European banks must improve ‘big data’ practice – EBA report
Current regulatory framework is adequate but banks must work hard to improve trust, EBA says
Europe’s banks are not doing enough to govern their own use of big data and advanced analytics, the European Banking Authority says in a report.
Many stakeholders in the European financial sector feel lenders are “still at an early stage” in finding solutions to the problems around big data, the EBA says. “This may be due to institutions’ approach to new technological solutions, affected by issues relating to their legacy systems, and to adequacy of skills, expertise and knowledge, as well as
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