The alliance will see both organisations apply their data analytics and research capabilities to areas such as cybercrime, customer interaction and retention and risk.
Andrew Price, EY Oceania financial services leader, said digital disruption is set to heavily impact the financial services industry and getting data management and analytics right now will create significant competitive advantage for businesses and benefits for consumers.
“EY and UTS are both deeply committed to the advancement of knowledge, learning and progressive thinking and practices. We already have a strong relationship and this agreement is the next step in working together to help financial service organisations tackle some of the key challenges they face in an increasingly digital and connected market,” Mr Price said.
“By bringing together our research skills and commercial acumen, we hope to develop innovative solutions that will help financial service organisations better understand and use leading edge technology and analytics practices to gain deeper business, risk and customer insight from the wealth of data available to them.”
“Data analytics is also a major growth area, with organisations increasingly recognising the need for people with the right maths and science skill sets to meet this demand. By highlighting key issues and demonstrating new and innovative approaches to addressing these problems, we also hope to encourage additional graduates in this space,” Mr Price said.
UTS vice-chancellor Professor Attila Brungs said research in data analytics and data science in one of the university’s top priorities.
“The field is emerging as an area of critical importance, in the same way that computer science developed in the 1970s and 1980s to underpin the explosion of information technology,” Mr Brungs said.
The two organisations have signed a five-year memorandum of understanding to collaborate on analytics and big data initiatives in four key areas: joint research projects; learning delivery; collaborating on the design of graduate programs that will support the needs of financial services organisations; and the delivery of consulting.
The first joint project under the new agreement will be a survey of the level of maturity in the use of analytics by financial services organisations in Australia and New Zealand.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more