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The Big Data Revolution: The Next Generation of Finance

Financial services firms are awash in traditional internal structured data and new “unstructured” data. A key challenge and important change facing them is how all this data will be used. In this Accenture presentation we explore how CFOs can leverage the Big Data explosion to capture greater value for their firms, and in the process become a data-driven firm. For more information, read our point of view: bit.ly/1t5KZ29

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The Big Data Revolution: The Next Generation of Finance

  1. 1. Finance & Risk Services The Big Data Revolution: The Next Generation of Finance May 2016
  2. 2. Agenda 2Copyright © 2016 Accenture All rights reserved. Big Data revolution and financial services industry trends Big Data - opportunity for CFOs to play a greater role The transformation journey to become a Big Data-driven bank The value at stake for the CFO
  3. 3. More data More relevant data Real-time streaming dataDifferent types of data From… …To Terabyte ≈ 1,000 Gigabyte ≈ 1,000,000,000,000 Gigabyte 3 The Big Data revolution means access to large volumes of new data: It’s time for organizations to capture the huge value hidden in this data Big Data: What does it really mean? Copyright © 2016 Accenture All rights reserved. Zettabyte Mountain of data Useful insights Business/structured data Unstructured data Monthly-based reporting Fixed frequency data input Continuous flowing data input …ToFrom… Real-time reporting From… …To …ToFrom… Interpretable Uninterpretable Relevant Irrelevant Information The 4Vs model t+30 Live update TXT Twitter Facebook Insights (novel info) Signal (relevant info) TXT
  4. 4. 4 According to recent surveys and market evidence, the Financial Services industry is increasingly embracing the Big Data revolution with the opportunity it presents to reinvent the space How Big Data is affecting the Financial Services (FS) industry Copyright © 2016 Accenture All rights reserved. 71% of surveyed FS industry firms are exploring Big Data and predictive analytics1 $6.4 billion Big Data investment in 2015 by FS firms5 +26% Increase in Big Data spending estimated for 2015-20196 70% of FS industry firms surveyed report that Big Data is of critical importance to their firms3 54% of surveyed FS firms have appointed a Chief Data Officer to their organizations4 +201% Total investment growth (2014 vs 2013) in new Technology firms (Fintech)7 $12 billion Global Fintech financing activity in 20158 60% of banks worldwide expect to process the majority of their transactions in cloud by 20162 How is the market moving?What is the market sentiment? How much is this bet?How widespread is the use of Big Data?
  5. 5. Agenda 5Copyright © 2016 Accenture All rights reserved. Big Data revolution and financial services industry trends Big Data - opportunity for CFOs to play a greater role The transformation journey to become a Big Data-driven bank The value at stake for the CFO
  6. 6. Discovery of new business opportunitiesData-driven decision making 6 Risk and regulatory managementEnhanced productivity and efficiency The adoption of advanced technologies and capabilities is a key enabler to new and important opportunities for CFOs to expand their strategic role The potential value behind Big Data adoption Copyright © 2016 Accenture All rights reserved. The timely availability of large amounts and different types of data allows decision-making processes based on data rather than intuition. New technologies allow the automation of manual business processes and the handling of large volumes of unstructured data at lower costs. New solutions to extract valuable insights and facilitate the discovery of business opportunities, enabling CFOs to expand their role as trusted advisor to the CEO. Agile infrastructures and processes able to manage what is required now, and what is likely to be required in the future by the Regulator. Opportunities for CFOs to play a larger strategic role Cost Reduction Revenue Growth Insights Discovery Data Monetization Strategic Decisions Investment Choices Process Automation Low Storage Costs High Scalability CFO/CRO Integration Real-time Simulations Regulatory Reporting
  7. 7. Discovery of new business opportunitiesData-driven decision making 7 The Big Data revolution will help CFOs use real-time and valuable insights to improve decisions making and support their role as a strategic partner Data-driven decision making and discovery of new business opportunities Copyright © 2016 Accenture All rights reserved. CFOs now have the opportunity to use insights generated from data to make decisions with the aim of enhancing revenue growth and driving cost reductions. CFOs are now positioned to unlock the power of Big Data and take on the role of trusted advisor to the CEO, providing ideas, guidance and perspectives for developing new business opportunities that create addition value. Big Data and advanced analytics help improve data management processes through the elaboration and analysis of large amounts of data. They also provide real-time information and useful insights that allow CFOs to make faster and better decisions based on data rather than intuition. Data Storage Data Elaboration Data Analysis Decision Making Huge volume and different types of data Generation of combined information Data visualization techniques Real-time data and insights discovery Big Data and digital technology help CFOs shift from business operator activities (budgeting, forecasting, performance monitoring) to a C-levels advisor role (insights for supporting strategic decisions, analysis of investments choices, new business opportunities). Big Data Management CFO Business Role CFOCapabilities Business Advisor Strong industry knowledge to act as business leader Business Operator Monitoring skills, reporting activities Strategic Partner Analytics capabilities to drive decisions and create new opportunities
  8. 8. 8 Big Data techniques allow CFOs to gain useful information at a lower cost, particularly in regulatory reporting Enhanced productivity, efficiency and risk and regulatory management Copyright © 2016 Accenture All rights reserved. Note: A legend describing the acronyms can be found at the back to the presentation Risk and regulatory managementEnhanced productivity and efficiency New architectures, moving from silo solutions to “data lakes” and using Big Data technologies can help generate important cost advantages due to a higher level of scalability and large volumes of data managed at a lower cost per unit. Each year, banks are confronted with new regulatory requirements and challenges. Big Data allows organizations a simplified and cost effective way to source their data and convert it into “usable information for regulatory reporting.” Data Sources 2015 2016 2017 2018 LowMediumHigh Enforcement Date ExpectedImpact 236 (cap 8) SSM SREP RDARRInternet Payments EMIR SRM Transparency Bankit CRS PRIPs CCD Supervisory Reporting EBA Payment Account Directive MAD II MIFID (Mkts) MIFID (Inv. Prot.) FRTB AnaCredit AML IV Reg. EU Privacy PSD II IFRS9 Liikanen 236 CFOs now have the opportunity to reduce costs related to data elaboration by using automated and sophisticated analytical tools that store and analyze large amounts of data faster and more easily. CFOs are now better positioned to respond quickly to regulator requests due to the availability of Big Data and advanced technologies that allow real-time simulations and scenario analysis. Big Data Query Machine Learning Data Enrichment In-Memory Technologies Fast Access Database Real-time Use (Mobile, Web,..) Analytical Use (Report, Dashboards,..) Data Lake (Big Data Platform)
  9. 9. Agenda 9Copyright © 2016 Accenture All rights reserved. Big Data revolution and financial services industry trends Big Data - opportunity for CFOs to play a greater role The transformation journey to become a Big Data-driven bank The value at stake for the CFO
  10. 10. 10 The transformation to a Big Data-driven enterprise should address three key strategic imperatives The transformation journey to becoming a Big Data-driven bank Copyright © 2016 Accenture All rights reserved. A new data operating model based on the central role of data in decision-making processes and day- to-day activities is recommended. The model will define new roles and responsibilities related to the data governance processes. Advanced technologies and flexible IT architectures that can store and analyze huge amounts of different types of data are recommended. These help extract useful insights and generate value across the enterprise. A cultural change is encouraged in terms of innovative mindset, new business roles and advanced skills across the organization. This will help capture and understand the real business value behind the adoption of Big Data. 1. Data Operating Model 2. Leading-Edge Architecture 3. Cultural Change Strategic imperatives to becoming a Big Data-driven enterprise
  11. 11. The roles within the data operating model include the data officer as a leader The data operating model Copyright © 2016 Accenture All rights reserved. Data Governance Coordinator • Coordinates and meets regularly with all governance function players • Oversees the reporting process and makes sure involved players use the appropriate data sources, methodology and tools Data Quality Steward • Writes data quality standards for the entire data management process and defines the data dictionary • Manages the data quality process for reporting: coordinates, monitors and addresses the corrective measures according to the data quality policy Data Owner (Business) • Defines the business’s data requirements for proper and effective reporting • Defines (with the Data Quality Steward) the data checkup activities in the reporting development process and makes sure the activities are performed correctly Data Manager • Makes sure that data required for reporting purposes (regulatory and managerial) are always available and reliable • Oversees the quality of data used for reporting purposes and takes action to solve potential issues Designs macro data governance processes, assigning roles, responsibilities and accountable for the reliability of the data used for regulatory and financial reporting purposes Data Officer Data Officer 11
  12. 12. A Big Data IT architecture based on different data layers offers greater flexibility, scalability and data exploration The leading-edge architecture Copyright © 2016 Accenture All rights reserved. Presentation Users view reports, through dashboards, that provide data as support for business decisions Management Data are elaborated, aggregated, enriched through specific algorithms and engines to provide synthetic measures and results Data Lake Data from legacy systems are collected in order to allow full flexibility from this point on in terms of data analysis, data quality and data elaboration Legacy and Source Systems Data sources for the banks, contain and manage data required for core banking activities and represent the point of origin of the information Data Discovery and Exploration Users access, browse, explore and analyze data in all the different stages and aggregation levels Legacy 1 Legacy 4 Legacy 2 Legacy 5 Legacy 3 Legacy n DataGovernanceandDataQuality DataLayers Management Data Lake Presentation Data Discovery Legacy Systems • Engines • Datawarehouse • Tableau de Bord / Dashboard • Reporting • Self Business Intelligence 12
  13. 13. Cultural change in terms of innovative mindset, new business roles and advanced skills is encouraged throughout the organization The cultural change Copyright © 2016 Accenture All rights reserved. Key Elements for a Cultural Change Change in senior management mindset is encouraged to promote: • Innovation diffusion • Evidence and data-based decisions • Convergence of data and sharing of information • Business accountability for data management New business roles should be established with the responsibility to: • Define and execute data strategy • Identify and manage data and design data quality controls • Manage the reliability and traceability of business data • Define data accountability New skills and capabilities should be acquired, such as: • Data scientists • Quantitative analysts • IT architects and big data specialists Innovative Mindset New Business Roles Advanced Skills and Capabilities 13
  14. 14. Agenda 14Copyright © 2016 Accenture All rights reserved. Big Data revolution and financial services industry trends Big Data - opportunity for CFOs to play a greater role The transformation journey to become a Big Data-driven bank The value at stake for the CFO
  15. 15. 15 Big Data can enable tangible savings and potential intangible up-side transforming a traditional CFO department into Data-Driven CFO organization The value at stake for the CFO Copyright © 2016 Accenture All rights reserved. From issue To outcome Poor data quality and technology inefficiency Today -5% -10% -20% Non-harmonized reporting Non-aligned processes Alignment of processes Harmonized reporting Centralized data sources Traditional CFO Department The Data-Driven CFO Organization +30% +50% +15% +5% Cost of inefficiency Cost Reductions -35% Further Up-side Data-driven decision making - Discovery of new business opportunities Issue Outcome The impact of growing business constraints and regulatory requirements often result in greater inefficiency and costs. Poor data quality, outdated technology and misaligned data processing can lead to inconsistent information and greater difficulty in executing strategy. Based on our experience, such a situation could lead to significant cost increases (up to 50%). Our experience indicates that high-performance CFO organizations can benefit from significant and tangible cost reductions (up to 35%) and potential intangible up-side. A new operating model to manage data (based on the alignment of data processes, high standards in data quality, new technologies, harmonized reporting and new analytics capabilities) can help sustain profitability and return on equity. Tangible Costs Tangible Cost Reductions Intangible Benefits Tomorrow
  16. 16. Accenture Point of View: – Exploring Next Generation Financial Services: The Big Data Revolution • https://www.accenture.com/us-en/insight/big-data-revolution-next-generation-financial- services 16Copyright © 2016 Accenture All rights reserved. For More Perspectives on Big Data and Financial Services
  17. 17. Legend • 236: Internal control systems for Italian banks • 236 (8): Information security for Italian banks • AML IV: Anti-Money Laundering IV • AnaCredit: Analytical Credit Datasets project • CCD: Consumer Credit Directive • CRS: Common Reporting Standards • EMIR: European Market Infrastructure Regulation • FRTB: Fundamental Review of Trading Book • IFRS 9: International Financial Reporting Standard 9 • Liikanen: Liikanen Report • MAD II: Market Abuse Directive II • MIFID: Markets in Financial Instruments Directive • PRIPS: Packaged Retail Investment Products • PSD II: Payment Services Directive II • Reg. EU Privacy: Protection of personal data • RDARR: Risk Data Aggregation and Risk Reporting • SREP: Supervisory Review and Evaluation Process • SRM: Single Resolution Mechanism • SSM: Single Supervisory Mechanism • Supervisory Reporting EBA (European Banking Authority): New technical standards for regulatory reporting • Transparency Bankit: Transparency exercise on RWA composition 17Copyright © 2016 Accenture All rights reserved.
  18. 18. References 1. “Just Using Big Data Isn’t Enough Anymore,” Harvard Business Review, February 9, 2016. Access at: https://hbr.org/2016/02/just-using-big-data-isnt-enough-anymore 2. “Gartner: Majority of Banks Will Turn to Cloud for Processing Transactions by 2016,” Information Week, Bank Systems & Technology, October 16, 2013. Access at: http://www.banktech.com/management- strategies/gartner-majority-of-banks-will-turn-to-cloud-for-processing-transactions-by-2016/d/d-id/1296641 3. “Just Using Big Data Isn’t Enough Anymore,” Harvard Business Review, February 9, 2016. Access at: https://hbr.org/2016/02/just-using-big-data-isnt-enough-anymore 4. Ibid 5. “What is Big Data,” HRBoss Blog, infographic, February 3, 2014. Access at: https://hrboss.com/blog/2014-02- 03/what-big-data-infographic 6. ”Global Big Data IT Spending in Financial Sector – Market Research 2015-2019,” Technavio. Access at: http://www.technavio.com/report/global-big-data-it-spending-in-financial-sector-market-research-2015-2019 7. “The Future of FinTech and Banking,” Accenture 2015. Access at: https://www.accenture.com/us-en/insight- future-fintech-banking 8. Ibid 18Copyright © 2016 Accenture All rights reserved.
  19. 19. The Big Data Revolution: The Next Generation of Finance Disclaimer This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. 19Copyright © 2016 Accenture All rights reserved. About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Its home page is www.accenture.com Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

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