Managing big data is a huge talking point and undertaking in financial services. Here, the FS Faculty outlines key responsibility for firms.
Meeting the needs of customers is key. This is why collecting and analysing their past behaviours to predict future needs is so vital. Managing the vast reams of data efficiently and properly is no easy task.
This is why, in April, the Faculty published its principles for the ethical use of big data in financial services. These principles aim to help financial services institutions to make the right choices about how they use data and not take unfair advantage of information they hold. They provide a starting point for companies to consider how they should be accountable for their use of big data and how to ensure that customers are treated fairly.
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Financial Services Faculty: Banking
Expert analysis of trends and challenges in banking and technical resources in financial reporting, auditing and regulation.
