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The Data-Driven Future of Banking | Nick Fahy, Cynergy Bank
Nick Fahy, CEO of Cynergy Bank, highlights a challenge many banks are still facing: despite having access to vast amounts of data, most aren’t using it effectively.
Fahy explains that data presents a major opportunity across various banking functions — from personalising products to improving relationship management and strengthening cybersecurity. The key to unlocking that potential that data gives lies in how it is structured and used. He stresses that the real value of AI, especially when using large language models, can only be realised when built on top of high-quality, well-organised data.
Without that foundation, attempts to scale AI or embed it meaningfully into a bank’s operating model will fall short.
He said that AI, especially LLMs, are only as good as the data they’re built on and without that foundation, attempts to scale AI or embed it in a meaningful way into a bank’s operating model will fall short. In short, banks have a huge opportunity in front of them — but to take advantage of it, they need to focus on maturing their data strategy first.
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