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BofE plans cloud-based data platform and AI pilots

BofE plans cloud-based data platform and AI pilots

The Bank of England is building out a cloud-based data and analytics platform after an independent review found "nervousness" in adopting the technology.

Following the review, the central bank is embarking on a seven-step refresh of its data and analytics strategy.

Explaining the plan in a speech this week, BofE director for data and analytics transformation, James Benford, said that at its heart is a new cloud strategy and an "ambition to manage the Bank’s data on the cloud unless there is a strong reason not to".

The components of the architecture have now been agreed and it is now the "North Star" for every live project and programme embodying technological change in the Bank.

"Our aim is that in time all of our data will be held in one lake or connected to it, described in a single, searchable catalogue, and connected with an integrated suite of analytical tools," according to Benford.

Meanwhile, the modernisation programme will also see the central bank carry out a set of AI pilots. An AI taskforce will oversee testing for a set of tightly-defined use cases in different parts of the business.

Explains Benford: "We are choosing these pilots to hone an AI portfolio that has good coverage across different areas of the Bank and to help us explore all areas of recent advances in AI."

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