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Innovation projects

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Cluster members in NCE Finance Innovation engage in various collaborative projects, such as our ongoing projects: fraud detection and automated compliance reporting.

Together with our members we continuously scope out potential projects which can be facilitated by the cluster.

Our projects are based on input from members, current trends, regulation and whatever else that moves in the fintech ecosystem.

Here is a snapshot of our ongoing projects as well as the ones the we've completed:  

ONGOING PROJECTS /

Detection of fraud in the insurance industry

Insurance fraud is costing insurers substantial sums each year, which in turn causes increased premiums for honest customers. Developing better measures to detect and prevent fraud cases could therefore have positive impacts on several levels.

The aim of the project is to combat insurance fraud by training fraud-detection models on a large pooled dataset from several insurance vendors. Finance Innovation are working with Tryg, Frende Forsikring and Webstep to create a shared (but secure) data lake which each participant can use for training purposes. If successful, this setup will allow for superior models and consequently an increased safeguard against fraud. The long-term ambition will be to have every Norwegian insurance company participate in this type of system to reduce fraud on a nation-wide scale.

Automated Compliance Reporting

Nordic financial institutions face increasing regulatory demands in their compliance reporting. Consequently, significant resources are spent on manually delivering the required data to financial authorities, who in turn needs to process the deliveries on their end.

NCE Finance Innovation is working with Sparebanken Vest, Sparebanken Sogn og Fjordane and Fana Sparebank as well as Finanstilsynet, the Norwegian agency for financial oversight, to automate parts of the reporting process so that both parties can reduce their current associated costs. The ambition is to create a new standard for compliance reporting (starting with Engasjementsrapportering – KRT-1115) that can be used by every financial institution in Norway. In addition to making the reporting process more efficient, this will also increase the quality and comparability of the reported data.

COMPLETED PROJECTS/

NHH Fintech MBA

In 2018 The Norwegian School of Economics (NHH) initiated an MBA program tailored to business leaders and fintech enthusiasts. NCE Finance Innovation and its members were a part of the development of the program.

The MBA is a part-time program that will enable you to better understand the challenges and opportunities created by the ongoing Fintech revolution, and how to translate this knowledge into better decisions. 

Read more

PSD2 - Speeding up implementation of new EU payment directive for increased competitiveness

The project facilitated the implementation of a solution for sharing accounts and transactions between the banks Sbanken, Sparebanken Vest and Sparebanken Sogn og Fjordane. This was done in cooperation with Evry (tech) and PwC (legal) a year before it was required legally.

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Get in touch!

Contact the team if you have project ideas and we'll have a chat