TechQuartier and Deutsche Bundesbank launch Bundesbank Innovation Challenge


The Deutsche Bundesbank and TechQuartier have given the starting signal for the “Bundesbank Innovation Challenge dubbed “Machine Learning for Risk Monitoring”. The three-day boot camp is tailored to startups that develop risk monitoring solutions with a focus on AI and Big Data. The Innovation Challenge will take place virtually from 25 to 27 November 2020. The Demo Day on 27 November, on which the startups present their solutions, will be streamed on the TechQuartier YouTube channel from 16:00 hrs.

You can register for the Demo Day here. Participation is free of charge.

Speaking about the launch, Bundesbank Board Member Prof. Dr. Joachim Wuermeling said, precise risk analyses are central for the Bundesbank to ensure financial stability. They expect the Innovation Challenge to provide a concrete impetus for the use of digital technologies in this field.

The Bundesbank Innovation Challenge was launched to find new solutions for innovative risk monitoring by the Bundesbank. At the Bundesbank, risk assessment and monitoring are of crucial importance in a wide range of areas, such as monetary policy, financial stability, banking supervision, cash supply, and ensuring the functionality of payment systems. “The exchange with the creative minds of the start-up community helps us to break new ground and to fulfill our stability mandate even better in the future”, Wuermeling continued.

“The Bundesbank Innovation Challenge is a prime example of how the start-up industry and established institutions can create synergies and value. I am sure that we will hear about the results of the program for a long time to come,” said Dr. Sebastian Schäfer, Managing Director of TechQuartier.

Details on Bundesbank Innovation Challenge

The challenge starts on 25 November with a virtual welcome by Prof. Dr. Joachim Wuermeling, member of the board of the Deutsche Bundesbank responsible for IT and banking supervision, and Thomas Funke, Managing Director of TechQuartier.

Afterward, Dr. Jochen Papenbrock, an expert on the RegTech and AI ecosystem, will provide insights into the industry. This will be followed by a panel discussion with responsible persons from the different departments of the Bundesbank about the individual use cases and a virtual network event.

Each of the ten start-ups will learn about use cases or challenges created by different departments of the Bundesbank. The challenges range from real-time analyses of developments in the residential property market to predictions of the economic cycle and the detection of anomalies in supervisory data.

During the following days, the start-ups will participate in workshops such as pitch coaching and 1-on-1 sessions with Bundesbank experts. Finally, on 27 November, the start-ups will present their ideas at the virtual Demo Day, which TechQuartier will broadcast live on its YouTube channel.

See a preview of a use case here.

The start-ups

Within five weeks, more than 50 startups applied for the Bundesbank Innovation Challenge. The project managers from the Bundesbank and TechQuartier conducted interviews with the applicants and finally selected ten start-ups for participation in the Challenge. Below is a list of the 10 selected startups

– Risklio GmbH: The young company focuses on event risk in the financial markets and currently serves as a Google Ai Beta tester. At the beginning of November this year they released their intelligent data investment tool.

– Konfuzio (Helm & Nagel GmbH): Konfuzio not only automates the processing of unstructured data such as documents, images, or balance sheets but also draws useful conclusions from the collected data.

– Deepsight GmbH: Deepsight GmbH will launch its cloud-based platform by the end of this year. This AI-driven platform will offer services such as semantic text analysis and combine these with quantitative data.

– Squirro: Squirro offers an intelligent AI-based risk management solution. It contains all kinds of risks such as credit risk, compliance risk, supply chain risk, …

– Elucidate GmbH: Elucidate GmbH offers not only fraud detection but also more macroeconomic approaches to industry risk and external risks of banks.

– Neusinger GmbH: Neusinger GmbH has a broad portfolio of use cases, which they address with innovative AI solutions. From credit scoring and fraud detection to predicting illness or employee turnover, they use their personal experience with large amounts of data and artificial intelligence.

– SPIN Analytics: Spin Analytics is a cloud-based company for the analysis of large amounts of data with a focus on credit risk, but can also be used for economic measures.

– Innova Financial Solutions: IFS offers a wide range of risk-related solutions with a focus on investment risk.

– Wenalyze: Wenalyze uses open data sources for insightful risk monitoring. This can be used for banking, insurance, and macroeconomic purposes.

– PANALIS Solutions GmbH: Panalis is able to assess various risks in the corporate environment by monitoring various data sources. It offers these services as a cloud-based SaaS solution.

You can find additional information here

The Partnership

In September 2019, the Deutsche Bundesbank and TechQuartier entered into a partnership to learn and benefit from each other’s network and expertise. This partnership offers a broad range of companies a common basis for jointly developing and implementing innovative solutions for future economic, social, and ecological challenges. As early as 2019, TechQuartier aimed to contribute its expertise to future innovation decisions of the Deutsche Bundesbank by finding and evaluating global technology trends and suitable technologies (e.g. AI, Big Data) in the FinTech landscape.

About the Bundesbank

The Deutsche Bundesbank is the independent central bank of the Federal Republic of Germany. Helping to shape the monetary policy of the Eurosystem is the Bundesbank’s core business. Other core business areas are financial stability, banking supervision, cashless payments, and cash operations.

About TechQuartier

TechQuartier was founded in 2016 in the European financial center Frankfurt. They are a cross-industry innovation platform that brings together start-ups, companies, and up-and-coming talents to work together and learn from each other. The aim is to jointly develop new technologies and digital business models. Members include more than 300 start-ups, partners include 50 financial and industrial companies and academic institutions as well as hundreds of future founders.

With international educational programs in the fields of technology, artificial intelligence, and entrepreneurship, they show young minds how they can shape their economic future. As one of the largest innovation platforms in Germany and as consortium leader of the Financial Big Data Cluster, they are working on a European data ecosystem.

TechQuartier and Deutsche Bundesbank launch Bundesbank Innovation Challenge was originally published in FrankfurtValley on Medium, where people are continuing the conversation by highlighting and responding to this story.

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