EBA Report on Big Data and Advanced Analytics

Posted on February 7, 2020 by Editor

A recent European Banking Authority (EBA) report outlines key challenges relating to the increased adoption of big data and advanced analytics.

Big data and advanced analytics – including machine learning – are increasingly prevalent in the banking industry, with their use only set to expand in future. Two-thirds of credit institutions surveyed by the EBA indicate that they are already using these kinds of tools in the delivery of services.

The EBA report also highlights that unless a number of “elements of trust” are addressed by financial institutions in their use of these new technologies, new risks almost inevitably arise. The list includes:

  • Ethics
  • Explainability and interpretability
  • Fairness and avoidance of bias
  • Traceability and auditability
  • Data protection
  • Data quality
  • Security
  • Consumer protection

These are issues that regulators the world over are concerned with at present and the EBA report provides a very useful summary of the questions that need to be addressed. Read more and access the report here.

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