Amsterdam Data Collective (ADC) continues to expand its end-to-end data science capabilities in Financial Services. Detmer Koekoek recently joined ADC as an adviser to the Financial Services management team. Let’s meet him and discuss the key themes in financial services in the coming years.
First, can you tell a little about yourself?
“I believe data and digital innovation are key to solving many of the major challenges we face today, and tomorrow. Climate change may be one of the most difficult challenges ever. Since 2020 I have been working with Royal Haskoning DHV to provide digital and physical climate solutions for the financial industry. At ADC, climate is also a key focus area, we help companies with data-driven end-to-end ESG (Environmental, Social and Governance) solutions. Both roles are very complementary, which helps me to be more impactful for clients and the climate.
In my previous roles, data has always been at the core. Having worked in multiple leading financial services positions for over 20 years, I know the power of data, but also its pitfalls. From asset management to risk management, to underwriting,and commerce, building bridges between people and data is key. To make data powerful, you need business knowledge and an understanding of the problem you are trying to solve. If a data-driven solution cannot be implemented, it is only a good idea. This is a common mistake in data science and can usually be avoided.
The impact that ADC has on its customers in data-driven solutions is well known in the market. I am very happy to join forces with ADC and to grow and strengthen our client solutions.”
What is it that you find appealing about working with ADC?
“This is best described by ADC’s ‘Collective Week’. Every year, all ADC employees dedicate a week of data-driven working on a pro bono project. Just a month after joining ADC, I was privileged to join this year’s event. The energy, creativity and fun was truly inspiring. Even more so, I was super impressed with the data-driven solutions the team was able to deliver. In only 4 days, solutions were developed for all ten selected pro bono cases. It is the people, the culture and the drive for impact on our clients that makes me proud to join!”
What will you be working on at ADC?
“I will advise ADC on its strategy and work on business development with the ADC Financial Services sector team. ADC is one of the fastest growing companies in data-driven consulting with great ambitions to grow its client base even further in the coming years. I am very excited to contribute to this ambition.”
What are, according to you, the 3 key data themes that play an important role in the FS industry the coming years?
“The FS sector will face many challenges in the coming years. How companies use data and implement data-driven working will make the difference. The question is not if, but how fast companies are transforming their data-driven footprint. I expect the most impact in the following three areas:
- Regulation and compliance pressure are extremely high and complex. There is no other way but to automate and implement data-driven solutions for topics such as ESG, reporting like TCFD (Task Force on Climate-Related Financial Disclosures) and Money Laundering/Financial Crime detection.
- Cost reduction is another key driver for digital transformation in the financial sector. Manual work, business insights, spreadsheet tools and solutions need to be automated. Data-driven transformations will save time and money, but solutions such as data visualisations and robotisation will also allow the business to focus on the things that really matter.
- The last area of data disruption is driven by the financial sector’s customers. They expect superior customer support, real-time insights and straight through processes. At the same time, risks and opportunities need to be managed. This balance between commerce and risk can only be achieved by truly embracing data-driven working in the DNA of the organisation.
This is what ADC is about; providing end-to-end data-driven solutions that make an impact.”