The BoE currently relies on Microsoft Excel as its primary analytics tool but this is restricted to small data-sets, limited visualisation capabilities and a highly manual approach.
NTT Data will now work with German start-up Reportix to explore new ways to store, organise and combine the Bank’s regulatory and analytical data in a more flexible way.
The team is developing a user-friendly app, capable of sophisticated data analysis, whatever the scale or complexity of the data. It is claimed that by improving the accessibility of the data and its mode of storage, the app enables BoE analysts to see the data at their disposal, and conduct more effective analysis and data-driven decision-making.
It will help the BoE make connections between data-sets used for economic and financial stability analysis, visualise trends in new and more easily interpreted ways.
NTT Data UK chief executive Simon Williams said: "The BoE sits at the pinnacle of the UK’s banking system and, as such, should be leading the way when it comes to effective use of emerging technologies. Being part of the FinTech Accelerator is a hugely exciting opportunity and gives NTT Data a chance to trail a truly innovation approach to data analysis. One, we believe, can revolutionise how the BoE operates, and have a positive impact on the broader industry in the UK and beyond."