EBA report identifies key challenges in the roll out of Big Data and Advanced Analytics
The European Banking Authority (EBA) published a Report on the recent trends of Big Data and Advance Analytics (BD&AA) in the banking sector and on the key considerations in the development, implementation and adoption of BD&AA. The aim of this assessment is to share knowledge among the stakeholders and, in particular, to ensure regulators and supervisors are well informed on the developments, in an effort to support technological neutrality across the regulatory and supervisory approaches.
The report focuses on BD&AA techniques and tools, such as machine learning (ML) (a subset of Artificial Intelligence (AI)), that go beyond traditional business intelligence to gain deeper insights, make predictions or generate recommendations using various types of data from various sources. ML is certainly one of the most prominent AI technologies at the moment, often used in advanced analytics due to its ability to deliver enhanced predictive capabilities.
This article provides further insight on the key pillars for the development, implementation and adoption of BD&AA.