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In Focus Risk


Utilising big data to drive efficiencies


Big data is here to stay, and the applications seem endless – so what are the opportunities for risk and credit professionals?


Anthony Persse Director of strategy, Ultimate Finance apersse @ultimatefinance.co.uk


Innovative use of big data has the potential to have a profound effect on the sector, but, to date, it is not being utilised particularly well across the financial-services market. Part of this is because of the sheer scale of


data being produced; more data has been produced in the past two years than across the rest of human history – and only 0.5% of all data is ever analysed and used. Those are pretty staggering figures and,


for credit managers, data-analytics best practice can provide a more comprehensive and detailed understanding of our customers which can drive efficiencies and credit- management processes.


Using big data A great example of this is our new product – the Cash Advance. By using data in a truly smart way, we have launched the UK’s fastest business loan. Already we have seen cash released into customers’ accounts in as little as 12 minutes in some cases. This money is not given lightly; it is the use of a vast number of data points that enables


us to confidently deliver fast decisions and release of funds. It is not a secret that using big data creates


the ability to more accurately predict and, therefore, take calculated risks and swiftly react to market changes, which are particularly pertinent post-Brexit, with regular currency fluctuations – and ultimately increase access to credit for organisations.


There are huge opportunities for risk


teams and credit professionals who can, in turn, support SMEs, by really benefiting from better use of data, enabling them to access funding they truly need.


It is not a secret that using big data creates the ability to more accurately predict and, therefore, take calculated risks and swiftly react to market changes, which are particularly pertinent post-Brexit


Cash, the right way This is not to say that implementing big-data processes is without its challenges. Large organisations with out-dated technology, siloed processes, and far less than ideal analytics, which are managing massive legacy portfolios of clients, will find an overhaul of the use of data both a daunting and an extremely costly undertaking. Nimble, independent companies with


the ability to update their risk system and use data well, will, therefore, start to be considered more mainstream in the wider business community. SMEs need working-capital finance and,


by using data to provide access to cash, the stigma attached to borrowing can be replaced with a confidence to seek good funding. CCR


40


www.CCRMagazine.co.uk


June 2017


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