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UK banking bosses must ‘take charge of data’

The UK’s banking bosses will have to work hard in a post-Brexit landscape if London is to retain its reputation as the data capital of Europe, says a report announced today at Big Data London (BDL) in Olympia.

The event’s organisers have released their Fourth Industrial Revolution 2018 Report which surveyed 500 of the UK’s most influential data leaders as they seek to compete against data-savvy competitors on a global basis.

The report contains particular lessons for the banking industry as it struggles to bring data management in line with new regulatory demands such as GDPR, as well as learn from headline-grabbing data scandals, like that which engulfed TSB earlier in the year.

The lessons from TSB show how data issues can now be a sackable offence says the report, and welcomes figures showing that 15% of UK CEOs have now taken personal charge of data issues, compared with zero last year.

UK banking bosses must play their part in taking still greater ownership of data, said Alan Mak MP, Chair of the All-Party Group on the Fourth Industrial Revolution in a keynote speech at Big Data LDN.

Some 45% of data experts believe Brexit will not help London reign as data capital of Europe, says the report, with 17% thinking it impossible. This contrasts with 34% of data leaders who believe Brexit will be a force for good, 15% of whom even consider Brexit essential for London to become the data capital of the continent.

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