Maximising the value of data collections across the financial sector

Earlier this month James Benford, Chief Data Officer and Executive Sponsor of Transforming Data Collection (TDC) at the Bank of England (the Bank), delivered the keynote speech at the A-Team Group RegTech Summit. This annual summit brings industry together to share insights on upcoming regulatory changes and the trends shaping the future of the financial sector.

James’ speech focused on the importance of data collection for the sector. He highlighted that effective and efficient data collection as well as embracing innovations in technology will support better decision-making. It will deliver productivity benefits and create greater agility and dynamism by freeing up resource tied to regular processes. This has the potential not just to improve the financial sector, but to increase the competitiveness of the UK economy.

A central theme of the speech was the need for collaboration between regulators and industry. James highlighted the work of TDC as being key to this. He encouraged industry to engage with TDC, the Financial Conduct Authority (FCA) and the Bank as they work to transform regulatory data collections.

During his speech, James provided an update on TDC as part of a broader overview of the Bank’s Data and Analytics Strategy. He highlighted the programme's continued goal to collaborate with industry to collect the necessary data at the lowest possible cost. The programme aims to reduce the estimated £1.5-2bn annual reporting cost to the banking sector through streamlining what we collect, and improving the process through which data is collected.

Specific next steps of the programme for the Bank will be to create a Firm Communications Portal which will more effectively and efficiently structure conversations with firms about reporting. TDC will also continue to develop and adopt common data standards throughout the financial sector with the support of the Industry Data Standards Committee (IDSC). A multi-year agenda for the programme will be available to the public by the first quarter of 2025.

James’ speech was a great reminder of the value of data as a national asset, and the summit as a whole covered many exciting ideas and trends for the future. We would like to thank A-Team Group for organising the summit and inviting James to speak. You can read James’ speech on the Bank of England’s website.