The lab at IIT Madras will explore a range of verticals with key emphasis on manufacturing, finance, healthcare, operations management and smart cities
American Express, a globally focused payment firm, 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 research hub for risk analysis and behavioural sciences by leveraging Machine Learning / Artificial Intelligence (ML / AI) and related technologies.
The lab will concentrate on risks stemming from human behaviour and decision-making. The lab’s overarching goal is to develop technologies to best manage risk by developing a science-based understanding of human strengths and weaknesses. It will also build industry talent by partnering with academia.
The lab at IIT Madras will explore a range of verticals with a primary focus on manufacturing, finance, healthcare, business management and smart cities. The DART Lab seeks to become a leader in the environmental risk and behavioural sciences.
The establishment of the lab was undertaken through a grant from American Express to promote technology talent and diversity. American Express has also created annual scholarships for economically disadvantaged and well-deserved students, including the ‘Ambition Awards’ for Women’s Students at IIT Madras.
Speaking about the initiative, Manoj Adlakha, Senior Vice President and CEO, American Express Banking Corp., India, said in a release: “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.”
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 the public good in the country. “
Study at the DART lab will focus on the human dimension – developing a science-based understanding of human strengths and weaknesses in a variety of contexts. Research at DART will develop technologies to measure cognition and attention of decision-makers and to prevent potential incidents in high-risk industries.
Bhaskar Ramamurthi, Director, IIT Madras, said, “The DART The 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.”
The scholarships awarded by American Express as part of the IIT Madras grant include:
1. American Express Ambition Scholarship for Women in science, Engineering and Technology – scholarship fees for top female students from disadvantaged economic backgrounds
2. American Express Ambition Award for Excellence in Science, Engineering and Technology in the Bachelor’s programme to the top female graduate student of B.Tech / B.E.
3. American Express Ambition Award for Excellence in Science, Engineering and Technology in the Master’s programme to the top female graduate student in Master’s / M.Tech / MSC / M.S.
4. American Express Emerging Leadership Award for Excellence in Data Science (Pre-Final) to the top data science student in the pre-final year.
5. American Express Leadership Award for Excellence in Data Science (Final) to the top data science student in the final year.