Towards data intelligence: Future-proofing data strategy
Abstract
The winners in financial services over the next ten years will be those who focus on getting their data in order. The recent rapid developments in artificial intelligence (AI) have forced a rethink. The curation of data has still not had the attention it deserves within the financial sector, despite the pressure from regulators and the increasing demand for accurate, accessible data from clients and for internal decision making. Many organisations struggle to integrate data across functional siloes and understand what they have, its quality and how it can be accessed and used. How can data intelligence be improved to provide the backbone for data integration and the adoption of AI? This paper examines the current issues and the risks that uncontrolled and inappropriate data can pose within this new context. It then describes the architectural, cultural and control approaches that can be used to provide the required level of intelligence on a company’s data assets and the mechanisms to deliver the right data to the right place at the right time. A strategy for improvement is proposed. Those who prioritise data intelligence in curating data will take advantage of the opportunities that the new technologies surrounding AI will provide. Those that do not will struggle with the flexibility and scale required to compete in an increasingly volatile global and technological environment. This article is also included in The Business & Management Collection which can be accessed at https:// hstalks.com/business/.
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Author's Biography
Naomi Clarke has over 40 years’ experience of data in the financial sector, including as Chief Data Officer at several investment managers, an insurer and most recently at a FinTech startup. She currently has a portfolio career providing expert advice on data-related issues. She has worked with the executive boards and senior management of many well-known names, including buy and sell-side organisations, asset servicers, insurers, a data vendor and a pension fund. Naomi has comprehensive experience of linking business and data strategy, designing and enhancing operating models, data architecture, governance and semantic modelling, operational risk and process redesign. She is in demand as a speaker and panellist at industry conferences and is a member of industry thinktanks and advisory bodies. Naomi holds an MA from the University of Oxford.
