??Students from Stellenbosch 肆客足球 (SU) will soon be able to test their data science mettle in solving real-world problems at a flagship hackathon hosted by the School for Data Science and Computational Thinking ?in partnership with the Standard Bank Lab.
The theme of the competition, which includes prize money and an opportunity to present to the Standard Bank team, is “Patch Perfect: Using AI to fix roads". The Standard Bank Lab Hackathon, runs from 8–18 August 2024 and undergraduate and postgraduate SU students have until 16:00 on 8 August to register to take part.
In an era where data drives decision-making and computational power underpins innovation, a strategic partnership between The Standard Bank of South Africa Limited (Standard Bank) and the Standard Bank Lab at SU's School for Data Science and Computational Thinking epitomises forward-thinking collaboration, says John Mukomberenwa, of Standard Bank's Corporate and Investment Banking division (CIB).
This unique alliance unifies the financial prowess and industry expertise of one of Africa's largest banks with the innovative research and educational excellence of a premier institution for data science and computational intelligence both on the continent and globally.
Prof Kanshukan Rajaratnam, Director: School for Data Science and Computational Thinking at SU, says this was one of the first industry partnerships for the School. “It has grown from strength to strength with various activities taking place in the fintech space. Standard Bank Lab's activities such as the annual hackathon is in the fabric of the School's activities. We are grateful for this partnership that has grown over the years."
Not merely pushing the boundaries of data science and computational intelligence, this partnership sets the stage for transformative advancements that promise to reshape the financial landscape. It is poised to equip the next generation of data scientists and computational thinkers with the skills and insights necessary to navigate and influence an increasingly data-driven world, says Sunday Oladejo, the lead at the Standard Bank Lab, by fostering an environment of shared knowledge, innovative research, and practical application.
The Standard Bank Lab is a hub of innovation and collaboration, actively engaging in a variety of activities that bridge the gap between academia and industry application. One of its flagship initiatives is the organisation of data science hackathons, which attract participants from multiple faculties and disciplines. These serve as a vibrant platform for students and researchers to use cutting-edge data science techniques, foster a spirit of interdisciplinary cooperation and develop creative problem-solving.
In addition to these hackathons, the Standard Bank Lab regularly hosts seminars and career talks that delve into the interplay between artificial intelligence (AI), machine learning (ML), and the financial industry. These events bring together leading experts, industry professionals, and students to discuss the latest trends, challenges, and opportunities in the rapidly evolving landscape of AI and ML. Through these engagements, participants gain valuable insights into how these technologies are reshaping the financial sector, the new opportunities arising therefrom and what skills are necessary to thrive in this dynamic environment.
Furthermore, the Standard Bank Lab is at the forefront of developing paradigm-changing frameworks for the application of AI and ML in finance, says Oladejo. This includes pioneering work in data ethics, ensuring that the development and deployment of these technologies adheres to the highest standards of fairness, transparency, and accountability. By contributing to the formulation of ethical guidelines and best practices, the Standard Bank Lab is playing a crucial role in shaping a responsible and sustainable future for the financial industry. These two entities collaborate in developing data-driven financial products that incorporate AI/ML technologies.
Through these multifaceted activities, the Standard Bank Lab not only advances the field of data science but also equips the next generation of leaders with the knowledge and skills to drive innovation and ethical practices in the financial world. In recent years, the Standard Bank Lab has facilitated master's and doctoral degree programs, empowering aspiring scholars to pursue advanced studies and contribute to groundbreaking research in the field of data science.
Oladejo adds: “I bridge the gap between Standard Bank and the School, combining industry insights with academic research. This partnership facilitates the seamless exchange of knowledge and expertise, enriching both entities. Standard Bank benefits from the Standard Bank Lab's latest research and innovative methodologies, driving technological advancements. Joint initiatives like hackathons and research projects foster creativity and problem-solving, addressing industry challenges. By funding advanced studies, the Standard Bank Lab develops skilled data scientists, ensuring a steady pipeline of talent for the financial industry."
Says John Mukomberenwa: “As the head of AI innovation, and sponsor of the Standard Bank Lab, we have witnessed immense value from our partnership with the School. The School has acted as a great conduit for collaboration with other faculties, emerging fintechs as well as joint events with our own clients. The School has enabled us to constantly challenge our thinking to technical problems, contribute towards data science for good and expand to opportunities beyond the realm of financial services."
Some of the major highlights of the collaboration are the joint market webinar talks, data science training and hackathons. “We have recently been recognised in the innovation category for the '2024 Best B2B recommendation engine' and the School has played an active role in supporting us through this journey," concludes Mukomberenwa.
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