The Bank of England is building a cloud-based data and analytics platform after an independent review found there was “nervousness” about introducing the technology.
Following the review, the central bank will begin a seven-stage overhaul of its data and analytics strategy.
Explain the plan in a speech This week BofE director of data and analytics transformation, James Benford, said that at the heart of it is a new cloud strategy and the “commitment to managing the bank’s data in the cloud unless there is a good reason not to.” not to do”.
The components of the architecture have now been agreed and it is now the “North Star” for every live project and program that embodies technological change in the bank.
“Our goal is that, over time, all of our data will be stored in or connected to a lake, described in a single, searchable catalog, and connected to an integrated suite of analytics tools,” Benford said.
Meanwhile, the central bank will also carry out a number of AI pilot projects as part of the modernization program. An AI task force oversees testing for a set of well-defined use cases across different areas of the company.
Benford explains: “We select these pilots to refine an AI portfolio that well covers different areas of the bank and to help us explore all areas of recent advances in AI.”