By 
In response to findings from an independent review that revealed a sense of “nervousness” towards technology adoption, the Bank of England (BoE) is set to implement a cloud-based data and analytics platform. The central bank aims to revamp its data and analytics strategy through a comprehensive seven-step plan.
James Benford, the BoE’s Director for Data and Analytics Transformation, outlined the core of the strategy in a recent speech. The focal point of the plan is a new cloud strategy with the “ambition to manage the Bank’s data on the cloud unless there is a strong reason not to.”
The architecture’s components have received approval and are now considered the guiding principle for all live projects and programs incorporating technological advancements within the Bank.
Benford explained, “Our aim is that in time all of our data will be held in one lake or connected to it, described in a single, searchable catalogue, and connected with an integrated suite of analytical tools.”
Simultaneously, as part of the modernization initiative, the central bank will conduct a series of artificial intelligence (AI) pilots. An AI taskforce will supervise testing for well-defined use cases across various business sectors.
Benford elaborated, stating, “We are choosing these pilots to hone an AI portfolio that has good coverage across different areas of the Bank and to help us explore all areas of recent advances in AI.”
Comments