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Banking on Data: Great Possibilities, Great Responsibilities

Presented by the FDIC & Santa Clara University’s Leavey School of Business

Last Updated: May 4, 2021
Banking on Data: Great Possibilities, Great Responsibilities

Today, public policies and programs rely heavily on data-driven insights. For policymakers, analysts and academics, mountains of data, especially big data, offer great possibilities—and challenges. The FDIC is partnering with Santa Clara University (SCU) Leavey School of Business to host a new webinar series, “Banking on Data: Great Possibilities, Great Responsibilities.” FDIC Division of Insurance and Research Director Diane Ellis and Professor Sanjiv Das of SCU will co-host five monthly webinars for both innovators and regulators. The series builds on the themes of the 2019 FDIC FinTech Research Conference and will feature academic paper presentations and policy-focused panels. The presentations will highlight the opportunities and challenges for financial institutions, consumers, and the financial system created by the use of big data and applied technologies. This bicoastal webinar series will bring together the FinReg and policy sector on the East Coast with the tech sector on the West Coast.

On April 15, 2021, FDIC Chairman Jelena McWilliams provided opening remarks for the first webinar of the series, “Possibilities of Big and Alternative Data in Finance and Banking,” which explored the potential uses of big and alternative data in banking and what that means for bankers and their customers. A video recording of the April 15th session is now available. FDIC Chief Innovation Officer Sultan Meghji will moderate the next webinar, scheduled for May 20, 2021, which will discuss financial institution use of big and alternative data to provide products and services. Future webinars will dive into the ethics of artificial intelligence and machine learning, open banking, and how we can improve financial regulation in the world of big data.

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Webinar Series:

Featured Speakers

Sultan Meghji Photo
Sultan Meghji was named Chief Innovation Officer of the Federal Deposit Insurance Corporation (FDIC) in February 2021. Prior to joining the FDIC, Mr. Meghji co-founded Neocova, a financial technology firm providing secure, cloud-native, artificial intelligence-based software for community banks and credit unions. In addition, he worked on an aid mission to help implement digital banking in Kenya, Tanzania, and Uganda, and worked with fintechs and central banks to create peer-to-peer banking solutions for hundreds of thousands of people in underserved areas of Africa and Central Asia.

Mr. Meghji is a nonresident scholar in the Cyber Policy Initiative at the Carnegie Endowment for International Peace. His research focuses on the architecture of the global financial system, cyber and critical infrastructure security, and the impact of artificial intelligence and quantum computing. He is also an adjunct professor at Washington University’s Olin Business School, and a distinguished member of the Bretton Woods Committee and the Missouri Advisory Committee for the U.S. Global Leadership Coalition. Mr. Meghji has served as an advisor to the U.S. Treasury, the Group of Seven (G7), the Office of the Comptroller of the Currency (OCC), and the Federal Bureau of Investigation (FBI) in the areas of cybersecurity, quantum computing, and artificial intelligence.

Sarah Biller Photo
Sarah Biller is currently the Executive Director of Vantage Ventures. She is the Cofounder of FinTech Sandbox, a Boston-based not for profit working providing entrepreneurs access to high quality data sets, and Capital Market Exchange, a predictive analytics platform for institutional bond investors that aggregated and quantified the impact of nonfinancial factors on credit spreads. Sarah was most recently the Chief Operating Officer for Innovation at State Street Bank’s Global Exchange division and Head of Innovation Ventures. She was named by Innovate Finance as one of the Top 150 global women leaders in FinTech and Lattice80’s list of Top 100 Women in FinTech in the UK and Hong Kong. She sits on the board of multiple start-ups and has also held roles at Fidelity Investments; worked on MCI’s corporate venture team; and launched and led research divisions for Fortune 500 CFO’s and treasurers at the Corporate Executive Board.

Roberto Rigobon
Wendy Harrington is Chief Data and Artificial Intelligence Officer and Head of Global Data and Corporate Technology. In this role, she has responsibility for data governance, data platforms, data science and services enabling data, AI, and corporate technology for the enterprise. She also serves as Head of Nuveen Labs, an independent team that provides innovative ways to enhance and grow our business and to give our global investment teams a competitive edge through the application of artificial intelligence, machine learning, analytics and Big Data.

Before joining the firm in 2019, Wendy was CMO at Franklin Templeton where she led a team of over 650 people across 10 countries, supporting the institutional and retail business globally. She served in CMO and COO roles at start-up firms such as Figure Technologies, Inc. and Internet Capital Group. She also worked extensively in financial services as an Associate Principal at McKinsey & Company.

Wendy’s consultative, Fintech and asset management proficiencies coupled with her entrepreneurial expertise building start-ups has influenced her critical strategic thinking, digital prowess, and operational know-how. She is an Associate Editor for the Journal of Investment Management and an advisor to multiple startups.

Wendy earned a B.S. degree in Business Administration with a concentration in Management Information Systems from the University of Illinois at Urbana-Champaign and a MBA from the Stanford Graduate School of Business.

Melissa Koide Photo
Melissa Koide is the CEO of FinRegLab, a nonprofit research center that tests new technologies and data and facilitates dialogue to inform public policy and drive the financial sector toward a responsible and inclusive financial marketplace. FinRegLab evaluates how technology and data can be safely used to increase financial inclusion and improve financial services for consumers, small businesses, and communities. FinRegLab is currently evaluating the explainability of complex machine learning algorithms in credit underwriting for fairness, model governance, adverse action notices, and inclusion.

Prior to establishing FinRegLab, Melissa served as the U.S. Treasury Department's Deputy Assistant Secretary for Consumer Policy. In that role, Melissa helped to build the first government offered preretirement savings product, the myRA. She also established the $5 million Innovation Fund to support research and strategies to improve consumers’ financial health and their access to safe and affordable financial products and services. Melissa has testified before the Senate Banking and House Financial Services Committees, and she has spoken extensively to policy, industry, and consumer advocacy audiences.

  • WEBINAR 3: Ethics of Artificial Intelligence and Machine Learning
    June 17, 2021 (1:00pm - 2:30pm ET)

    Policy and consumer impact perspectives on explainability, ethics, expectations vs. reality, and bias.

  • WEBINAR 4: Open Banking
    September 16, 2021 (1:00pm - 2:30pm ET)

    Policy and consumer impact perspectives on enabling “open banking” through APIs, national vs. state privacy laws, data ownership, and liability standards.

  • WEBINAR 5: Improving Financial Regulation (RegTech/SupTech)
    October 21, 2021 (1:00pm - 2:30pm ET)

    State, national, and international perspectives on technologies that support regulatory agency functions, regulatory frameworks and processes, and innovations in the financial regulatory domain. How can new technology enable innovation that leads to better outcomes for consumers, banks, and regulators?

Questions

If you have questions about the webinar series, please email your inquiry to SHR_BnkonDataCf-2021@FDIC.gov.

Stay up to date with the Banking on Data: Great Possibilities, Great Responsibilities Webinar Series by following #FDICResearch.

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