Digital Wealth Asia Forum 2019 HK - Exclusive Insights - Vippy Wong - 2

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1. There’s a lot of data – how can you ask the right questions?

Video transcript

1. There’s a lot of data – how can you ask the right questions?

Most financial institutions, including asset and wealth managers, and also all the larger banks as well, they're sitting on an immense amount of data in different vertical silos that are not linked or interrelated, right? So how can they make better use of it? A few different angles, right? Obviously the first angle is that they need to standardise, cleanse, and aggregate the data in order to perform better analysis, and the second angle is out of all the data they have, where do they focus and prioritise? A lot of things we tell our clients is you have to first focus on the objective that you're trying to do. What are you trying to do with this data? What is the business challenge and business problem you're trying to solve? Once you have identified that problem, that objective, then you can kind of work backwards to identify what kind of analysis, what kind of algorithms do you need to parse the data? What kind of analysis do you need to do, right? You always have to first start with the business problem and the challenge, rather than starting with the overall kind of what can the data do for me? More the question is what do you need to solve, and how can you leverage data to do that?

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