EY Opens Data Science Center in Madrid

EY has opened a Global Innovation Center in Madrid that will focus exclusively on managing and analyzing big data in financial services. The investment is a key milestone for EY, which is growing its offering in data analytics and data mining, and is part of the organization's $500 million global investment in analytics.

The center is based in Madrid, but will serve clients across the globe.

Andy Baldwin, EY's managing partner for financial services across EMEIA, says: "Financial services has navigated the post-crisis regulatory and economic environment. It now needs to deal with major technology and business model disruption driven by the rise of digital and the emergence of FinTech.

"We see significant client need and demand to better understand and manage their customer and business data. The challenge is to use the information insightfully to create real value for the customer while also identifying ways in which the business can be managed more effectively and efficiently."