Financial businesses around the world are “drowning” in data, but that isn’t stopping them from acquiring new data sources. This is according to a new report by the Aite Group, which polled 682 marketing and risk executives at financial institutions located in the UK, the US, Canada, Hong Kong and India.

The report says that the majority of these businesses are “challenged” by the vast amounts of data available, as well as the fact that this data often comes in silos, instead of data lakes. But – they’re looking to add new sources.

The challenge of data mountains is being tackled through the use of advanced technology, the report continues, namely – artificial intelligence (AI) and machine learning. Over the next two years, the proliferation of AI/ML is expected to continue, with more than two thirds (68 per cent) of UK executives considering integrating it into their platforms.

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Full Text： itproportal

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