DataWorld 2012 offers critical insights into banks' data and analytics journey
DataWorld 2012 conference attempts to bridge the gap between the dream of data and analytics of tomorrow and its practical usage in financial services today. October 23, 2012 | Levina LimThe Asian Banker DataWorld 2012 recently held at Pan Pacific Singapore witnessed a confluence of data and analytics practitioners and respected academicians, in a leading conference spanning two days covering the field of data and analytics in Asia. Tony Chew, director and specialist advisor of Monetary Authority of Singapore, and Philip Winckle, former chairman of the Pan European Credit Data Consortium, sparked off the conference with opening keynote speeches focusing on the importance of regulation and risk complications in data respectively. In his speech, Chew expressed his mistrust of placing confidential banking information within the cloud. “You cannot trust the cloud just because a vendor says, ‘Trust me’,” Chew exhorted. The banking system was aptly described by Chew as akin to a heart in the body; pumping and facilitating the flow of money to all parts of the economy. Taking this analogy a step further, data can be likened to the lifeblood of the body; and analytics, its veins. This very first DataWorld conference represents a preliminary attempt to bridge the gap between the dream of data & analytics of tomorrow and its practical usage in financial services today. The conference was well-received with close to 300 delegates in attendance, featuring various sessions ranging from close-to-the-ground predictive and customer analytics to Big Data and the role of ‘Gamification’ in marketing. The conference ended with a special interview with Basker Rangachari, chief marketing officer (CMO) at Standard Chartered Bank, who discussed the expanding role of a CMO around data usage. Private roundtable dialogues ran exclusively for leaders in markets and exchanges as well as insurance were held concurrently with DataWorld’s main sessions. Data is central to financial institutions (FI). However, FIs have yet to center around data as the cornerstone of their businesses. Fragmented data infrastructure is proving to be an impedi... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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