Data as a Service
First Things First: How You Can Overcome Top 8 Challenges of Generative AI
Generative Artificial Intelligence (GenAI) stands as a transformative force in the digital landscape, promising innovative solutions and creative approaches to data synthesis. However, GenAI faces its fair share of adoption hurdles. Organizations committed to leveraging generative AI must navigate through myriad challenges, ensuring both the solution efficacy and ethical application. Let’s delve into the top 8 challenges...
Garbage In, Garbage Out: Why Third-Party Data Sources Matter When Using Generative AI
In a recent LinkedIn post , data and technology transformation consultant Tommy Tang writes, “Generative AI has emerged as a potent tool across various domains, from content creation to bolstering decision support systems.” He warns, however, that “The efficacy of generative AI is intrinsically tied to the quality of its training data.” And therein lies the challenge, aptly summarized by the adage, “Garbage in, garbage...
Get Ahead or Left Behind: The Generative AI Trend & It’s Growing Role in Tomorrow’s Workplace
ChatGPT and Bard, DALL-E and Starryai: Generative AI (GenAI) tools are taking the world by storm, igniting conversations, and shaping future possibilities in ways we've only begun to explore. As the World Economic Forum notes, “After years of research, it appears that artificial intelligence (AI) is reaching a sort of tipping point, capturing the imaginations of everyone from students saving time on their essay writing...
AI for Business: How to Capitalize on Generative AI to Enhance Decision-Making
The intersection of Artificial Intelligence (AI) and business pulses with potential, especially since generative AI (GenAI) has entered the picture. Google research scientist Oriol Vinyals notes, “Generative models are changing the way we think about machine intelligence and creativity, and have the potential to transform industries from media to finance to healthcare.” Of course, the insights you gain are only as good...
The EU’s Human Rights Due Diligence Directive is expected next year – and other countries could introduce their own legislation. How should companies prepare?
The EU’s proposed new Directive would mandate large companies in the EU or doing business there to implement strict new due diligence obligations. The regulation is now close to being finalized, which would start the clock ticking for individual countries to change their laws. We analyse what companies should expect from the Directive, as well as the wider trend towards global human rights due diligence regulations. We...
Global spread of Human Rights Due Diligence continues after initiative from Japanese government targets responsible business
One of the major themes in compliance in recent years has been the rise of Human Rights Due Diligence (HRDD) legislation in Europe and the US. Now, this trend appears to be expanding into the Asia-Pacific region after a recent initiative by the Japanese government. In this blog, we look at the latest developments in HRDD and ESG assessments, and explain how companies can expand their due diligence programme to capture...
Sanctions update: UK regulator releases new report, while EU publishes due diligence expectations for companies
Many companies have deficiencies in their sanctions risk management and customer due diligence processes, according to a survey by the UK’s financial regulator. The EU has also published new expectations about companies’ third party due diligence for risks related to sanctions, particularly for companies operating in Russia and Belarus. In this blog, we look at these latest developments in global sanctions, and explore...
Prevent and Detect: How Companies Can Spot Money Laundering Before the Fine
Companies are receiving ever larger fines for allegedly breaching anti-money laundering regulations–in fact, the total fines issued globally in 2022 was 50% higher than in 2021. As well as the financial hit, compliance breaches inflict significant legal, reputational and strategic damage on companies. It is therefore critical that banks and other firms can spot suspicious financial activity before it becomes a regulatory...
Seven Ways Companies Can Effectively Respond to the Global Spread of New Anti-Money Laundering Regulations
In the last blog in our AML series , we outlined the major developments which are driving rapid regulatory changes across the world. Today, we are going a step further by suggesting seven ways companies should respond to these emerging regulatory risks. Implementing these best practices for compliance and due diligence will not only help companies to meet regulators’ expectations, but it should protect their business...
6 Exciting Ways Premium News Data Lights the Way to Better Business Performance
Despite predictions of a “new normal,” the post-pandemic world feels just as tumultuous as ever. In fact, you could say unpredictability is as constant as the tide. The pressure to adapt or risk being swept into obsolescence is great. That’s why organizations increasingly turn to premium news data to help navigate a business landscape that continues to churn and change. Like a reliable lighthouse, premium news data illuminates...
5 Unbeatable Benefits of Switching to a Cloud-Based Data Platform to Leverage Third-Party Data
The landscape of business is evolving at an unprecedented pace, thanks in no small part to the accelerating development of technology. One of the most impactful shifts in recent years is the migration from on-premises data solutions to cloud-based data platforms. What was once a buzzword and a future prospect has now become an integral part of modern business strategies. So, what makes cloud-based data platforms so beneficial...
Your Guide to the Alternative Data Revolution in Cloud-Based Data Marketplaces
Data may seem as common as dirt these days, but harvesting insights from data is not without its challenges. According to Statista , for example, organizations across the globe report common problems with: 34% struggle with data discovery—where to find and access alternative data to enrich your analytics 35% face organizational silos make it difficult to cultivate and share meaningful insights 39% struggle with...
How to Use Big Data Analytics in Finance
The finance industry is up against massive challenges as 2023 shapes up to be a tumultuous year for the market. The closure of Silicon Valley Bank signaled another big fall in trust, and businesses are scrambling to make sure that they’re providing security and safety alongside their normal client services. Now more than ever, it’s critical that companies have trustworthy ways of performing their practices, finding...
4 Reasons for Integrating Third-Party Data in Financial Services Risk Management Workflows
Recent volatility in the financial services sector only reinforces how interconnected and complex global markets have become. Geopolitical and economic uncertainty, coupled with expanding regulation, makes navigating the turbulence even more challenging. Global consultancy EY notes that “Data has an increasingly important role within financial crime risk management.” To get ahead of the curve, financial institutions increasingly...
How Third-Party Data APIs Help Financial Services Organizations Keep a Competitive Edge
Could 2023 be the year the world rebounds from the 2020 pandemic? The answer is “yes”, according to Deloitte , which predicts that “2023 could be the year the ‘new normal’ fully comes into view. There will be opportunities to help define the future, one in which profits and purpose are inextricably linked. Finding and making the most of opportunities that emerge, however, will require data-driven insights. That’s where...
4 Crucial Ways that Third-Party Data APIs Can Help Financial Services Organizations Become More Risk Resilient
In 2021, McKinsey, in collaboration with the Federation of European Risk Management Associations (FERMA), conducted a survey on resilience behavior and organizational management. Noting a “striking difference between corporates and financial services organizations, the research revealed a much higher percentage of staff allocated to risk and compliance within financial services than corporate entities. The reason? The...
How Adverse Media & Other Text-Based Data Helps Financial Services Organisations Stay on Top of Reputational Risk
What is your reputation worth? While reputation can be difficult to quantify, a study by the World Economic Forum suggests that more than 25% of market value can be attributed to an organisation’s reputation. Particularly in the financial service industry, reputation and trust go hand in hand. In the years following the global economic crisis of 2008, trust in the financial services crashed too, and it wasn’t until 2016...
4 Uses for Text-Based Data that Turns Insurance Market Intelligence into Valuable Insights that Enhance Decisions Across Your Business
A McKinsey article on use of AI in the insurance industry calls data and analytics capabilities “table stakes” in the sector in Europe and North America. The article notes that “External data are the ‘fuel’ that is unlocking the value of artificial intelligence.” What types of text-based data can help you derive actionable insights? Current and historical news data and social commentary Market and industry data...
What are the Benefits of Adding ESG News and Other Third-Party Data to Your Investment Analytics?
In recent years, financial services organisations have faced increased pressure to consider environmental, social, and governance (ESG) factors in their investment portfolios and strategies. It isn’t the first time. In the 1970’s, anti-war sentiment and concern for the environment sprouted a movement, but it languished for years. In the mid-2000’s, the United Nations began prioritizing ESG and commitments to ESG by major...
5 Essential Types of Third-Party Data the Manufacturers Can Use Today to Fuel Innovation & Growth Tomorrow
Did you know that manufacturing leaders are 2.5 times more likely to put data and technology investments ahead of cost reduction efforts? There’s a good reason: Making data-driven decisions—supported by artificial intelligence applications—can help manufacturers realize efficiencies that deliver cost savings. But manufacturers need more than internal data to achieve real value; third-party data provides complementary...
Using Third-Party Data to Safeguard Your Reputation & Inform Decisions Across Your Entire Manufacturing Organisation
“Any reinvigoration of US manufacturing will also require reinvention,” notes McKinsey & Company in its “ State of AI in 2022 ” report. The report goes on to explain that five years ago, manufacturers were seeing value from AI use in operations and risk management. Today, value creation is also being seen in marketing and sales, product and service development, strategy and corporate finance and supply chain management...
How Data APIs Can Help You See Whether the Third Parties You Rely On Align with Your ESG Commitments
When Edelman released its 22 nd annual Trust Barometer this year, the headline read: “Societal leadership is now a core function of business.” Edelman further noted that it’s not just consumers holding business accountable: 60% of employees and 80% of investors prefer organizations that align with their beliefs and values. Environmental, social and governance (ESG) performance plays a critical role in meeting those expectations...
3 Ways that Timely, Third-Party Data Helps Manufacturers Identify Supply Chain Red Flags Faster
Supply chain risk is not a new phenomenon, but it has certainly intensified. As the pandemic began its global spread in early 2020, 94% of Fortune 1000 companies reported supply chain disruptions . Today, global supply chains continue to flounder, earning a spot on the 2022 Davos Agenda and in the minds of procurement and supply chain leaders worldwide. Improving visibility into potential supply chain risk is a must,...
Lloyds banks on technology in 2020 strategy
Digital transformation In its strategic review for 2018-2020, Lloyds has pledged to make a strategic investment of more than £3 billion, of which more than half has been allocated to "digitising the group". It now defines its business model as "digitised, simple, low risk [and] customer-focused." A key priority is "simplification and progressive modernisation through targeted investment in technology, data, and innovation...
How Banks are Using AI & Big Data to Sidestep Financial Crime Exposure
Concerned about the exposures created by exponential increases in data sources and partner vendors? See how banks are unlocking the power and efficiency of AI and big data to steer clear of financial crimes. Today's financial institutions have it tough. Compliance requirements are becoming almost impossibly rigorous. Data is growing exponentially, both in terms of sheer volume and number of sources. Financial crime...