Future of banking
The MIT Media Laboratory and Bank of America today announced the creation of the Center for Future Banking, a five-year collaboration to which Bank of America has committed $3-5 million annually.

The new research center, which will be located at the Media Lab on the MIT campus, will […] explore new ideas in banking by inventing technologies that reveal and leverage insights across a wide range of physical and social scales, from one-on-one customer interactions to global transactions. Researchers will address such questions as:”“How can every customer be empowered with the knowledge and tools to take better control of their financial futures?” “How will banking interactions evolve as a customer’s physical and virtual worlds become completely intertwined?” and “How will social networks and mobile platforms transform customers’ banking experiences, making it easier, more convenient, and better integrated with their daily lives?”. […]

Professor Deb Roy, Chair of MIT’s academic program in Media Arts and Sciences and a pioneer in cognitive modeling, communication theory, and human-machine interaction, will serve as the Center’s Founding Director and Principal Investigator. “The Center sets the stage for potentially path-breaking research that will tap into core Media Lab capabilities and extend them in exciting new directions,” says Roy. “We will create a focus of intellectual energy that brings together researchers with radically different perspectives, including behavioral economists, social scientists, computer scientists, psychologists, designers, and others who share a passion for innovative thinking. It’s a recipe for producing unexpected new ideas that will trigger significant innovations in the world of banking.”

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(via a thousand tomorrows)