The central bank is updating its data and analytics strategy in seven steps as a result of the study.

In an explanation of the plan this week, James Benford, the director of data and analytics transformation at BofE, stated that the "ambition to manage the Bank’s data on the cloud unless there is a strong reason not to" and a new cloud strategy are at the core of it.

Now that the architecture's components have been decided upon, it serves as the "North Star" for all ongoing projects and initiatives that represent technology advancements at the Bank.

According to Benford, the goal is to eventually centralize all our data in one lake or have it connected to one. This consolidated data should be described in a unified, searchable catalog and linked with an integrated suite of analytical tools.

In the meanwhile, the central bank will conduct a series of AI pilots as part of the modernization effort. Testing for a number of precisely defined use cases across several business divisions will be managed by an AI taskforce.

Benford explains that the selection of these pilots is aimed at refining an AI portfolio with comprehensive coverage across various areas of the Bank. This strategic approach is intended to facilitate exploration across all domains of recent advances in AI.