NTT Data, a consulting and IT services provider, announced that it has secured a place in the Bank of England’s (BoE) highly regarded FinTech Accelerator programme. In partnership with German start-up Reportix, NTT Data is investigating the power and potential of effective data analysis and visualisation for the BoE. NTT Data is just one of the companies chosen to showcase their expertise with emerging technologies and tackle the technological challenges facing the UK’s central bank, responsible for policy, regulation and operators.
The BoE currently relies on Microsoft Excel as their primary analytics tool. It is restricted to small data sets, limited visualisation capabilities and a highly manual approach. A process that is no longer sufficient as the quantity and value of data increases exponentially. To unleash a more effective approach to data analytics, NTT Data and Reportix are exploring ways to store, organise and combine the Bank’s regulatory and analytical data in a more flexible way, based on the XBRL standard.
The team is developing a user-friendly WebApp, capable of sophisticated data analysis, whatever the scale or complexity of the data. By improving the accessibility of the data and its mode of storage, the app enables BoE analysts to see the data at their disposal, conduct more effective analysis and data-driven decision-making. It will help the BoE make connections between data sets used for economic and financial stability analysis, visualise trends in new and more easily interpreted ways, and make it much faster to roll out new XBRL-based taxonomies in the future.
The BoE, like the broader Financial Services industry, is looking to financial technology to assist in driving efficiencies and uncovering value in its data. This year’s BoE FinTech Accelerator involves projects focusing on large-scale data storage and analysis, machine learning and cyber security. In January 2018, the NTT Data and Reportix team will be reviewing the app’s performance and long-term potential for more business units with the BoE and reporting back to the industry.
Simon Williams, CEO, NTT Data UK said:
The BoE sits at the pinnacle of the UK’s banking system and, as such, should be leading the way when it comes to effective use of emerging technologies. Being part of the FinTech Accelerator, is a hugely exciting opportunity and gives NTT Data a chance to trail a truly innovation approach to data analysis. One, we believe, can revolutionise how the BoE operates, and have a positive impact on the broader industry in the UK and beyond.