Data Science and Artificial intelligence (AI) have emerged as a transformative force in the field of finance, revolutionizing the way businesses and individuals manage their financial activities. One of the most significant impacts of AI in finance is its ability to automate and streamline processes. AI-powered algorithms can quickly analyze vast amounts of financial data, identify patterns, and make informed predictions, enabling more efficient and accurate decision-making. This has proven invaluable in areas such as risk assessment, fraud detection, and investment management. By leveraging AI, financial institutions can significantly reduce human error, minimize operational costs, and optimize their overall performance. Machine learning algorithms can analyze customer data, transaction history, and other relevant information to create tailored recommendations and financial plans for individuals. This level of personalization empowers consumers to make informed financial decisions and improve their financial well-being. These advancements enable financial institutions to reach a wider audience and offer more inclusive services. Overall, the transformational power of AI in finance lies in its ability to automate processes, provide personalized services, and optimize decision-making, paving the way for a more efficient and customer-centric financial ecosystem.
This International Immersion aimed at providing the students an interdisciplinary view at topics related to digital transformation and finance, and how these two areas are already merging today and will continue to do so more and more in the future. Students were diving into the topic with academic sessions and the application of theory knowledge in a business case competition, thaught over the course of 3 days at Harvard University in Cambridge, Massachusetts, followed by company visits and guest speakers in New York.
After having enjoyed a Welcome Reception, a thrilling Duck Tour through the city of Boston and a private tour of Harvard University, the students got to dive into the topic of data science approaching the field of finance and management. The insightful lectures were held in the premises of the prestigious university, by Harald Puhr from Wharton School and Leopold-Franzens Universität Innsbruck.
The academic lectures were completed with classes about data science for managers, algorithmic (de)biasing and the ethics of AI, as well as a group work on technical trading rules, financial acumen & NLP applied dto earning calls.
The Boston part of this International Immersion was finished with a business case competition with the academic directors of the MBA Digital Transformation & Data Science, Verena Dorner, and the MBA Finance, Jakob Müllner.
Following the academic sessions and expert talks at Harvard University, the International Immersion moved on to New York, for a visit of the Friedrichs Pantone Gallery, where the students recieved insights on topics such as the New York finance, tech and startup ecosystem. Later, the students embarked on enriching company visits to behamics and Slack to discuss how the hot topics of digital transformation and finance impact the businesses operating in their respective fields.
For the grand finale of the thrilling International Immersion, our students visited Refinitiv, an LSG business, where they were granted an extraordinary opportunity to get invaluable insights into the bustling NYC corporate world.
Before the International Immersion came to an end, the students got invited to the Austrian Consulate in New York by none other than the esteemed Consul General herself, Helene Steinhäusl.