Summary
This report presents insights from senior executives in the Asia-Pacific banking sector regarding risk and data management strategies. It outlines the findings from a survey conducted among ten leading banks, highlighting the importance of data strategy in enhancing risk management and operational efficiency. The report details key challenges faced by these institutions, including resource constraints and the prevalence of data silos, which hinder effective data management. Additionally, it discusses the rising adoption of artificial intelligence (AI) within the financial landscape, with a focus on its potential for improving efficiency and reducing costs. The report identifies major gaps in data strategy and governance practices among banks, emphasizing the need for improvement. Furthermore, it presents the current state of AI adoption, including the various stages of implementation and the primary use cases for generative AI integration. The report concludes with a discussion on the risks associated with AI and the necessity for collaboration between risk and data departments to unlock opportunities.
