As digital transformation (DX) continues to transform the financial sector, an information exchange was held to identify solutions and trends for data competitiveness.
Altair a global leader in computational science and artificial intelligence (AI), hosted the Financial DX Meetup at the Conrad Hotel in Yeouido on the October 27. The event was attended by more than 30 key executives and opinion leaders from major commercial banks to share digital transformation trends and data analytics and AI strategies in the financial industry.
The event was themed “Open innovation: Innovation with data,” and began with a welcome speech by Byunghee Choi, director of data analytics division, Altair Korea. The first presentation was given by Jinhyung Yang, director at PricewaterhouseCoopers (PwC), on the topic of “2024 Data Business Trends,” which outlined six trends that will drive the year ahead.
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Yang highlighted the following trends: accelerating cross-industry data convergence, differentiating ‘Smart Disclosure’ services, real-time data analytics and customer data platforms (CDP), adopting generative AI, expanding the application of big data, and enhancing data literacy. “Enhancing the ability to make data-driven decisions across the enterprise is key to competitiveness,” said Yang.
Secondly, Jonghyun Yoon, consultant at Altair Korea, presented “RapidMiner: Fintech trends and changes in data analytics.”
“As the adoption of AI and machine learning accelerates in the domestic financial sector, the importance of faster and more sophisticated analytical modelling will increase,” said Yoon. “Altair RapidMiner supports no-code-based AutoML capabilities and can significantly improve an organization’s productivity by selecting the optimal modelling method.”
Next, Jisu Kim, consultant at Altair Korea, presented “SLC: Unifying data languages to change analytics trends.” Kim presented on accelerating the transition to open source in the financial industry. “Altair SLC is a solution that leverages the SAS language syntax and macros without the need a SAS language license, and integrate with open source like R and Python,” said Kim.
Finally, Donggun Kim, senior consultant at Altair Korea, presented “Panopticon: Visualization analytics for real-time decision-making.”
“Currently, the financial sector is promoting the establishment of customer data platforms (CDP) to provide differentiated customer experiences,” said Kim. “Altair Panopticon supports rapid decision-making by dynamically visualizing data collected in real time, such as smart disclosure. It can be seamlessly embedded with existing systems such as customer data platforms to create synergies.”
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“Beginning with this event, we will hold an annual event for opinion leaders in the banking, financial services, and insurance industries to actively explore various cooperation opportunities with local financial companies,” said Songsoo Moon, senior vice president of Asia Pacific, Altair.
Altair works with more than 4,000 banking, financial services, and insurance organizations, including 17 of the world’s top 20 investment banks, and is beginning to penetrate the domestic financial services market. Its flagship data analytics and AI platform, Altair RapidMiner, is used by more than 1.1 million users and 40,000 organizations in more than 150 countries.
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