News
USC and Capital One Establish New Center for Responsible AI in Finance – USC Viterbi
The USC-Capital One Center for Responsible AI and Decision Making in Finance (CREDIF) is the first center launched under the auspices of the USC School of Advanced Computing (SAC), a unit of the USC Viterbi School of Engineering.
USC and Capital One today announced the USC-Capital One Center for Responsible AI and Decision Making in Finance (CREDIF). Supported by a $3 million grant from Capital One, the joint research center will focus on advancing the foundation for algorithmic, data and software innovations in artificial intelligence (AI) and its applications in finance.
Combining USC’s world-class research with Capital One’s domain expertise, it is the first center launched under the auspices of USC School of Advanced Computing (SAC)a unit of USC Viterbi School of Engineering.
A cornerstone of USC President Carol Folt Frontiers of Computing “moonshot,” the SAC serves as a nexus for advanced computing research and education across the university. The center will be its inaugural beacon, said Gaurav Sukhatmedirector of SAC and executive vice dean of the USC Viterbi School of Engineering.
Professor Petros Ioannou will lead the new center.
“This new center is emblematic of the rapid and far-reaching impact of computing today,” said Sukhatme, a professor of computer science and electrical and computer engineering. “Responsible, human-centered decision-making — a cornerstone of the USC School of Advanced Computing — is at its core.”
Home to some of the world’s brightest minds in advanced computing, the center will explore how emerging technologies in AI and analytics can be applied to financial systems and services at scale, fostering interdisciplinary knowledge between finance and technology.
Prem NatarajanCapital One’s chief scientist and head of enterprise AI, who spearheaded the idea for the center with Sukhatme, said the new center will help Capital One leverage SAC’s immense resources to address complex challenges and opportunities in the financial industry.
“At Capital One, we believe that multidisciplinary partnerships and initiatives like CREDIF can advance the state of the art in AI while ensuring diverse perspectives and equity when developing, testing and deploying AI capabilities,” said Natarajan. “USC’s cutting-edge faculty, students and research resources, combined with Capital One’s mission-driven focus and world-class industry talent, create a unique opportunity to leverage AI to solve some of the most challenging problems in financial services and deliver differentiated value to millions of customers.”
Among its goals, the center will support research projects focused on developing cutting-edge technologies and approaches to enhance business and financial innovation. Each year, USC faculty members will be invited to submit proposals for faculty-led research efforts. An annual fellowship for doctoral students, called Capital One Fellows, will equip students with the skills and knowledge needed to excel in the field of AI in finance. Additionally, USC and Capital One will also host annual joint research symposia and workshops to share insights with the broader community.
“USC’s cutting-edge faculty, students and research resources, combined with Capital One’s mission-driven focus and world-class industry talent, create a unique opportunity.” Prem Natarajan.
“We are thrilled to partner with Capital One to advance responsible AI and decision-making in finance,” said Yannis C. Yortsos, dean of the Viterbi School of Engineering. “Our talented students and faculty at USC Viterbi will use their outstanding computational technical expertise to advance human-centered and societal financial decision-making. These strong partnerships enable the development of extraordinary new solutions to real-world problems that help advance innovation, productivity and the pursuit of human flourishing.”
Petros Ioannou, professor of electrical and computer engineering, aerospace and mechanical engineering, and industrial and systems engineering, will serve as the center’s inaugural director.
Ioannou, the director of Center for Advanced Transportation Technologiesholds the A.V. ‘Bal’ Balakrishnan Chair in Engineering and was recently appointed as a university professor, USC’s highest academic honor. In 2008, Ioannou developed USC Master of Science in Financial Engineering Program in collaboration with the Marshall School of Businessone of Viterbi’s most successful master’s programs.
“I am delighted to be part of this important research center, where cutting-edge computing and AI techniques will be applied to solve complex financial problems,” said Ioannou. “My priority is to motivate and attract researchers and PhD students and to strengthen our capabilities in financial engineering. The potential for solving complex financial problems using computational techniques and AI is enormous.”
A member of the USC faculty since 1982, Ioannou is a leading authority on neural networks for control systems, nonlinear systems, and intelligent transportation systems. He was recently inducted into the National Academy of Engineering and named a Fellow of the European Academy of Sciences. He is also a member of the Academia Europaea and a Fellow of the National Academy of Inventors. He has published 9 books, over 170 journal articles and book chapters, nearly 250 conference papers, and holds 3 patents.
“With his rich history of contributions to engineering applications across many disciplines, including networks and transportation, and his experience in establishing and directing the successful Master’s program in Financial Engineering, Professor Ioannou is well-positioned to serve as the inaugural Director of this multidisciplinary center,” said Sukhatme.
Published on April 11, 2024
Last updated on May 16, 2024