the new challenges would include data capture, data curation, search, sharing, storage, transfer, information privacy, analysis of data, etc. while bd throws up these challenges, the use of bd analytics in a meaningful way would offer a significant competitive advantage. implementation of appropriate bd analytics by banks is going to be the key in achieving greater customer centricity and for acquiring a deeper understanding of customer needs given the proliferation of customers ’ external data, such as, social media activities and online behavior. rather than being dazzled by the volume of data, banks should be in a position to convert it into 3 i ’ s of insights, innovations and income. business analytics 22. as we anticipate challenges of bd, there would be emerging technology and skill to deal with the bd in a meaningful way. business analytics ( ba ) is one such field which can be used by banks to further their business interest in the increased it environment. ba in general refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. business analytics can hold the key to better performance, informed decisions, actionable insights and trusted information. by bringing together all relevant information in an organization, banks can answer fundamental questions, such as what is happening? why is it happening? what is likely to happen in the future? and how should we plan for that future? data and analytics provide very big opportunities for banks. at some level, actually, one can think of it as a way to transform the institution, much the same way in the 1980s and 1990s and early 2000s when it systems transformed the banks in their business processes. bis central bankers ’ speeches internet of things ( iot ) 23. we are already in the era of ever increasing internet of things ( iot ). iot describes a world where just about anything can be connected to communicate in an intelligent fashion. one study says world today has 15 billion connected devices and in the next five years the number may go up to 50 billion. in other words, with the iot, the physical world is becoming one big global information system. for banks the iot will deliver an unprecedented level of data and data - driven customer insight. this will allow banks to provide their customers a truly bespoke experience with insights, advice, and offers that reflect the day - to - day events in customers ’ lives. the iot is the key factor that will enable a

this area of work so that the work of these organizations can complement each other for the benefit of all countries in the region. i understand that this co - operation already exists and i would like to take this opportunity to encourage its expansion. it is also important to continue having dialogue between the regions ’ private and public sectors as we continue driving this common agenda. this will ensure that both the public sector policy makers and private sector implementers move in tandem. without overemphasising the point, capacity building should be a key pillar of this dialogue. i hope that esaamlg will be able to initiate such dialogue at an appropriate time. those of us in the financial sector stand ready to participate in such an initiative. at this juncture, it would be important to recognise the esaamlg ’ s cooperating nations and organisations for their supportive role in capacity building in the region. i would like in particular to acknowledge governments of the united states and united kingdom, the united nations office on drugs and crime, the world bank and the imf. it is my expectation that they shall remain engaged as esaamlg continues to spearhead the development of an enabling aml / cft legal and regulatory framework in the region. as i wind down my comments, i urge you to take some time to enjoy the beautiful beaches and warm hospitality that mombasa offers. there is indeed a swahili saying that translates as “ getting into mombasa is easy, the hard part is getting out ”. so if you find yourself wanting to extend your stay here, do not be surprised. kenya, of course, offers much more including the acclaimed “ seventh wonder ” of the world, the maasai mara which is currently experiencing the spectacular annual migration of wildebeest from the serengeti in tanzania. as you embark on your meeting over the next few days, i wish you very fruitful deliberations. do enjoy the evening and, indeed, your entire stay in mombasa. it is now my pleasant and honourable duty to declare the 16th esaamlg task force of senior officials officially open.