Digitalisation, blockchain, artificial intelligence and cognitive science are forming a new phase of information technology. The technological strides being made with these dynamic new technologies are helping to transform the financial industry in line with an Internet plus approach. This is the exciting context in which PwC's Data Analytics award 2016 was won.
Organised by the FinTech Alliance with the Big Data World Forum, the FinTech World Forum 2016 was held from 17 to 18 November in Beijing. During the event, the PwC China consulting team received the Best Data Analytics Award 2016. While collecting the award, China Data Analytics Leader Yuan Yao delivered a keynote speech on the evolving sophistication of data analytics and PwC's role at the forefront of the sphere, while also sharing topical considerations with fellow experts during a themed panel discussion.
At the event, it was noted that PwC's big data analysis project has added substantial value by utilising both internal and external datasets, and by making full use of data mining technology in order to provide scientific support to decision making, and smart business applications. Concurrently, by upgrading data analysis capacity through targeted training, PwC has helped clients benefit from improved capabilities, with precision implementation of business-critical data and analytics. The impact has been significant and has led to more added value being injected into core team offerings, with the consequences echoing throughout our entire enterprise. So it was no surprise when the Big Data World Award Committee lavished their praise, recognition and affirmation of the outstanding achievements made by the PwC Consulting team.
After collecting the award, Yuan Yao commented; "We can perceive and understand customers' pain points, and then find the most suitable solutions. Through our data technology, we help our clients to upgrade and enhance their business value. Our client's recognition of the value we add eventually extends to market recognition. Our value proposition extends over a wide range of different industries, meeting many desperate customer demands, by bridging across our global network, and embracing new technologies, data and business reengineering combinations. As a result, PwC provides comprehensive end-to-end solutions as one of our core sources of differentiation."
Around the "Technology innovation drives the future of financial revolution" theme, Yuan's expertly delivered keynote speech looked at the definition and role of the financial industry in the contemporary context that involves technical innovation and business process reengineering. Yuan further touched on how to ride the momentum in finance developments to succeed over the long-term. He commented on the launch and subsequent development of new technologies including Internet finance, blockchain and Fintech, noting that further extension and development of these technologies will be crucial for smart applications of data-driven technology. He also noted that data is not only at the core of technological developments, but also serves as the driver that promotes industrial upgrading. As such, it is necessary to ensure data capability in key areas such as risk control, operations and business development.
Following the speech, the roundtable discussions embarked on a range of intriguing themes. Yuan, together with other panellists shared insights into how the new digital economic era is shaping the financial industry, as well as what new opportunities and challenges are being faced. It was noted that data no longer has a simple relationship with information technology. Panellists then considered new methods to solve business problems, with unique approaches that improve business performance, and upgrade capabilities, in order to drive a new technologically innovative industry.