Bank of England’s data and analytics strategy: a path to modernisation

Posted on March 17, 2024 by Editor

James Benford, Executive Director for Data and Analytics Transformation and Chief Data Officer at the Bank of England, recently outlined the Bank’s ongoing journey to refresh its data and analytics strategy.

Speaking at the Big Data and AI World event in London, Benford emphasised the critical role of data in the Bank’s functions, spanning monetary policy, financial regulation, and economic analysis.

Benford outlined the Bank’s current data landscape, managing vast datasets generated from various sources, including trade repositories and household-level mortgage data. He stressed the importance of leveraging technology to analyse these datasets effectively.

Breaking down the Bank’s modernisation strategy into seven actionable steps, Benford emphasised the importance of governance, collaboration, and innovation. From defining strategic goals to reshaping operating models, each step is aimed at propelling the Bank into a data-driven future.

The Bank has already been working on a transformation to the way it collects data – with reforms centre stage. We look forward to seeing the outcomes of the new data and analytics strategy, which, we trust, will put effectively collected, accessible structured data to beneficial use.

Read the speech here.

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