Don't Cut Alt Data Spend, HSBC Data Manager Warns

Slashing budgets will lead to inaccuracies as banks turn to alt data for fraud detection and to monitor customer behavior during the coronavirus crisis.

Cutting data costs

Banks should not think of cutting spending on data during the current financial downturn, despite financial pressures, Damaris Barrera, a senior data manager in HSBC’s global banking and markets group, has said. 

Barrera, who was speaking on a WatersTechnology alternative data webinar on May 21, said that banks use alternative data to train business models and artificial intelligence, but that due to pandemic-induced cost pressures, many will be considering cutbacks in their data spend. However

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