Thanks to the financial markets professionals who attended our ‘Putting big data and advanced analytics to work’ today. And, thanks to our keynote speaker, Chris Skinner, author, commentator and leading voice on the financial markets and fintech. You can follow Chris here.
Here’s a snapshot of some interesting ‘Chris Skinner’ facts:
Can the City be run by one man and his dog?
Chris has used a joke for some time about the City being run by just a man and a dog. The dog is there to stop the man from touching the computers. The man is there to feed the dog. You can read Chris’s article here
An AI completed 360,000 hours of finance work in just seconds.
JP Morgan is the biggest bank in the United States and one of the largest employers in the American banking sector, with more than 240,000 employees. Some of those employees are lawyers and loan officers who spend a total of 360,000 hours each year interpreting commercial-loan agreements. Now, the Bank has managed to cut the time spent on this work down to a matter of seconds using machine learning.
94% of C-Suite executives have no technology experience
Accenture analysed the background of 1,925 executive and non-executive directors of 109 of the largest banks by assets in the world, to find out if they had any background in technology. This meant finding board members who had previously had senior technology responsibilities, such as serving as a Chief Information Officer, Chief Technology Officer or Chief Digital Officer.
Here’s what they found?
• Only 3% of CEOs of leading banks have professional technology experience;
• Only 6% of board directors have professional technology experience;
• 40% of banks have no board members with any professional technology experience in their career.
As a result, they think digital is a project. But as Chris points out, ‘Digital is all about rethinking the bank for the internet age. It is reimagining how to offer finance through technology.’
Banks only tag 3 percent of data and analyse on 0.5 percent of that.
We know that the greatest asset to a bank is data but banks do not leverage their data assets: according to Forrester, only 3% of data is tagged and less than 0.5% analysed.
Times are changing: The first new UK clearing bank for over 250 years
Change is coming. ClearBank came into public domain at the end of February this year, as the first new clearing bank in Britain for 250 years. That ends an unhealthy market whereby smaller banks, credit unions, building societies and FinTech start-ups must rely on just these four banks to get their services through the system. Using cloud technologies, the bank offers a simple API plugin to any third party to get access to the full UK clearing system.
Young Fintech firms helping financial markets firms leverage their data
Chris handed over to MapR and Advanced Logic Analytics who outlined their approach to big data and analytics for financial markets firms.
MapR have reinvented the data platform for next-gen intelligent applications. They suggest financial firms operationalise their data by fully integrating analytics with operational applications in real time. Learn more about MapR here www.mapr.com
Advanced Logic Analytics works for financial markets firms to help them quickly get started with big data analytics projects and achieve faster time-to-value in areas such as: portfolio construction, sentiment analysis, trading strategies, data capture for regulatory reporting, and automated investment advice (Robo-adviser).
Both Advanced Logic Analytics and MapR use Cisco’s UCS integrated infrastructure for Big data Analytics. You can find out more about Cisco here: www.cisco.com
If you’d like more information, contact us on: firstname.lastname@example.org