Data Blog

A blog about all things data: data analytics, data management, data governance, data quality, data visualisation. Gain insights from our data professionals working across all industries.

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05 June 2018

Financial crime: Four essential rules for effective transaction monitoring

By Jeremy Davey and Scott Samme Money launderers are, by definition, a devious bunch. They quickly learn the rules that banks set to detect suspicious transactions, and adapt. They are, in other words, dynamic – so transaction monitoring should be equally so. In our previous blog we talked about the problems with many legacy transaction monitoring (TM) systems, which tend to be rules-based. That’s not to say that rules-based systems are obsolete; but in the complex world of global finance, they’re not enough on their own. If banks are to efficiently root out complex illegal trades they need to know far more about the connections between parties to transactions. Fortunately, advanced technology and analytics allow us to do this.

29 May 2018

When automated pricing becomes collusion

By David Geere Machine learning systems are not unlike raising a particularly brilliant child – they could move ahead and gain knowledge at speed, but you need to give them guidance and an ethical framework or they could break through lines that adults wouldn’t cross. The possibility of automated collusion is one of those lines. As I’ve written previously, pricing is one of the most important issues for any business and Data and Analytics is bringing huge advantages to companies in making pricing decisions. Competition is tough in every sector, and companies are understandably keen to get the best prices for their goods and services

21 May 2018

Connecting with senior females in data

By Cathy Wilks For a long time we’ve thought about how do we really connect with more like-minded female technologists who all share the same passion for data, analytics and emerging technology. There are many events that we could, and often do attend, however, as senior females in data, we really want to understand how we can make a difference. As two of the female data leaders at PwC, last month we hosted the first gathering for ‘female leaders in data’ in our offices at Embankment Place. We recognise how important it is to form support networks, particularly with female peers, given there are fewer women in senior technology roles.

16 April 2018

Personalised Policies

By Sam Jones The insurance sector has always been known for being data-driven, in fact, some of the most early data analytics was with actuaries and insurance underwriters. The new challenges we face today is the sheer volume and variety of data which is increasing exponentially; a wealth of data is being generated by the increasing number of devices we interact with on a daily basis – from our mobile phones to the Internet of Things (IoT) - all of which provide high volume, mix-structured information on a real-time basis.

29 March 2018

Outperforming the human: How can machine learning help your business?

By Matthew Tomlinson Every week, it seems someone produces a new estimate for how much data we produce. According to the research company IDC, by 2025 we will have created 163 zettabytes. That’s the equivalent of 40 trillion DVDs, or the entire Netflix catalogue 489 million times over. Technology allows us to gather, organise and analyse these vast volumes of data – but a potential weakness remains, and that stems from human involvement.

12 March 2018

Unlocking the power of data to track and manage business traveller risks

By Arjun Kumar and Sarah Mullen In an increasingly connected world, business travel is essential for companies to maintain and expand their global footprint. So it's no surprise that according to the Global Business Travel Association, in 2016 worldwide organisations spent US$1.3 trillion (approx £1 trillion) on business travel. However, together with great opportunities, this can equally be problematic for companies, as authorities are increasingly scrutinising the activities of mobile workers.

01 March 2018

Stop. Think. Automate. Repeat.

By Peter Chastin  People are amazing. They can perform incredibly complex tasks, and achieve astounding goals, especially when working together. They are an organisation’s most valuable asset, and often considered to be irreplaceable in their role. Despite this, there are daily tasks that are performed by people in their jobs that are, quite frankly, not worth their time. Time is valuable as well as finite, and can be better spent on innovation than on the same task every day.

26 February 2018

Chatbots - Let’s talk about them

There are three things you should know about me - I’ll tell you two of them now. Firstly, I like talking. I’ll talk to strangers, to colleagues, to clients; I’ll talk to the radio even though I’m reasonably sure they can’t hear me. Secondly, I hate filling out forms. I hate that once you’ve filled out one form you have to fill it out again twenty minutes later. I hate having to navigate to section 27b if I don’t own my own home or have a pet with arthritis. Wouldn’t it be good if we could use technology to get rid of this, whilst increasing the data integrity? This is why I believe chatbots are so appealing.

29 November 2017

Data and analytics: Protecting us against financial crime part 1

By Jeremy Davey and Scott Samme The Chicago mobster Al Capone is famously (and perhaps erroneously) credited as the source of the phrase ‘money laundering’ in the 1940s, after his laundromat businesses were used to legitimise cash he gained through less salubrious means. Even Capone might have been surprised at how the money laundering business has boomed since his days. Our Global Economic Crime Survey shows the scale of the problem: global money laundering transactions worldwide are estimated at between $1 and $2 trillion – that’s 2% to 5% of the world’s total GDP. Less than 1% of this money is ever recovered by the authorities.

16 November 2017

The Gender Big Data Gap

By Harjinder Kaur - PwC, Navin Haram - UN Women and Fiona Bayat-Renoux - UN Women “To achieve gender equality and empower all women and girls” is the fifth of the 17 Sustainable Development Goals (SDGs) set out in the United Nation’s plan, Transforming our world: the 2030 Agenda for Sustainable Development. In our previous blogs we’ve discussed how big data can be used to monitor and evaluate international development. Big data can give us great insights into aid effectiveness and development projects, but it also comes with its own challenges.

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