Last month Prof. Boaz Golany, Technion’s Vice President for External Relations and Resource Development opened the Technion-Poalim Data Science Center (TPADS). The new centre aims to harness the data provided by Bank Hapoalim with researchers at Technion to develop the banking technologies of the future.
Banking and financial technology is a rapidly developing sector and Technion is forming a unique partnership to allow collaborative development of theories and data analysis tools that will directly improve banking services and technology.
Technology in the Service of the Future of Banking
Technion and Bank Hapoalim inaugurate TPADS, a joint research center
“This is a definitive and optimistic occasion, in which a major bank partners with a leading technological university to connect the world of economics with the digital domain,” said Prof. Boaz Golany, Technion’s Vice President for External Relations and Resource Development, at the inauguration of the Technion-Poalim Data Science center (TPADS).
The new Center was established by Bank Hapoalim and Technion’s Davidson Faculty of Industrial Engineering and Management, with the aim of harnessing new technologies for the development of the bank of the future. Researchers from Technion and bank analysts collaborate to address the major challenges of the technological-banking world. According to Prof. Golany, “This pairing between Bank Hapoalim and Technion may be strange at first glance, but it is based on the innovation that characterizes both partners. The digital revolution changes perceptions that we have become accustomed to and will cause banks to look completely different within a decade. Academia, like the financial world, must adapt itself to the digital revolution.”
The cooperation between Bank Hapoalim and Technion is carried out by the bank’s innovation division, and as part of a joint initiative with the Technion’s Davidson Faculty of Industrial Engineering and Management led by the Dean of the Faculty, Prof. Avishai Mandelbaum.
Avi Kochva, Deputy CEO of Bank Hapoalim and the Head of the Innovation Division, said at the ceremony, “A year ago we announced this collaboration and I am pleased that we have reached this festive day of inauguration. The bank of the future is a proactive one, committed to understanding customers’ needs and adapting to them. A key part of this is the development of information and data analysis, and therefore we partnered with Technion – to strengthen these capabilities of ours.”
“This is an innovative project based on intra-organizational entrepreneurship and creativity on both sides,” said Prof. Mandelbaum. “This is a partnership between equals – the bank provides data and full partnership in analysis and Technion develops advanced theories and related data analysis tools, so as to apply to the bank’s data. Progress made in the past year has been significant, and we continue along the delineated path to benefit from the fruits of our joint research.”
The Center is led by Profs. Avigdor Gal and Oren Kurland of the Faculty of Industrial Engineering and Management at Technion, together with Noam Zeigerson, Director of Information and Analysis at Bank Hapoalim’s innovation division.