16 Jul

Big Data and Banking

I went to a very interesting talk by Dr Usama Fayyad last night at GIBS. I was a bit out of place as a technologist in a room full of actuaries and MBAs but the talk was interesting.  Aside from the big data stuff which was fairly generic and if you have worked a bit with Hadoop, RapidMiner, R and the like not very cutting edge, it was great to see comparisons in industry uptake. The online cows presentation was awesome, AI meets AI. And you have to hear the presso to get that joke.

 

The key takeaways I got from the meeting were that most companies have no idea what they are sitting on and most companies are behind in their implementations.

My favourite quote for the day was “we are providing painkillers, not vitamins, we fix broken things, not make things better.” Fix a problem to make the business work before you make things better. Caveat: there will always be something to fix.