Data is core business for financial services companies
Banking, investment and insurance industries have overall a higher data & AI maturity than other sectors. After performing tremendous progress on the valorization and massive usage of internal data, these actors are looking back to external data, while defining proper governance of Data & AI in the context of increasing regulation (GDPR, Daata Act, AI Act). They are still facing major transformational challenges, as for instance:
- risk managers and compliance functions are still improving their processes and approaches thanks to a better use of data (fraud detection and prevention, operational risk management, responsible and trustworthy AI, Data Act and AI Act, etc.)
- asset managers and investment companies are knowing a strong evolution thanks to the use of alternative data (prospect identification thanks to companies transactions data, investment opportunities selection, satellite data usage, etc.)
- retail banks are being equipped of tools and data science models to improve their digital sales and offering (NBO/NBA, churn, scoring, etc.),
- private banking are reinforcing their KYC thanks to advanced use of data
- insurers are improving their risk estimations thanks to the use of machine learning models to predict risk
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