search

finos / community

FINOS Community, Project and SIG wide collaboration space
http://community.finos.org
63 stars 27 forks source link

Special Interest Group - Emerging Technologies #226

Closed psmulovics closed 1 year ago

psmulovics commented 1 year ago

Please note that only FINOS members can propose new projects. If you're interested in membership, see https://www.finos.org/membership-benefits#become-a-member.

Business Problem

Currently FINOS only covers well established or in incubation technologies. This leaves us open, when comes to emerging technologies, which later would become technologies on our horizon, technologies that are considered research and awareness. Examples are, as of today, like Quantum Computing, Spatial Computing, Space Technologies, Nanotech, Robotics, 4D printing, and many more.

Proposed Solution

I am proposing an Emerging Technologies SIG, that would look at these technologies, follow up with vendors, learn the processes, etc., and when time comes, would help spinning off an actual SIG that would focus on that new technology, if we find it valuable.

Current State

Multiple member companies have been looking at these technologies themselves, but haven't been a collaborative way to work on these together, in the spirit of opensource. A good example is the recently opened Open Metaverse Foundation - the Metaverse is a new technology, and we definitely do need a standardized, open standards based approach for it generally - and also for the financial companies as well.

Existing Materials

A material from Deloitte nicely summarizes the upcoming emerging technologies as they were seen in 2020 - e.g. their "current market <2 years" part of the equation already happened.

Deloitte Horizon Next summary

Also, as part of trying to find endorsement for the topic, I wrote a longer blog post, Why focus on Emerging Technologies in Financial companies, focusing on what the benefits of this upcoming SIG.

TECHNOLOGY DESCRIPTION APPLICATIONS
Artificial Intelligence The development of systems that can perform tasks that would normally require human intelligence, such as learning, reasoning, and perception. Predictive analytics, fraud detection, customer service automation.
Blockchain A decentralized and distributed digital ledger used to record transactions across a network of computers. Secure financial transactions, digital identity verification, supply chain management.
Internet of Things (IoT) The interconnectedness of everyday devices, such as smartphones, appliances, and vehicles, through the internet. Smart cities, predictive maintenance, energy management.
Robotics and Robotics Process Automation (RPA) The use of machines to perform tasks that would normally require human intervention. Automation of repetitive tasks, precision manufacturing, healthcare. Automation of back-office tasks, process optimization, cost reduction.
Spatial Computing, also above The use of computer-generated simulations to create immersive or interactive experiences. Training, simulation, entertainment, education.
Quantum Computing, also above A type of computing that uses quantum-mechanical phenomena, such as superposition and entanglement, to perform operations on data. Drug discovery, optimization, cryptography.
Neural Links The implantation of electronic devices into the human brain, to enhance cognitive abilities or to control prosthetic limbs. Medical treatment, brain-computer interfaces, cognitive enhancement.
Space Technologies Advancements in satellite, rocket and space exploration technologies. Earth observation, telecommunications, scientific research, space tourism.
4D Printing 3D printing with the added dimension of time, allowing the printed objects to change shape or properties over time. Smart materials, adaptive structures, self-assembling structures
Biotechnology The use of living organisms, cells or their derivatives to create products and technologies. Medical treatments, crop improvement, biofuels, biosensors.
5 & 6G The fifth / sixth generation of mobile networks, characterized by higher speeds, lower latency, and greater capacity for connected devices. Enhanced mobile broadband, massive internet of things, critical communication.
Graphene A single layer of carbon atoms arranged in a hexagonal lattice, it is a strong, light and highly conductive material. Energy storage, electronics, composites, sensors, etc
Natural Language Processing (NLP) The ability of computers to understand and process human language. Chatbot customer service, sentiment analysis, document analysis
Advanced Data Analytics Combination of data visualization, statistical analysis, machine learning and other techniques to extract insights from data. Risk management, fraud detection, customer behavior analysis.
Cloud Computing The delivery of computing services, including storage, processing and software, over the internet. Scalability, cost savings, data security, and business continuity.

Note that this is not a comprehensive list and there are many other emerging technologies that have the potential to disrupt various industries. The specific applications may vary depending on the particular technology and industry. And yes, many of these are now well established technologies – but if I give you this list a decade or two ago, you would not say many of them would ever become reality.

These technologies have the potential to help financial companies to increase efficiency, improve customer experiences, and enhance security, as well as providing opportunities for new revenue streams or business models – hence I am imagining that for finding the open standards, for finding the common ground, to understand the regulatory and other implications, there is a clear benefit to have this Special Interest Group.

SIG Maintainers

The suggested maintains:

SIG Contribution and Onboarding process (v. 1.0, last updated on October 27, 2020)

Below is the list of tasks that FINOS Team and the contribution author goes through in order to complete the FINOS SIG onboarding process. Please do not edit these contents at contribution time!

Voting (SIG Lead and FINOS ED)

Identify project meta (Lead: FINOS SIG POC, Support: FINOS Marketing)

Project Communication Channel(s)

Repository transfer (Lead: FINOS Infra)

Infra setup (Lead: FINOS Infra)

Metadata update (Lead: FINOS Infra)

Update FINOS SIG Roster

Announcement (Lead: FINOS POC)

Press Release (OPTIONAL) (Lead: FINOS POC)

tenatzen commented 1 year ago

Happy to take on this nomination and support the SIG

padraignix commented 1 year ago

I accept this nomination, thank you.

caradelia commented 1 year ago

Nice proposal @psmulovics. @ColinEberhardt could we add this as an agenda item to our next TSC meeting to discuss.

psmulovics commented 1 year ago

When comes to naming the SIG, I think 'Horizon SIG' just rolls off your tongue

mcleo-d commented 1 year ago

Hey @psmulovics - There is another project with Horizon in the title.

We'll need to name in a way that removes potential confusion.

195

mcleo-d commented 1 year ago

Read "Why focus on Emerging Technologies in Financial companies" to find out more about Emerging Technologies in Finance ... https://lnkd.in/eRS-PKay

Emerging-Tech-in-Finance.pdf

vbandi commented 1 year ago

I like this idea. A formalized focus on these emerging technologies would benefit all.

blazingpotsie commented 1 year ago

I think this SIG is stellar concept. I enthusiastically support it and hope to be able to contribute in some capacity.

ansukla commented 1 year ago

Having worked in the financial services industry for nearly two decades, I see the value of Peter's proposal and fully support this great initiative. I'd be happy to be of help with the AI & RPA components.

sammoorhouse commented 1 year ago

Two thumbs up from me - I think this is a wonderful idea and a great opportunity for firms to share expertise in an exciting field! As for names, what about Zenith? Skyline? Compass? Waypoint?

ColinEberhardt commented 1 year ago

Agree, this sounds like a great idea

@ColinEberhardt could we add this as an agenda item to our next TSC meeting to discuss.

Good point @caradelia, we've not considered the role of the TSC in SIG proposals. Definitely one to discuss.

mcleo-d commented 1 year ago

@ColinEberhardt - Is it appropriate to add this proposal to the TSC kanban and invite @psmulovics and @tenatzen to represent the idea?

sichen1234 commented 1 year ago

I like the idea and can help with the blockchain.

adamben commented 1 year ago

Reality is that this NEEDS to exist to maintain a healthy level of innovation in this space. Spot-on proposal, count me in the "supporter" pool.

duncanjw commented 1 year ago

We are very happy to support this proposal/participate in this SIG. This kind of initiative is exactly why we decided to join FINOS.

It is also why we decided to open source Chronicle as our Chief Strategy Officer, Csilla Zsigri, explains here -

https://medium.com/btpworks/chronicle-you-say-provenance-we-say-open-source-737c506dc9c0

peter-thomas-db commented 1 year ago

I am very happy to support this and I can provide a contact from Deutsche Bank's Innovation & Cloud division to participate.

csillazs commented 1 year ago

Great proposal, I'm in!

pcheong-lbg commented 1 year ago

Great idea

mjlodge commented 1 year ago

Great idea and happy to contribute on application of AI

vinomaster commented 1 year ago

Interesting proposal. We (DFS) will monitor. Weary of community efforts with too broad a scope. Seeking more clarity on the SIG charter relative to FI uses cases, ET priorities against those ucases, and deliverables for the SIG. Will remain open-minded.

mindthegab commented 1 year ago

Thanks for the proposal @psmulovics and to everyone for the quick feedback.

Assigning the issue to our CTO @maoo - he will follow up with an outline of the process and desired support from the Community before bringing this SIG for TSC review and ultimately Board approval.

stephengoldbaum commented 1 year ago

Excellent. I am also in.

erictice commented 1 year ago

I agree and am interested in being involved

cm-howard commented 1 year ago

Great idea and very happy to support - looking forward to seeing next steps 👍🏼

PatrickMcMullen1 commented 1 year ago

Good idea. I am happy to support.

Neetuj commented 1 year ago

I worked on the Innovation team at USAA in insuretech space. I am new to FINOS but will love to contribute to this SIG and learn from it.

jstclair2019 commented 1 year ago

@psmulovics sounds like this is progressing, happy to support if possible. Also several other emerging tech working groups outside of FINOS that we could broker collaboration.

jstclair2019 commented 1 year ago

Maybe some suggested collaborations to focus our discussion:

LF also has/had an MOU with the Digital Twin Consortium (DTC) that may be worth revisiting.

psmulovics commented 1 year ago

Also, already part of the Linux foundation are the Open Metaverse Foundation, the Embedded IoT group inside the Foundation, and many items from Open Source Summit North America, etc.

psmulovics commented 1 year ago

Started a miniseries focusing on the areas above, What is Digital Twinning is now up.

psmulovics commented 1 year ago

Second post is up, What is 4D printing.

gprs1809 commented 1 year ago

Wow!! This looks super interesting. I would love to contribute.

Jbutler-helpful commented 1 year ago

This looks quite interesting, I would be excited to be involved in the the conversation.

psmulovics commented 1 year ago

Hey everyone,

I have a good update! With @mindthegab 's support, we would have a preliminary session, held by @tenatzen , @padraignix and myself on the proposed SIG. With the help of @maoo and @TheJuanAndOnly99 , we were given a github space in the finos labs ( https://github.com/finos-labs/emerging-technologies ) and opportunity to present our proposal and collect more eyes before it would be presented towards the FINOS board in April. You can find the details of the initial kickoff meeting at finos-labs/emerging-technologies#1 .

Looking forward to see everyone (and more) there -

Thank you! @psmulovics , @tenatzen , @padraignix

@Jbutler-helpful , @gprs1809 , @Neetuj , @PatrickMcMullen1 , @cm-howard , @erictice , @stephengoldbaum , @vinomaster , @mjlodge , @pcheong-lbg , @csillazs, @peter-thomas-db , @duncanjw , @adamben, @sichen1234 , @ColinEberhardt , @sammoorhouse , @ansukla , @blazingpotsie , @vbandi

psmulovics commented 1 year ago

In the meanwhile I finished my mini series of posts, ended up having these entries:

I am also happy to offer the text and images of the posts above to be part of the book-of-knowledge of the upcoming SIG, if there would be a need for that.

ColinEberhardt commented 1 year ago

Kudos @psmulovics on publishing a fantastic series of blog posts. I've also been exploring a few of these topics in recent podcasts:

psmulovics commented 1 year ago

Reminder - we are having the kickoff on coming Wednesday :) See details at finos-labs/emerging-technologies#1

@Jbutler-helpful , @gprs1809 , @Neetuj , @PatrickMcMullen1 , @cm-howard , @erictice , @stephengoldbaum , @vinomaster , @mjlodge , @pcheong-lbg , @csillazs, @peter-thomas-db , @duncanjw , @adamben, @sichen1234 , @ColinEberhardt , @sammoorhouse , @ansukla , @blazingpotsie , @vbandi

caradelia commented 1 year ago

Cara Delia / Red Hat

DamianReeves commented 1 year ago

Damian Reeves/Capital One

psmulovics commented 1 year ago

Hey everyone,

Thank you for the 40 people who joined yesterday for the Emerging Technologies SIG (Zenith) Proposal Meeting! There were so many amazing people who joined and so many good questions being asked!

As FINOS policies does not allow sharing the recording of the meeting, we pre-recorded our presentation, that I am happy to share here:

Zenith SIG - Presentation Recording

https://www.youtube.com/watch?v=lO-TRAQA8GE

As we are preparing for the board meeting end of April where we would officially present it and ask for approval, the opportunity to show interest (based on watching the recording) is still wide open – by commenting on this issue, or letting us know in email, your interest.

Thank you everyone once again who joined and who expressed interest – (hopefully) see you after the board meeting :)

Thanks, Zenith proposed SIG group co chairs ( @psmulovics (Morgan Stanley), @tenatzen (Feynic), @padraignix (Morgan Stanley))

jaycangel commented 1 year ago

Nomination accepted and approve the proposal. Looking forward to being involved. Jason Engelbrecht Citi

karimdharani commented 1 year ago

Looks great - I'd like to contribute as well. I'm interested in lining up financial services use cases to emerging technology. Specifically around using AI and conversational AI for analytics and insights in the workplace.

mindthegab commented 1 year ago

Thanks @tenatzen @psmulovics @padraignix for bringing this to the FINOS Governing Board today. Very exciting and very well prepared, definitely reflective of all the interest the community has shown on this topic.

I am excited to share that the Governing Board (@finos/technical-steering-committee FYI) has approved the creation of the Emerging Technologies / Zenith SIG. Congratulations for bringing an initiative that I see has a lot of potential to expand the footprint and value of technologies in our Community.

@jgavronsky and @mcleo-d will follow up with next steps, but I wanted to officially welcome the SIG to the FINOS community. Looking forward to amazing things!

jaycangel commented 1 year ago

Thats great news - looking forward to working on the group together.

psmulovics commented 1 year ago

The SIG is now live - while we do prepare our website ( https://zenith.finos.org coming soon ), you can already start joining the mailing lists via dropping an empty email to zenith+subscribe@lists.finos.org !

@Jbutler-helpful , @gprs1809 , @Neetuj , @PatrickMcMullen1 , @cm-howard , @erictice , @stephengoldbaum , @vinomaster , @mjlodge , @pcheong-lbg , @csillazs, @peter-thomas-db , @duncanjw , @adamben, @sichen1234 , @ColinEberhardt , @sammoorhouse , @ansukla , @blazingpotsie , @vbandi, @jaycangel , @karimdharani

( edited - fixed typo in mailgroup)

TheJuanAndOnly99 commented 1 year ago

Announcement sent out to https://groups.google.com/a/finos.org/g/announce/c/YwX3t7IOIBM/m/uOkEjRRBAwAJ

Zenith SIG onboarding is complete, congratulations @psmulovics @padraignix @tenatzen!

mcleo-d commented 1 year ago

I'm very excited to announce the FINOS Emerging Technology SIG "Zenith" kicks off today, Thursday 29th June at 3pm BST / 10am EST. Please come join the call.

Zoom details are in the GitHub issue below ...

👉🏻 https://github.com/finos/zenith/issues/33