American Express, a globally integrated payments company, has set up a data analytics, risk and technology lab at IIT Madras. The American Express Data Analytics, Risk and Technology (DART) Laboratory will establish itself as a world-class hub of research in risk analytics and behavioural sciences by leveraging Machine Learning / Artificial Intelligence (ML/AI) and related technologies.
The lab would focus on risks that originate from human behaviour and decisions. The overarching goal of the lab is to engineer technologies to best manage risk by developing a science-based understanding of humans’ strengths and weaknesses. It will also build talent for industry by partnering with academia.
The establishment of the lab has been undertaken through a grant by American Express to promote talent and diversity in technology. American Express has also instituted annual scholarships for economically-disadvantaged and meritorious students, including ‘Ambition Awards’ for deserving women students at IIT Madras.
Manoj Adlakha, senior ViP and CEO, American Express Banking Corp, India, said, “With a global footprint and diverse customer base, we believe we have a responsibility to support the communities in which our customers and colleagues live, work and care about. 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 a range of verticals with key emphasis on manufacturing, finance, healthcare, operations management and smart cities. The DART lab seeks to become a leader in the risk and behavioural sciences eco-system.
Bharathram Thothadri, EVP and chief credit officer, American Express, said, “At American Express, we have a rich history of using data and analytics to build customer relationships and bring value to customers and partners. Equally, we are invested in finding and developing the right talent to drive greater innovation in this field. Our collaboration with IIT Madras reiterates our commitment to support and invest in interventions for public good in the country. “
The research at DART lab will focus on the human dimension – developing a science-based understanding of humans’ strengths and weaknesses in various contexts. The research at DART will develop technologies to measure the cognition and attention of the decision-makers and prevent potential accidents in high-risk industries.
Bhaskar Ramamurthi, director, IIT Madras, said, “The 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. We look forward to continued support from American Express for growing these efforts in the coming years.”
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