In a recent announcement, American Express announced the establishment of a Data Analytics, Risk and Technology (DART) Laboratory at the Indian Institute of Technology Madras. The lab envisions to establish itself as a world-class hub of research in areas such as risk analytics and behavioral sciences by adopting AI, ML and related technologies.

The company stated that the lab would focus on risks that originate from human behavior and decisions, and develop science-based understanding of humans’ strengths and weaknesses. It will develop technologies to measure the cognition and attention of the decision-makers and prevent potential accidents in high-risk industries.

The company hopes to apply these technologies across dimensions such as employee engagement and attention, evaluating and enhancing the quality of education and learning in school.

The Lab at IIT Madras will explore a range of verticals with key emphasis on manufacturing, finance, healthcare, operations management and smart cities.

“Our collaboration with IIT Madras reiterates our commitment to support and invest in interventions for public good in the country. The technologies and applied sciences R&D in the Lab will be beneficial for creating an overall societal impact through advancement in financial services, healthcare and safety standards,” said Bharathram Thothadri, EVP and Chief Credit Officer, American Express.

It also plans to build talent for industry by partnering with academia while promoting talent and diversity in technology. It has also announced annual scholarships for economically-disadvantaged and meritorious students, including ‘Ambition Awards’ for deserving women students at IIT Madras.

“We are proud to partner with the country’s premier academic institution to invest in the future of cutting-edge data science and analytics research. We are also thrilled to announce Ambition scholarships and awards for meritorious women students that underlines our focus on fostering diverse talent,” said Manoj Adlakha, Senior Vice President and CEO, American Express Banking Corp., India.

The scholarships being awarded as part of the grant to IIT Madras from American Express include:

• American Express Ambition Scholarship for Women in Science, Engineering and Technology – tuition fees scholarship for top female student from disadvantaged economic background
• American Express Ambition Award for Women for Excellence in Science, Engineering and Technology in Bachelor’s program to top female student in the graduating batch of B.Tech/B.E Courses
• American Express Ambition Award for Women for Excellence in Science, Engineering and Technology in Master’s program to top female student in the graduating batch of Masters/M.Tech/MSC/M.S course
• American Express Emerging Leadership Award for Excellence in Data Science (Pre-Final) to top student in the Data Science course in the pre-final year
• American Express Leadership Award for Excellence in Data Science (Final) to top student in the Data Science Course in the final year

 “The scholarships and awards will encourage our women students to excel in STEM and pursue enriching careers at the post-graduate level. We look forward to continued support from American Express for growing these efforts in the coming years,” said Prof. Bhaskar Ramamurthi, Director, IIT Madras.