1820: Nationwide & Qlik on Regulation and Trust in Data in Financial Services

The UK government recently launched data reforms to boost innovation, economic growth and protect the public, a year on from the creation of the National Data Strategy and a key step in its 10 Tech Priorities, which include unlocking the power of data. The proposed reforms aim to empower the ICO and businesses using data in innovative and responsible ways to benefit people's lives, in areas from healthcare to financial services. However, a new report from data analytics leader, Qlik, into the UK's FS industry suggests that while AI and predictive analytics has huge potential in FS organisations, low trust and regulatory fears are still holding back their widespread adoption in the industry.

In fact, Only half (50%) of IT leaders FS organisations trust decisions made by predictive analytics solutions are without bias, 46% of IT leaders believe the regulatory burden outweighs the benefit that predictive analytics solutions could offer.

Richard Spiegal, BI Centre of Excellence Leader at Nationwide, and Adam Mayer, Senior Manager at Qlik join me in a conversation on the state of regulation and trust around data in the financial services (FS) sector.

We discuss how to tackle the issues laid out in Qlik's report, particularly around trust and regulation issues and the power of data analytics to help organisations build a data pipeline and democratise data in a safe, secure way with customers interests at heart.

I also learn how Nationwide is exploring analytics use cases across anti-money laundering, financial crime, risk management, and supporting human decisions, for example, by triaging and helping to prioritise staff caseloads.

A big thank you to the team at Feedspot for featuring Tech Talk Daily on their Best 40 UK Tech Podcasts list.