The UK’s central bank has announced plans to develop a cloud-based data and analytics platform.
The plan is part of a seven-stage refresh of the Bank of England’s data strategy.
This refresh came on the back of an independent review of the central bank’s use of data that was concluded in October 2023.
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Among its findings was a “nervousness” around the adoption of new technologies, especially cloud computing, and changing established ways of working.
In a speech given to a London conference on big data and AI, the bank’s director for data and analytics transformation, James Benford, stated that cloud technology would be central to the update.
He also said that the bank hopes to hold all of its data in one lake with a “single, searchable catalogue, and connected with an integrated suite of analytical tools”.
The bank will also undergo a modernisation programme that will involve a series of AI-based pilots “to help us explore all areas of recent advances in AI”, said Benford.
