Dr. Shivaji Dasgupta, Group Chief Data and Intelligence Officer at large EU banks, discusses the significance of data strategies in modern banking and beyond at ADAPT’s recent Data & AI Edge event.

Stressing the long-term nature of data strategy, he emphasises the need to move beyond viewing data management as a cost centre.

By focusing on enhancing customer experiences and revenue generation through data, organisations could demonstrate its value to the business.

Additionally, Dr Dasgupta highlights the importance of considering the complete data life cycle, from creation to destruction, to minimise costs and ensure data quality at its source.

Furthermore, he proposes a convergence of roles, suggesting that Chief Data Officers (CDOs) should also take on the responsibilities of Chief Information Officers (CIOs) and Chief Product Officers (CPOs).

This holistic approach aligns with the evolution towards data-driven architectures and applications, essential for leveraging technologies like AI and generative AI effectively.

By anticipating future skills and technologies, organisations could leapfrog traditional data management challenges and harness the full potential of emerging technologies like generative AI to streamline processes and drive innovation.

Dr Dasgupta also spotlights the evolution of AI applications in financial services, particularly focusing on anti-money laundering (AML) and Environmental, Social, and Governance (ESG) compliance.

He talks about the role of AI in anomaly detection, emphasising its effectiveness in pattern recognition and real-time monitoring to prevent fraudulent activities.

He also addresses the potential application of AI in charity organisations, suggesting the use of existing tools or consulting with AML providers to identify patterns of fraudulent transactions.

Key takeaways:

  • Data strategy significance: Dr Dasgupta stressed the importance of robust data strategies, urging a shift from viewing data management as a cost centre to recognising its potential to improve customer experiences and boost revenue.
  • Convergence of roles: Dr Dasgupta proposed Chief Data Officers (CDOs) take on additional responsibilities typically handled by Chief Information Officers (CIOs) and Chief Product Officers (CPOs), aligning with the trend towards data-driven architectures and facilitating more effective use of emerging technologies like AI and generative AI.
  • AI applications in compliance: AI’s evolution in financial services, particularly in anti-money laundering (AML) and Environmental, Social, and Governance (ESG) compliance, highlighted AI’s role in anomaly detection and real-time monitoring to thwart fraudulent activities.
Contributors
Dr. Shivaji Dasgupta CDO and Analytics experience from multiple large European Banks and other industries
Multi-year strategic and operative experience in digital transformation and operations in cloud-based business models at large and mid-sized corporations, public-sector Implementation of... More

Multi-year strategic and operative experience in digital transformation and operations in cloud-based business models at large and mid-sized corporations, public-sector

Implementation of large end-to-end data-driven products, including architecture and processes with business and technology cross-functional, cross-geographic teams

Implementation of cloud solutions for financial, risk and ESG solutions

6 years as McKinsey Digital consultant with focus on digital transformation in finance and online business-models

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Byron Connolly Head of Programs & Value Engagement at ADAPT
Byron Connolly is a highly experienced technology and business journalist, editor, corporate writer, and event producer, and ADAPT’s Head of Programs and... More

Byron Connolly is a highly experienced technology and business journalist, editor, corporate writer, and event producer, and ADAPT’s Head of Programs and Value Engagement.

Prior to joining Adapt, he was the editor-in-chief at CIO Australia and associate editor at CSO Australia. He also created and led the well-known CIO50 awards program in Australia and The CIO Show podcast.

As the Head of Programs, Byron creates valuable insights for ADAPT’s community of senior technology and business professionals, helping them reach their organisational and professional goals. With over 25 years of experience, he has a passion for uncovering stories about the careers and personal philosophies of Australia’s top technology and digital executives.

When he is not working, Byron enjoys hot yoga, swimming, running, and spending time with his family.

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