Data analytics has taken a long journey in banking. As RMB CEO James Formby explains, having data is one thing, but knowing what to do with it and enabling useful insights is another. Historically, data was housed in different departments making it difficult to bridge the gap, but as technology and architecture has advanced, data can be put together in a way that makes it far more seamless and far more accessible, allowing for a great deal of value unlock in terms of the new data models available. As markets evolve, it’s important for C-suite executives to understand the power of data and how to use it to make those all-important decisions.
This ability to access data and use it much more rapidly is fantastic not only for banks themselves, but also for their clients and their own businesses. RMB has an enormous wealth of both consumer and business transact information, and by aggregating that in a smart way, they can give their clients deep insights into what is happening in their business. Whether in retail or trading, for example, RMB’s market information has an abundance of detail that clients themselves may not have readily available.
South Africa has a social issue in that it must help transition workers who are currently in the coal power ecosystem into other areas, as this energy source is being phased out. The transition to renewables must include a systematic roadmap to reskill and redeploy these workers. It is therefore not practical to take a “flip the switch” approach to renewable energy adoption.
As with anything data driven, there needs to be a certain standard of conduct. RMB maintains that a robust ethical practice is of utmost importance to ensure that no client or individual confidential information is provided. Their belief is to have AI that does the right thing, and AI that they can be proud of as an organisation.
After qualifying as a Chartered Accountant and completing his articles at Deloitte and Touche, James obtained an MPhil in Management Studies at Cambridge University. James is now celebrating 23 years at FirstRand Group after joining in 1997 as a corporate finance transactor and adviser. In 2009 he was appointed as Deputy Head of RMB’s Investment Banking Division and at the same time was welcomed onto the RMB Management Board. James assumed the position of Chief Executive Officer at RMB in 2015.https://www.linkedin.com/in/james-formby-1a0585180/