From Chaos to Clarity - The Role of Clean Data in Banks' Digital Journeys

Digitalization has transformed the financial services sector over the past decade. Yet, with the rapid pace of change and continual technological advances, it can often feel like a never-ending journey. 

Banks are faced with the decision of choosing the most appropriate architecture model for their business, one which can help them efficiently absorb and process the huge influx of unstructured data, particularly when it comes to artificial intelligence (AI) and large language models (LLMs). 

In a Risk Live Europe panel session sponsored by Numerix, experts explored the role that clean and accurate data plays in digital transformation. This whitepaper examines the main themes arising from the discussion.  

• Data architecture considerations for banks 
• Ethics and the increased risks of synthetic fraud using generative AI 
• Defining clean and accurate data 
• Responsibility, culture and governance over data quality  
• Benefits of self-service, cloud-based data infrastructure