Missing the functional piece in a data project puzzle – The financial industry is going through a disruptive phase, in which buzzwords such as blockchain, big data and deep learning are enticing financial institutions to ride the technological wave. Solid data management is the foundation of these developments. Financial institutions not only have an internal drive to create this foundation, as this improves analysis and decision-making, but also face challenging regulations imposed by national and international supervisors.
Technology has changed the way we interact with companies. Over the past decade, many industries have been disrupted by the likes of Uber, Facebook and Airbnb.1 The business model of banks, however, seems to have remained unaltered. The question is: will it stay that way?
The future of risk management – part 1
Data availability and computational power limitations have long constrained risk management in financial institutions. As data becomes ever more abundantly available and easier to process, a realm of new opportunities is opening up. However, wielding these technologies in a useful manner is not straightforward. In this article we take a look at what these developments could mean for risk management in banking.