Nanyang Technological University, Singapore (NTU Singapore) and WeBank, China’s first digital-only bank, are setting up a fintech research center to support “Banking 4.0”.
While most banking services can be done online, some services, such as securing large loans and getting wealth management advice, are still being done face-to-face. An overarching research goal of the Joint NTU-WeBank Research Centre on Fintech is the delivery of machine-generated personalized financial insights and services to the user.
For example, the research center aims to develop technologies that integrate behavioral science with advanced analytics to give users personalized wealth management advice on the go. This will help to make wealth management advice not just accessible to wealthy individuals, but to the general public at large.
Traditional finance theories assume that people are rational when making financial choices. On the contrary, behavioral finance suggests investors are not always rational and are influenced by their own biases. The research can lead to new insights and ultimately, more effective advice to individuals.
The team will also examine ways to enhance banking services through the adoption of blockchain technology, and develop new means of digital financial services using the Internet-of-Things (IoT) and machine learning technology.