Could Ireland become a global leader in the financial technology, or FinTech, space?
A group of academics and industry players think so. They've got together and launched a new research partnership aimed at strengthening Ireland's competitiveness in the industry.
The research will be led by the ADAPT Centre for Digital Content technology headquartered at Trinity College Dublin.
Professor Dave Lewis, Associate Director at ADAPT, said the aim of the project was to bring together the rapidly advancing technologies to address new problems and innovations in the financial services sector.
"We are bringing together, for the first time, expertise from the business research side, as well as deep expertise in AI (artificial intelligence) and data analytics and blockchain (the science behind cryptocurrencies).
"The aim of the research is to provide more depth in looking at emerging problems in payment technology, dealing with regulation and working with, for example, the insurance industry in helping them to get competitive in the services that they offer."
So from the punter point of view, does this mean cheaper financial services or cheaper insurance premiums if greater efficiencies can be achieved?
"It should help the decision makers to get more accurate information and that could lead to added efficiencies. Cars, for example, are filled with sensors. That data could be used to deal with claims assessments.
"Also, by bringing in rapidly developing tools for innovation we could potentially bring in in new players or rearrange the value chains in the insurance industry. That could bring in more competition.
Professor Lewis described the programme as a strategic initiative which has been given added impetus from Brexit.
"London is a big financial services hub, but it's also a centre for FinTech innovation. We're trying to prepare Ireland for opportunities as the UK leaves the EU, to provide more competitive options in Ireland."
The research programme has funding of €5 million over the next four years.
