EY has opened a Global Innovation Centre in Madrid that will focus exclusively in managing and analysing big data in financial services.
The investment is a key milestone for EY, which is growing its offering in data analytics and data mining, and is part of the organisation’s USD500 million global investment in analytics. The Centre is based in Madrid — a European hub for data innovation — but will serve clients across the globe.
Andy Baldwin, EY’s Managing Partner for Financial Services across EMEIA, says: “Financial services has navigated the post-crisis regulatory and economic environment. It now needs to deal with major technology and business model disruption driven by the rise of digital and the emergence of FinTech.
“We see significant client need and demand to better understand and manage their customer and business data. The challenge is to use the information insightfully to create real value for the customer while also identifying ways in which the business can be managed more effectively and efficiently. Doing this well is difficult and will require the industry to develop new and enhance existing data analysis skills and capabilities. This is why we have decided to expand our existing dedicated Financial Services team of international data scientists to more than 500 over the next few years as part of our commitment to support our clients in this key new capability area.”
The Centre will help financial services firms use the vast volume of data they collect and store to improve their products and customer experience. The Centre will provide:
Discovery labs to design and create innovative new ways of managing and monetising big data and creating pioneering new intellectual property (IP)
An analytics factory to build on the successful IP and provide an analytics service to EY’s clients
A Business Partnership Program which identifies opportunities for collaboration with industry, universities and new startups
A learning network that connects the Centre with a wide range of experienced professionals and startups across the world to share and develop cutting-edge new technologies
The EY Analytics Academy which, when launched, will offer a one-year educational course in big data and advanced analytics
Beatriz Sanz (pictured), Partner and Data Analytics Leader for EY financial services in EMEIA, says: “The sheer volume of information that financial services firms are now producing means it has never been more important to find innovative ways of managing and capitalising on data. Although the vast majority of businesses know that the data they generate could hold the key to new revenue streams and improve how they operate, 80% remain in the early stages of truly being able to claim they are on top of it. The firms that successfully put their data to use will find they have real competitive advantage in the market.
“We are already seeing enormous interest from our clients in our new Centre, as financial services firms grow increasingly hungry for new and innovative ideas around how to manage and mine their growing pool of data and use it to win and keep customers.”