases and workflows in the cleantech sector that can be supported with natural language processing, large language models and retrieval-augmented generation techniques?

ii) How to evaluate the business value of different technical variations and how to quantify the ROI of such systems?

Generative AI for Well-Being

The 2nd workshop deals with the potentials of the new technologies around generative AI to help people to fight stress and increase their well-being. This workshop was organized by BFH (Souhir Ben Souissi, Mascha Kurpicz-Briki, Yannis Schmutz, Tetiana Kravchenko, Christoph Golz).

Generative AI has reached broad attention in the media over the last months. Different new use cases have been identified to support people in their daily work and make their work more efficient. But what about the well-being of the individuals? Different studies have shown that there is a rise of stress, also in Switzerland. On the one side, technologies such as chatbots or coaching technologies can support mental health or therapy in the setting of blended therapy. On the other side, there is a huge potential of multimedia interventions for elderly people, patients or stressed workers.

In this interdisciplinary workshop with a mixture of talks and hands-on parts, the different directions possible were discussed and how these latest technologies can be applied for the well-being of humans. One example was, how language models could be leveraged for advanced conversational interactions in the digital health domains or more in general, how generative AI could be a suitable technology in mental health care. Current challenges include the sometimes-limited patients health literacy which could leads to less effective treatments. This could be addressed with digital assistants providing personalized information’s and thus may increase patients therapy adherence. The practical part was all about enhancing well-being through multimedia generative AI with a focus on image and sound generation.

The day was concluded with a networking Apero and the presentation of the Swiss Viz Awards.

GEOSummit 2024: Make better decisions with geodata!

May 15, 2024, by Reik Leiterer, data innovation alliance

On May 15th, the GEOSummit conference took place in Olten as the key event in the geo community. The following is a nice wrap-up from the perspective of the program committee and the GEOSummit office.

We live in a time of complex global challenges. This requires a coordinated and data-based approach. The use of geospatial data to improve decision-making processes has gained significant importance in recent years to identify spatial relationships and patterns. From businesses to government agencies and non-profit organizations, more and more stakeholders are relying on geospatial data to make informed decisions. This includes optimizing public infrastructure, assessing environmental impacts and planning emergency response.

And the relevance of thematic was impressively demonstrated by the interest in this conference: the GEOSummit 2024 was fully booked weeks before the registration deadline – and it became clear that early registration had paid off, as visitors rated the congress and trade fair as very good in the final survey.

The keynote speech by the former NASA research director Thomas Zurbuchen was particularly inspiring. He used specific examples to show how important Earth sciences are and that around 3 billion of NASA’s 8 billion budget was used for Earth observation. In his opinion, the major challenges facing our society can only be solved with sufficient data. For example, up-to-date and precise measurement data is essential for the training and validation of climate models. In the panel discussion with Pol Budmiger, Head of the GEOSummit program committee, he spoke about innovation, talent development and entrepreneurship in his inspiring way, alongside impressive space missions. Making a difference requires not only ideas but also courage, perseverance, tenacity and, in some cases, luck.

With a total of 12 lecture blocks, the event offered a comprehensive look at the diverse opportunities and challenges of integrating geodata into decision-making processes. Current developments in geodata processing and analysis were also discussed, including the role of the latest technologies in the field of satellite data, real-time data and artificial intelligence. Many GIS trends (http://gistrends.ch) were explained using specific examples. These innovations enable a more comprehensive and timely analysis of geodata, which forms the basis for effective decision-making. Artificial intelligence and the processing of rapidly growing volumes of geodata, pose challenges for our industry. But we can only create added value if we deal with these issues at an early stage, educate ourselves in these topics and have the courage to try out new things. If we close our minds to these changes or delay them, we run the risk of being left behind. According to Zurbuchen, we need to combine the strengths of the public and private sectors and make use of the knowledge of new talent, as Switzerland has one of the best education systems in the world. Despite the many benefits of geospatial data, there are also challenges to overcome, including data protection issues and ethical considerations. A balanced and responsible use of geodata in decision-making processes is crucial.

Overall, the participants were inspired by the GEOSummit and would like to see more information and exchange inter alia on the following topics at future webinars and for a GEOSummit 2026:

  • Open Data, OSM, OGD – Mobile Mapping
  • BIM – Data Literacy
  • Kubernetes – Mobility

At the closing event, Pol Budmiger called on the congress participants to get involved in professional associations, educational and training institutions and the GEOSummit as a showcase and communication platform for the geospatial sector: If you want to help shape things, you can make a big difference! If you would like to join forces with colleagues to promote the geospatial industry, please contact info@geosummit.ch.

More than 300 visitors enjoyed networking in the exhibition zone and for many, the closing beer lasted longer than the two hours planned. For sure, many ideas emerged from the discussions which, with a little courage, will lead to real innovations for the geo industries. And may be with this, you could say in future with full conviction: “Better decisions with geodata!”

Wir alle sind immer noch auf Entdeckungsreise

April 2024, Interview mit Christoph Heitz, ZHAW und Data Innovation Alliance

Datenbasierte Wertschöpfung ist das A und O der Innovation. Die Data Innovation Alliance unterstützt Schweizer Unternehmen dabei, das Innovationspotenzial, das in Daten schlummert, zu realisieren. Wie das geht und was die Alliance motiviert, erklärt ihr Präsident Christoph Heitz im Interview.

asut: «Daten sind das Gold des 21. Jahrhunderts», sagen viele. Stimmt das, und von welchen Daten sprechen wir da?

Christoph Heitz: Die Digitalisierung hat in den letzten 20 Jahren dazu geführt, dass alle möglichen Dinge Datenspuren hinterlassen. Zum einen sind das Daten von Sensoren, Maschinen und technischen Anlagen. Das geht in Richtung IoT und Industrie 4.0, d.h. mithilfe dieser Daten lassen sich Systeme und Abläufe intelligent vernetzen und steuern. Das andere sind Spuren, die Menschen im Internet hinterlassen. Beides ist wichtig und für die Schweizer Wirtschaft äusserst relevant. 

Weshalb?

In Daten stecken Informationen, die wertvoll sein können. In personenbezogenen Daten sind das Informationen über Personen. Diese sind oft verstreut: Da hat man zum Beispiel irgendwo mal die E-Mail-Adresse angegeben und anderswo vielleicht Alter, Beruf oder Einkommen. Dazu kommen die Abfragen, die wir in Suchmaschinen eingeben, und ganz allgemein, wie wir uns im Internet bewegen und uns als Kundinnen und Kunden verhalten. Wenn diese Daten kombiniert werden, kann damit eine ausserordentlich potente Maschinerie aufgebaut werden, um das Verhalten von Menschen in einem noch nie dagewesenen Ausmass beobachten zu können. Firmen wie Google sammeln und aggregieren diese Daten. Sie können dann benutzt werden, um Zielgruppen besser anzusprechen, oder mehr Verkäufe zu generieren.

Die Digitalisierung wandelt also alle möglichen Informationen in Daten um?

Genau. Ein Teil der Digitalisierung besteht im Grunde aus einer gigantischen Messkampagne: Personendaten, Daten von Wettersensoren, Temperatursensoren, Heizungssteuerungen, Autos und dazu die Standortdaten von Smartphones, die es erlauben Verkehrsstaus und die Auslastung in Geschäften und Restaurants in Echtzeit anzugeben. All das ist relativ neu.

Sie haben von 20 Jahren gesprochen…

Ich erinnere mich gut an das Referat eines Experten aus Israel an einem Event im Tessin im Jahr 2004. Er sagte: Stellt euch eine Welt vor, in der alles, was gemessen werden kann, auch tatsächlich gemessen wird und dann gratis auf eurem Computerbildschirm zur Verfügung steht. Er erzählte von Lastwagen in den USA, die mit Sensoren ausgerüstet seien und die Werkstatt anvisierten, wenn sie spüren, dass irgendeine Maintenance-Aktion fällig würde. Das schien uns damals völig abstrus und futuristisch.

Aber inzwischen hat die Zukunft begonnen…

Jetzt ist sie da, und wir sehen jeden Tag, wie sie funktioniert und welche Auswirkungen sie hat. In der Schweiz hat die datenbasierte Wertschöpfung in der Breite etwa um 2015 angefangen. Heute gibt es zahlreiche Innovationen in diesem Bereich und Unternehmen, die bereits viel Fachwissen aufgebaut haben und damit gut verdienen. Daten sind ein wertvoller Rohstoff, aber um das Potenzial auszuschöpfen, das in ihnen steckt, braucht es Technologien wie Data Science und Machine Learning.

Welche Rolle spielt die Data Innovation Alliance dabei?

Unser Kernanliegen ist es, datengetriebene Wertschöpfungsprozesse zu ermöglichen. Das setzt einerseits technischen Sachverstand voraus, d.h. solides Wissen über Informatik und Datenauswertung. Genau so wichtig ist aber auf der anderen Seite das Business-Wissen, also die Fähigkeit, rund um diese Daten neue Businessmodelle zu erfinden. Ein Beispiel: Ein Unternehmen, das Maschinen baut, wird seine Wertschöpfungskette anders ausrichten, weil es sein Geld nun mit der Sensorik- und mit datenbasierter vorausschauender Wartung verdienen kann. Die 2017 gegründete Data Innovation Alliance bringt das Wissen und die Leute zusammen, die solche Lösungen gemeinsam bauen können. 

Was ist die Motivation dahinter?

Der Glaube an die Innovation – an das Innovationspotenzial, aber auch den Innovationsbedarf. Und hier gibt es einen wunden Punkt: Sehr viele gute Projekte scheitern, weil sie nur in der Informatik aufgehängt sind, aber die «Geldverdienmechanik» fehlt. Oder weil sie, von Businessleuten mit einer Superidee angestossen, aus Mangel an technischem Sachverstand bei der Umsetzung scheitern. Aus dieser Erkenntnis hat sich die Alliance gebildet. Wir bringen die Schweizer Forschungsinstitutionen und die exzellenten Data Scientists und Machine-Learner, die in grossen Schweizer Firmen wie der Migros, der Mobiliar, SBB, Swisscom oder in innovativen KMUs tätig sind, zusammen und schauen, dass sie sich gegenseitig befruchten können. Das ist auch deswegen notwendig, weil es alles in allem noch viel mehr Neuland als erforschtes Territorium gibt. Wir alle sind immer noch auf dieser Entdeckungsreise: Da haben wir nun plötzlich diesen neuen Rohstoff und diese neuen Tools – und was bauen wir jetzt damit? Genau das ist die Dynamik, die die Digitalisierung vorantreibt.

Wie unterscheidet sich die Data Innovation Alliance von anderen Organisationen, welche die digtiale Transformation in der Schweiz vorantreiben wollen? 

Unser Alleinstellungsmerkmal ist, dass wir nicht auf politischer Ebene tätig sind, sondern auf der Umsetzungsebene. Uns geht es nicht primär um die Gestaltung von Rahmenbedingungen, sondern wir wollen die Innovatoren zusammenbringen, die diese neuen Produkte und Dienstleistungen tatsächlich entwickeln. Dazu haben wir von Beginn weg darauf gepocht, dass datenbasierte Wertschöpfung neben Technik- und Businesskompetenz auch eine gewisse soziale Intelligenz und Verantwortung voraussetzt. Was wir hier bauen, muss auch sozial verträglich sein, um gesellschaftlich akzeptiert zu werden. Rund um die KI ist diese Diskussion in den letzten Jahren stark hochgekocht. Während es bei der ethischen Diskussion rund um die Digitalisierung während Jahren hauptsächlich um den Datenschutz ging, beschäftigt uns heute die Frage: Wie können wir sicherstellen, dass KI mit unseren gesellschaftlichen Werten wie Transparenz, Chancengleicheit oder Partizipation verträglich ist?

Was ist mit KMU, die Innovationsideen haben, aber vielleicht nicht über das genügende Fachwissen verfügen: Finden Sie bei Data Innovation Alliance Unterstützung? 

Wir verfügen über einen Pool von über 500 Expertinnen und Experten aus Forschung und Wirtschaft. Auf dieses geballte Fachwissen können wir zurückgreifen, wenn Firmen sich an uns wenden. Wir betreiben zwei sogenannte Innovationsbooster, den «Databooster», der Ende dieses Jahres auslaufen wird und den «Innovation Booster Artificial Intelligence», der im Januar gestartet ist. Diese Initiativen stehen allen offen, insbesondere aber KMU. Sie sind speziell darauf ausgerichtet, Firmen am Anfang einer Innovationsidee abzuholen. Sie erhalten Zugang zu Spezialistenwissen in Form von Workshops. Dort wird ihre Idee analysiert und hinterfragt, auf ihre Marktfähigkeit und technische Umsetzbarkeit abgeklopft und geschaut, was nötig wäre, um sie tatsächlich zum Fliegen zu bringen. Oft führt das am Ende zu einem vollausgebauten Finanzierungsantrag an Innosuisse, die Schweizerische Agentur für Innovationsförderung.

Wie viele und welche Art von Projekten unterstützt der Databooster? 

Im letzten Jahr wurden in interdisziplinären Teams über 100 Databoosterideen entwickelt und getestet; ein gutes Drittel davon erhielt in der Folge Fördergelder, um ihr Projekt mit geeigneten Partnern weiterzutreiben. Ein Beispiel ist das Startup Vivent, das ein Diagnosesystem zur Messung der Pflanzengesundheit entwickelt hat, mit dem Landwirte Stresssituationen wie z. B. eine Dürre frühzeitig erkennen können. Oder die Co-Creation-App CitizenTalk des Startups Crowdcoach, die es in Echtzeit möglich macht, gemeinsam Lösungen zu erarbeiten. 

In welchen Bereichen der Schweizer Wirtschaft sehen Sie besonders viel Potenzial für datenbasierte Wertschöpfung?

Ein Bereich ist sicher die Fertigungsindustrie. Dort geht es darum, Maschinen mit Sensoren auszustatten oder die Daten der bereits vorhandenen Sensoren – Autos beispielsweise sind wahre Datenkanonen – auch tatsächlich auszuwerten. Dadurch kann man den Lebenszyklus dieser Anlagen besser managen, Ausfälle verhindern und den Output verbessern, insbesondere mit Remote-Technologien. Ein weiterer Bereich ist der Dienstleistungsbereich. Hier lässt sich vieles, was früher gute, mit ihren Kundinnen und Kunden vertraute Fachpersonen erledigt haben, mithilfe von datenbasierten Interessenprofilen automatisieren und maschinisieren. Grosse Möglichkeiten gibt es weiter in der Medizintechnik und insbesondere in der Personalisierten Medizin. Dort sind Daten der Schlüssel für Medikamente und Therapien, die die individuellen Eigenschaften von Patientinnen und Patienten berücksichtigen. Auch im Bereich von Self-Tracking-Apps, die physiologische Parameter erfassen, gibt es extrem spannende Anwendungen. Dies nur ein paar Beispiele, der wichtigste Punkt ist: Um Erfolg zu haben, braucht es keine Riesenmarktmacht. Es genügt, wenn sich ein paar clevere Leute zusammentun. Daten sind heute einfach zu erfassen und dann kann man loslegen. Es passiert auch unendlich viel – ich glaube, unsere Phantasie reicht nicht aus, um uns auszumalen, was hier noch alles möglich sein wird. 

Und geht in dieser Hinsicht der Schweiz auch genug?

Ich nehme die Schweizer Innovationsszene als sehr lebendig wahr. Da gibt es viele grössere und sehr viele kleinere Unternehmen mit fantastischen Ideen. Aber es gibt auch ein Segment von etablierteren Firmen, die unnötig viel Behäbigkeit pflegen. Dort sehe ich noch viel ungenutztes Potenzial. Teilweise ist es eine Frage der Kompetenz: Data Science als Studiengang gibt es in der Schweiz erst seit 4 bis 5 Jahren. Dazu kommt auch immer noch viel Unsicherheit – dort setzen unsere Booster-Programme an. Und schliesslich folgt, gemäss dem Gartner-Hype-Zyklus, nach der ersten Begeisterung dann eben auch das Tal der Enttäuschung. Datenbasierte Wertschöpfung ist in der Umsetzung nicht trivial und setzt, gerade im industriellen Bereich, ein gewisses Durchhaltevermögen voraus.

Expert Day – FHNW

March 26, 2024, by Milena Perraudin, data innovation alliance

The Expert Day on March 19, 2024 was held for the first time at the University of Applied Sciences and Arts Northwestern Switzerland (FHNW) in Brugg-Windisch. Welcoming over 40 participants, the event enfolded plenty of opportunities for engagement within the three Expert Groups: ‘Smart Maintenance’, ‘AI in Finance & Insurance’,  and ‘Spatial Data’ as well as the Expert Group in planning ‘Governance for Growth with Data & AI’. For those interested in joining the latter group, please contact us at info.office@data-innovation.org.

The event started with two thought-provoking keynotes. The first ‘Eyes on Human-Data Interaction’ by Prof. Dr. Arzu Çöltekin, FHNW, highlighted how eye movement tracking can enhance human-computer interactions, emphasizing the importance of designing data-based products with the end user in mind. The second keynote, ‘Lessons learned on scaling after 1 year of GenAI’, by Dr. Marcin Pietrzyk, co-founder and CEO of Unit8, shed light on the significance of GenAI and its mostly underused potential in realizing value in production at scale. A fact that the data innovation alliance wants to address together with the Innovation Boosters Artificial Intelligence and Databooster, powered by Innosuisse.

Following the keynotes, participants engaged in four breakout sessions, each focusing on a specific topic. The following paragraphs will give you a short insight into the different breakout sessions.

Workshop ‘The Future of Financial Data Analytics’ by Expert Group AI in Finance & Insurance

The Expert Group meeting jointly organized by Marc Vendramet, Andreas Blum from Unit8, and Branka Hadji Misheva from BFH, delved into two primary topics. Firstly, it offered a comprehensive exploration of AI & analytics use cases within the finance sector. Secondly, it involved brainstorming on the group’s focus areas for the upcoming year, including discussions on new event formats and collaborations.

Highlights were talks by Nicole Königstein of Wyden Capital, who shared insights on financial times series prediction in the age of transformers, and Guillaume Raille from Unit8, who presented various examples of LLMs’ use beyond chatbots, along with a detailed discussion on the challenges and opportunities associated with applying advanced LLM technologies to real-world cases.

Workshop Governance for Growth with Data & AI

Participants of this workshop gathered to delve into the full spectrum of Governance and Growth theme, as well as the opportunities with Data & AI. Frank Seifert, from adesso Schweiz AG, introduced a comprehensive management model for Governance, while Dr. Omran Ayob, from SUPSI, delved deep into the critical aspect of explainability in data governance. Participants engaged in lively discussions about the challenge of achieving higher data or model transparency (Explainability) while avoiding privacy issues.

The tension between the desire for a minimum level of governance and the need to work simply and leverage Data & AI opportunities became apparent. On one hand, holistic approaches are necessary, but on the other hand, there is a need for concrete, easily implementable measures. It’s precisely this tension that makes the topic so intriguing.

The group will continue working in this area by examining various layers of the topic, especially legal, technical, and ethical aspects, and developing Governance approaches and impulses for Growth opportunities. Our current vision includes guidelines and processes on one hand, and concrete tips and tools on the other.

Workshop ‘Hybrid approaches to intelligent maintenance’ by Expert Group Smart Maintenance

First, Dr. Kai Hencken from ABB corporate research started with an overview of predictive maintenance strategies at ABB, emphasizing the utility of traditional statistical reliability models in addressing data scarcity challenges.

After, an open discussion among participants followed, exploring potential use cases for AI integration with domain knowledge in their respective companies. Examples included condition monitoring of trains and digital twins for gas turbines. Technical solutions such as few-shot learning and the role of LLMs and generative AI in advancing condition-based and predictive maintenance were also examined.

The day concluded with an Apéro, fostering further discussions about innovative ideas among participants. We are already looking forward to the next event, as we are convinced that together we move faster.

The data innovation alliance introduces the Innovation Booster “Artificial Intelligence”: A New Front in Swiss Innovation Collaboration

January 1, 2024, by Reik Leiterer, data innovation alliance

Switzerland, known for its commitment to innovation, is poised to harness the transformative power of Artificial Intelligence (AI). The data innovation alliance is at the forefront of this revolution with the launch of the Innovation Booster Artificial Intelligence, reinforcing Switzerland’s position as an innovation leader.

In the era of advanced AI models like ChatGPT, businesses often find themselves grappling with the vast technological possibilities while lacking the necessary expertise to implement AI in the workplace. Conversely, academics possess technical knowledge but often lack the support to turn their research into practical applications.

Recognizing these challenges, the data innovation alliance serves as a bridge between innovation-seeking companies and university researchers. This NGO network facilitates collaboration, pooling knowledge from diverse fields to develop marketable products and services for the Swiss economy. By assembling modular, project-based teams, the alliance fosters innovation nationwide through data-projects, with Innovation Booster programs offering project-workshops and a funding guide.

The Innovation Booster “Artificial Intelligence”, powered by Innosuisse, embraces radical thinking to address society’s pressing challenges, such as globalization, digitalization, and environmental shifts. It cultivates open, collaborative responses that leverage AI to solve these problems.

What sets the Innovation Booster Artificial Intelligence apart is its practical approach. As an expert open-community initiative, it taps into the expertise of over 600 specialists from both industry and academia in the AI field. This program is inclusive, welcoming participation from all sectors of Switzerland’s innovation community by identifying promising opportunities and seamlessly integrating resources. Its targeted initiatives bridge the gap between visionary ideas and tangible outcomes.

With the launch of the Innovation Booster Artificial Intelligence, the data innovation alliance actively promotes innovation driven by socially and economically viable AI, benefiting Switzerland and propelling it into the future of innovation.

About Innovation Boosters: 

Innovation Boosters are a community with an open innovation culture in which key players work together with agile and user-centric methods to explore problems and develop sustainable new ideas for radical solutions collaboratively. In doing so, they give Swiss companies and organisations a competitive advantage and create important added value for the Swiss economy and society.

Website: www.innosuisse.ch/innovationbooster

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