CASHING IN
HOW FINANCIAL SERVICES CAN LEVERAGE DATA AND AI
In the realm of financial services , Sid Bhatia at Dataiku emphasises that overcoming the data access hurdle and establishing robust governance pave the way for these organisations to lead the charge in Everyday AI .
UAE GDP growth was 8 % in 2022 , almost double the 2021 figure , according to the nation ’ s central bank . A strong driver of this was the BFSI sector , which saw 11 % growth in total assets to reach a value just shy of $ 1 trillion . Technology , and the leverage of the golden goose we know as data , has lent a helping hand to the sector ’ s players .
This is hardly surprising , as financial services companies have been fuelled by data since the days of paper and pencil . Know-your-customer , credit analysis , liquidity management , and others have been around for years , just waiting for AI to come along and fine-tune their accuracy .
A KPMG UAE banking perspectives report from this year pointed out the creation of new jobs in the financial services industry in areas such as fintech and data analytics . In a section on global factors affecting the cost of risk management , the report referred to early warnings using analytics .
And in an analysis of multi-cloud strategies being employed by financial services entities , KPMG cited data analytics as one of the key technologies driving institutions into the cloud . A wave of innovation is already in full ascent , but transformation programmes are not without their challenges .
It all begins with data . Data on customers , data on markets , data on products , data on transactions . And as industry consolidation has stitched together
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