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Deutsche Bank Taking Dives Into ‘Big Data’
December 14, 2015 by admin
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Deutsche Bank is undertaking a major computer systems overhaul that will help it to make greater use of so-called “big data” to provide a detailed picture of how, when and where customers interact with it, the bank’s chief data officer said in an interview.
JP Rangaswami, who joined Deutsche Bank in January as its first-ever chief data officer, said better and cheaper metadata was allowing the bank to analyze previously inaccessible information.
“We are able to see patterns that we could not see beforehand, allowing us to gain insights we couldn’t gain before,” Rangaswami told Reuters in an interview.
Upgrading the technical infrastructure Deutsche Bank needs to get the most out of this data is a priority for Chief Executive John Cryan. He is trying to improve the performance of Germany’s biggest bank, which is struggling to adapt to the tougher climate for banks since the financial crisis.
Cryan, who unveiled a big overhaul at Deutsche on Oct. 29, said at the time that imposing standards on Deutsche’s IT infrastructure was key to improving controls and reducing overheads.
The CEO said in the October presentation that IT design had occurred in silos with the application of little or no common standards. “Our systems are disjointed, cumbersome and far too often just plain incompatible.”
An annual global survey of more than 200 senior bankers published last week by banking software firm Temenos found that “IT Modernization” was now top priority, displacing earlier investment objectives such as regulation and customer friendly mobile apps. IT modernization ranked only fourth among major priorities in the survey last year.
The shift toward technology as a priority shows the extent of the challenge facing banks to modernize infrastructure to analyze internal customer data and try to fend off competition from new financial technology companies.
Rangaswami, who was chief scientist at Silicon Valley marketing software giant Salesforce from 2010 until 2014, said the data would allow Deutsche to tailor services to customers’ needs and to identify bottlenecks and regional implications faster and solve problems more quickly.
Source- http://www.thegurureview.net/aroundnet-category/deutsche-bank-taking-a-deeper-dive-into-big-data.html
SEC Plans Cybersecurity Meeting
February 27, 2014 by admin
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The Securities and Exchange Commission said that its making plans to conduct a roundtable next month to discuss cybersecurity, after massive retailer breaches refocused the attention of the business community and policymakers on the area.
The SEC said that it would hold the event on March 26 to talk about the challenges cyber threats pose for market participants and public companies.
Recent breaches at Target Corp and Neiman Marcus have sparked concern from lawmakers and revived a long-running spat among retailers and banks over who should bear the cost of consumer losses and technology investments to improve security.
Last Thursday, trade groups for the two industries announced they are forming a partnership to work through the disputes.
U.S. lawmakers have also considered weighing in on how consumers should be notified of data theft. But progress on legislation is not guaranteed in a busy election year.
The SEC in 2011 drafted informal staff-level guidance for public companies to use when considering whether to disclose cyber attacks and their impact on a company’s financial condition.
SEC Chair Mary Jo White last year told Congress that her agency was reviewing whether a more robust disclosure process is needed. But she told reporters last fall she felt the guidance appeared to be working well and that she didn’t see an immediate need to create a rule that mandates public reporting on cyber attacks.