News

Finnovation Hack: Innovating Finance and Tech

  • 30 October 2023

The University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) launched the first edition of its Finnovation Hack this November 2023. Culminating with a final pitch day on 4 December, this month-long event is calling for AI concepts for the financial sector.

The Finnovation Hack is looking for the next big idea that will disrupt the banking industry with the creative potential of generative AI in the financial sector. From generating a basic text through ChatGPT to creating a financial comparison of a company’s benchmark, in 2023 AI based tools stole the limelight. The technology holds significant potential, and the Finnovation Hack is set to explore that within the realm of finance industry.

Organised by SnT’s Finnovation Hub in collaboration with TechSense by The Dots, the event will run for the month of November with multiple stages. Registrations for ideas are open now, and AI experts, researchers, and students applicants will work with mentors from the finance industry to develop them further. On 22 November the 10 finalists will be announced at the TNT Symposium, to compete for the final prize of 10,000 EUR. At the final event on 4 December, held at d’Coque in Luxembourg City, the 10 finalists will pitch their projects and a jury of industry experts will select the winner.

Cultivating Future Leaders

Finnovation Hack is more than just an event; it’s a call for applicants to shape the future of the tech and finance industries. By participating in this event they will have the opportunity to demonstrate their vision and ingenuity in this unique project call. Guided by expert mentors, participants will craft innovative solutions intended to enhance finance productivity. Their ideas will take centre stage. Beyond the three cash prizes, the prospect of collaboration with esteemed financial institutions awaits the most promising projects.

The Challenge

Participants should present AI concepts ready to be developed into solutions that address the current challenges of the financial industry. Financial services such as fund management, insurance, and banking are under pressure to reinvent their services in the digital ecosystem, where their customers operate. Financial services manufacturing and distribution are in need of cost-effective solutions that address the growing demand for productivity, and align with customers’ desire to benefit from services integrated into their digital daily experiences. The 2023 edition of the Finnovation Hack is focused on kick-starting the development of solutions that leverage generative AI to enhance productivity and create convenient ways of interacting with customers.

The key milestones of Finnovation Hack are:

  • 30 October: opening, official announcement, and launch of application submissions.
  • 22 November: as part of the TNT Symposium, introduction of the top 10 finalists.
  • 4 December: Final event at d’Coque Luxembourg with project pitches and final prizes.

This is your opportunity to witness the birth of pioneering solutions at the intersection of finance and technology. Join us at Finnovation Hack and be part of the initiative with promising projects for the future of finance.