The Bank of England is developing a cloud-based data and analytics platform following an independent review that highlighted concerns about adopting such technology.
As part of a seven-step refresh of its data and analytics strategy, the central bank aims to implement a new cloud approach. In a recent speech, James Benford, the Bank’s director for data and analytics transformation, emphasized the intention to manage the Bank’s data in the cloud, unless there are compelling reasons not to do so.
The architecture’s components have been finalized and will serve as the guiding framework for all live projects and initiatives related to technological change within the Bank. Benford stated, “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 linked with an integrated suite of analytical tools.”
In addition to this modernization effort, the Bank will initiate a series of AI pilots, overseen by an AI taskforce. This taskforce will test a selection of defined use cases across various business areas. Benford explained, “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.”