ANZ draws inspiration from China for data management
(15 March 2019 - China) ANZ is looking to its Chinese operations to help unlock “the power of data” by applying techniques such as deep learning.
The group has been recruiting a number of roles for what it is calling its “next generation big data ecosystem” at ANZ Technology Chengdu. The Chengdu service centre employs over 800 people, including experts who manage a range of complex functions including technologies used to support ANZ's business globally.
The move comes as the US Federal Trade Commission (FTC) requested comment on the proposed amendments of two rules that protect the privacy and security of customer data held by financial institutions (FIs). The FTC is proposing more detailed requirements related to the comprehensive information security program, requiring FIs to encrypt all customer data, implement controls to prevent unauthorized access to customer information and the use multi-factor authentication. The agency also wants FIs to submit periodic reports to their boards of directors to ensure they are staying on track.
Last month the Bank announced its digital banking head Maile Carnegie had been elevated to oversee group wide transformation. The addition of group transformation and profit and loss responsibility for Carnegie also creates a new precedent where technology execution, culture and user experience go to the forefront of institutional strategy rather than being seen as ‘an enabler’ or competency.
ANZ stated it needed representatives in country to “define and drive the architecture of [the] big data ecosystem”. ANZ has not yet outlined the scope, timeline of implementation or specific aims of the next generation big data ecosystem project. It is not clear to what extent, if at all, the project relates to a known three-year reset of how ANZ creates and manages its extensive data holdings.
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