Operating Model

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The Centre provides the financial services sector with a unique resource combining autonomous research and development coupled with concept generation

A board consisting of key leaders in the Financial Services Sector, acknowledged experts and senior representatives of relevant Government funding agencies oversees the running of the Centre. Organisations participating in the innovation alliance will be required to contribute to the centre’s overhead costs. In return, participating organisations will receive first option on new and innovative solutions and have a role in shaping the agenda of the centre. Partners are also given an option to licence sector-specific solutions developed in the centre. The partnership will also allow participating organisations to outsource organisation-specific development problems under non-disclosure agreements.

Partners are given first option to exploit project IP from research it has sponsored or collaborated in. In addition, partner organisations will be given an option to negotiate commercialisation for all IP owned solely by the University.

The operating model of the Centre represents a best of breed solution for university/industry collaboration that will prove a key facilitator of technology transfer between university and industry partners.

The Centre is supported by a core team led by JB McCarthy who is the Development Director. The FSIC draws upon researchers from BIS for industry relevant RDI and commercial skills. With the assistance of the Centre, clients have gained an understanding of how to drive customer growth and position their business for the future. Various activities and services are organised such as:

  • Executive Briefings and Workshops - on the key elements of industry specific innovation and expertly led discussions of the implications for business.
  • Strategic Scenario Analysis - to fully assess the strategic and financial impact of the innovation through developing likely scenarios of customer, competitor and financial impacts.
  • Innovation Workshops and Round Table Discussions – to allow partner companies to discuss research, innovation and development issues with staff and network within the industry.
  • Services and Consultancy to Industry - straight consultancy projects in industry driven applied research such as market sounding exercises.
  • Providing State Sponsored Research to Industry – the FSIC collaborates with industry through various collaborative mechanisms such as those sponsored by the State development agencies Enterprise Ireland and IDA Ireland through Innovation Partnerships and Technology Centres as well as the Innovation Voucher scheme.
  • Pilot/Beta Testing Product and Process Prototypes - the FSIC assists with product and process prototypes that might include new hardware, software or services.
  • Industry Specific Conference Organisation – the FSIC has organised numerous co - operation and business events. In organising and promoting industry events, the Centre oversees the concept and programme scheduling from beginning to end.
  • White Papers - the FSIC has been called upon to produce custom Whitepapers to assist clients the improve positioning of products or services with customers and has also developed reports for the Financial Services Consultative Consumer Panel
  • Promoting Cooperation and Business Events in Financial Services - the FSIC is active in providing forums for thought leaders in academia and business related to innovation in finance banking, insurance funds, regulation technology, and consulting. The Centre hosts an annual series of research seminars and workshops, where staff present research findings and invited key note speakers address emerging topics in this sphere.
  • FP7 ProjectsThe FSIC represents UCC’s participation in the major EU Framework Programme (FP7) through FuturICT: “The FuturICT Knowledge Accelerator: Creating Socially Interactive Information Technologies for a Sustainable Future” and also PACITA: ‘Parliaments and Civil Society in Technology Assessment’ projects.
  • High Level Stakeholder Engagement and Industry Alliances with the Irish Software Association (ISA), the Irish Software Innovation Network (ISIN), Financial Services Ireland (FSI), Industry Research and Development Group (IRDG), Association of Compliance Officers (ACOI).

FSIC Overview available here.

Contact Details:

JB McCarthy
Development Director
Financial Services Innovation Centre,
O'Rahilly Building,
University College Cork,
Email: Jb.mccarthy@fsic.ucc.ie
Web:  www.fs-innovation.org
Tel:   (353) 21 4205152
Mob:(353) 86 1722255
Fax:  (353) 21 4903819