Bank of America Funds MIT's Center for Future Banking
According to the Triangle Business Journal, Bank of America has agreed to spend as much as $25 million over the next five years in a research partnership with the Massachusetts Institute of Technology ("M.I.T."). The Charlotte North Carolina-based BofA said it will "team with MIT's Media Laboratory to create the Center for Future Banking, which will be located on MIT's campus and seek to transform the ways banking is conducted. Researchers will address issues related to information technology, financial planning and customer service."
"Bank of America is investing in the future of banking," Anne Finucane, chief marketing officer at BofA, said in a statement "Working with the MIT Media Lab provides a unique opportunity to grow banking in innovative ways that respond to evolving customer behavior, preferences, and trends."
As a graduate of MIT professionally focused on financial services and technology, Lars Toomre is always intrigued by the amazing research that results from the M.I.T. academic experience and its research labs. It certainly will be interesting over the coming months to see what results from this research effort in the Media Lab.
Lars also wonders how much, if any, of this forthcoming research work will be focused on security and identity. Perhaps this new research effort might want to tap into some of the amazing research that currently is being performed by Professor John R. Williams and MIT's AutoID Laboratory. For those that are interested, one might do well to inquire further about the MIT AutoID Lab's work with the Microsoft Robotics Studio. Although it initially might seem like a stretch about how robots might have application to financial services, Lars Toomre and Aldon Hynes have been discussing this leading edge technology and its application with the clients of Toomre Capital Markets LLC ("TCM").
Perhaps your firm might have a need for a robust multi-threaded framework that can support analytics, visualization, event processing and business intelligence? Perhaps the quants in your financial firm speak of grid, distributed or cloud computing? Or perhaps your financial institution might have a touch of derivatives and/or financial exposure that requires real-time intelligence? Please feel free to contact Lars for more information on how to generate more accurate, "actionable" information on a more timely basis.