The key to decision making

Episode summary

Data analytics has taken a long journey in banking. As RMB CEO James Formby explains, having data is one thing, but knowing what to do with it and enabling useful insights is another. Historically, data was housed in different departments — making it difficult to bridge the gap, but as technology and architecture has advanced, data can be put together in a way that makes it far more seamless and far more accessible, to unlock value in terms of the new data models available. As markets evolve, it’s important for C-suite executives to understand the power of data and how to use it to make those all-important decisions.

This ability to access data and use it much more rapidly is fantastic, not only for banks, but also for their clients and their own businesses. RMB has an enormous wealth of consumer and business transact information, and by aggregating that in a smart way, we can give clients deep insights into what is happening in their business. Whether in retail or trading, for example, RMB’s market information has an abundance of detail that clients themselves may not have readily available. 

As with anything data driven, there needs to be a certain standard of conduct. RMB maintains that a robust ethical practice is of the utmost importance to ensure that no client or individual confidential information is provided. RMB's belief is to have AI that does the right thing, and AI that it can be proud of as an organisation.