HOUSE_OVERSIGHT_014371.jpg

of global markets sales, research, and capital markets technology at Bank of America Merrill Lynch. "How big data can influence the future: The panel confirmed the notion that there are many different definitions for big data, but everyone seemed to agree almost all financial firms are seeking effective ways to implement big data techniques to 1} generate alpha, 2) manage risk 3) manage expenses. = Companies polled are a long way from benefitting big data: 96% of the audience polled said their firm is either somewhat effective or not at all effective at using big data. Some of the main challenges the panelists highlighted during our discussion were merging multiple legacy data systems and finding attractive talent with both data science and business experience. Chart 83: How effective is your firm at using big data? 70% 60% 50% 40% 30% 20% 10% 0% Fully integrated with the Somewhat effective Not at all effective investment and process and operations Source: BofA Merrill Lynch Global Research " The panel discussed three roles needed to solve data science problems: 1) someone who has sway to make change and implement solutions 2) business champion, someone to discuss solutions with technical employees and to share knowledge on key issues such as regulation 3} technically savvy employees. = Implementation advice: The panel provided advice for firms that have yet to utilize big data to attempt to solve problems facing their companies. The advice included seeking problems that could be solved using data science and focusing on small wins with the data present. Bankof America 2 2016 Future of Financials Conference | 17 November 2016 57 Merrill Lynch HOUSE_OVERSIGHT_014371