Open for business: Crowdstorm the use of AI in the banking & financial sector #AIbanking

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The term Artificial Intelligence (AI) was coined by American computer- and cognitive scientist John McCarthy in 1955, defining it as “the science and engineering of making intelligent machines”. So the concept is by no means a new one but it is safe to say your average Joe Bloggs has little awareness of the possibilities of AI and how it could (or already is) enhancing his day to day. It terms of fiction AI has been depicted as the the stuff of dreams and fodder for nightmares in pretty equal measures, but that is a topic for another day! 

Today I want to announce the launch of the second Crowdstorm; “Artificially Enhanced Banking” with Deutsche Bank on jovoto. The choice of AI is a direct result of the first Crowdstorm DB ran with jovoto creatives. Watch this video to see how the project developed, and how we ended up here today with a new Artificially Enhanced Banking Crowdstorm for you: 

The use of AI in banking:

The brief is a carte blanche to explore the possible uses of AI in the financial and banking industry! How can machine learning, knowledge engineering and robotics be utilised in the future to revolutionise how we bank and manage our finances? It is not often that IBM, Google, Facebook and Tesla agree on anything. But when it comes to AI,  they all on the same page, describing it as THE decisive step towards industry 4.0.  Christian Sewing, the Head of Private & Business Clients at Deutsche Bank sums it up nicely: “it’s no longer about the digitalisation of the banking business, but about the future of banking in a digitalised world.” 

What’s in it for you?

  • Your ideas will be presented to top level management at Deutsche Bank and other big players in the banking and technology sector.
  • If your idea catches the jury’s eye and/or creates a buzz within the jovoto community, you can get your hands on a chunk of the €25 000 prize pool.
  • In addition to the 27 cash prizes there is a special “Experience Award” up for grabs – this will be awarded to the two creatives that submit the best idea(s) before halftime feedback. Together, the two creatives will get to pick a Tedx event of their choice – Anywhere. In. The. World. – and get flights and accommodation paid for so they can attend.
  • Outstanding ideas will not go unnoticed and you could see them become a reality and even get the chance to develop your concepts at the Deutsche Bank innovation lab in Berlin. 


The human minds of the Jury

Although this Crowdstorm is all about AI there is going to be some Human Intelligence at work in the form of the jury! Alongside two internal Deutsche Bank jury members; Jürgen von der Lehr, Head of Digital Innovation and Think Tank, and Mirjam Pütz, Head of Disruptive and Strategic Programs, we are pleased to welcome three external jury members who each bring an extensive and varied range of experiences to the table:

Jonathan Shieber is a senior editor at TechCrunch and CrunchBase where he’s tasked with keeping his finger on the pulse re all things venture capital investment and technology development. Previously, Jonathan spent several years reporting on venture capital, private equity, energy and technology from New York and Shanghai for Dow Jones & Co., and the Wall Street Journal.

Julie Lake co-founded The FinTech50 – a list of 50 European game-changers who are transforming financial services. Published annually, the list is now helping FinTech companies to raise their profile globally, connect with influencers, investors and funders and generate business. Julie is also the founding director of FinTechCity; a platform which brings together the European FinTech Community.

Michael Mellinghoff is Managing Director at TechFluence – a research, advisory and corporate development boutique on a mission to create the financial services of the future. He also co-founded the FinTech Forum and is a Senior Advisor and Mentor there and at other FinTech accelerators and startups.

Thomas Andrae is Chief Strategy Officer at factory – a community for innovators to work, connect and grow or in other words: Germany’s largest startup campus. Empowering entrepreneurs and innovators is their mission.

I’ll be interviewing the jury members over the coming weeks so you, the community, can get to know them a bit and we can get some know how and tips out of them before the Crowdstorm finishes! If you have any questions you would like me to ask them, drop me a line.

Now, head over the Artificially Enhanced Banking page and start refining those disruptive ideas of yours…

P.S – This is a project for all jovoto Pro creatives. If you want to participate but aren’t a jovoto Pro, find out how to become one here.

Helen Gimber

Helen is into creativity, collaboration & collectivity! She joined jovoto in 2015 as a guide for Textile Design projects and has been a regular fixture of the community marketing and management team since.