t cht lk
HOW FINANCIAL SERVICES CAN LEVERAGE DATA AND AI
As long as you can solve the data access problem and establish robust governance , there is no reason financial services ’ organisations cannot be out in front on Everyday AI says Sid Bhatia at Dataiku .
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
Everyday AI means AI , every day and every employee thinks about data , how it is collected , how it is stored , how it is accessed , and by whom and for what purpose .
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
www . intelligentcio . com INTELLIGENTCIO MIDDLE EAST 75