American Express sets up data analytics lab at IIT Madras
The Indian Institute of Technology (IIT) Madras has launched a lab in collaboration with the American Express. The lab is designed with an objective to focus on research in risk analytics, behavioural sciences with the help of AI and ML.
Data Analytics, Risk, and Technology (DART) lab will focus on risks that originate from human behaviour and decisions. The overarching goal for the lab is to engineer technologies to manage risk by developing a science-based understanding of human’s strength and weaknesses.
The lab aims to establish itself as the world-class hub of research in risk analytics, and behaviour science. American Express has set aside a grant to promote talent and diversity in technology. It has also instituted annual scholarships for economically disadvantaged and meritorious students.
Manoj Adlakha, Senior Vice President and CEO of American Express Banking Corp said, “We are proud to partner with the country’s premier academic institution to invest in the future of cutting-edge data science and analytics research.”
The lab at IIT Madras will explore possibilities of AI and ML in a range of verticals with key emphasis on manufacturing, finance, healthcare, operations management, and smart cities.
IIT Madras’s Director, Bhaskar Ramamurthi said, “he DART Lab will focus on bringing data analytics to bear on problems arising due to the interplay of human factors and inherent risk or uncertainty in the work environment due to unknown or partial information. The scholarships and awards will encourage our women students to excel in STEM and pursue enriching careers at the post-graduate level.”
The research conducted at the lab will develop technologies to measure cognition and attention of decision-makers. The same set of technologies can be applied across dimensions.