The global economy has become a perpetual motion machine of data. In the early months of 2021, the Bank of England set out to reshape the UK's financial data landscape, transforming how data is submitted and collected. What are the challenges that this may bring to financial institutions and what should they be prepared for?
“Knowledge is power”. When Francis Bacon wrote these words, Great Britain was thriving under the rule of Elisabeth I, marking a time of prosperity known as the “Golden Age”. Today, the words of the Elizabethan philosopher remain as accurate as ever, but perhaps it might be wiser to say “Data is Power”.