Data Foundations: Steven Bennett on Building Trust at Principality

In this episode of Fireside with Founders & Leaders, host Rupert McSheehy welcomes Steven Bennett, the lead on data and AI at Principality Building Society. With over 35 years of experience in the financial sector, predominantly at Lloyds Banking Group, Steve shares his journey and insights into the evolving landscape of data management and AI. He discusses the challenges and opportunities that come with transitioning from a large organisation to a smaller, customer-centric institution like Principality, emphasising the importance of data strategy and governance.

Steve delves into the necessity of aligning data efforts with business outcomes to ensure impactful delivery. He shares his vision for fostering a data-driven culture at Principality, where every team member is encouraged to engage with data, ultimately leading to better customer experiences. As the conversation progresses, they explore the implications of AI in data governance, the importance of ethical considerations, and the evolving skill sets needed in the field of data management. They finish on why people and process, not technology, are the hardest part of delivering a data capability. This episode is a treasure trove of insights for anyone interested in the intersections of data, AI, and leadership in today's business environment.

Chapters
00:00:00 - Introduction
00:00:24 - Welcome, and a friendship that goes back 20 years
00:00:59 - Steve's background: 35 years at Lloyds Banking Group
00:01:50 - Why leave Lloyds for Principality
00:04:09 - Principality's brand and impact beyond South Wales
00:05:19 - A much wider remit across data and AI
00:08:12 - Why some data strategies fail
00:09:49 - Getting the business on board with the strategy
00:12:31 - Regulation and data in financial services
00:14:53 - What goes into a data strategy
00:16:53 - What would worry Steve about a data strategy deck
00:18:50 - What a good data-driven culture looks like
00:22:21 - From management information to real insight
00:25:45 - Trusting the data over your gut
00:27:29 - Can a whole organisation be data literate?
00:28:53 - Governance as an enabler, not a blocker
00:30:58 - Who should own AI and data quality
00:32:25 - Data breaches, security and the risks of AI
00:37:41 - AI at Principality: guardrails and proving the benefits
00:39:25 - How data ethics has changed strategy
00:41:36 - Getting data ready for AI
00:45:31 - Can GenAI make messy data useful?
00:46:47 - Getting teams to adopt a data mindset
00:49:33 - The data skills that will matter over the next 5 years
00:53:37 - What Steve looks for when hiring
00:56:03 - People, process and technology: why the tech is the easy bit
00:59:26 - Thanks and close