K
Kathleen Martin
Guest
Data is the lifeblood of the financial services sector. By mining and analysing financial market data, customer information and overall market trends, financial institutions can glean game-changing insights — but where to store that sensitive information has always been an issue.
Financial services leaders have generally been reluctant to move data off-site, fearful that without a watchful eye, it could go missing or end up in the wrong hands. In the past, this has prevented their companies from exploring the potential of cloud-based storage and management.
And then the pandemic happened. Suddenly, financial staff needed “speedy and secure remote access to data,” says Neil Sandle, Head of Product Management at Alveo, a provider of financial data management solutions. “Since the start of the Covid-19 crisis, we’ve seen the shift towards the cloud accelerate.”
The data management challenge
At an intrinsic level, the financial services industry is about information; information on financial products, how and where they trade, their terms and conditions, events such as dividends, splits, mergers, customer behaviour, trading patterns, and market trends. Financial services firms need to be able to access and act on said information fast — but never at the expense of data quality and information security.
The financial services industry is also getting increasingly data intensive. There is a lot more data available through public sources, commercial data sets and data gathering from business relationships. A large toolbox is available, filled with data integration, data analytics and BI solutions to make sense of this data. However, firms struggle in finding the optimum balance between quickly and reliably sourcing, and verifying this data, as well as provisioning their business users with fast and easy access to that data.
The wholesale shift of firms’ data and application landscape can offer a solution. “With financial organisation data-sets getting larger and larger to allow for deeper, AI-powered analytics, storing data locally is going to get more difficult — and more expensive,” Sandle says.
The reasons for this are two-fold: firstly, companies will have to pay for increasingly large on-site storage units, which don’t come cheap; and secondly, internal servers tend not to have access to the latest data management tools and software, meaning in-house data scientists will have to spend valuable time on resource-draining menial tasks.
Continue reading: https://www.bobsguide.com/articles/data-management-reinventing-a-foundational-capability-to-optimise-cloud-transition-for-financial-services-firms/
Financial services leaders have generally been reluctant to move data off-site, fearful that without a watchful eye, it could go missing or end up in the wrong hands. In the past, this has prevented their companies from exploring the potential of cloud-based storage and management.
And then the pandemic happened. Suddenly, financial staff needed “speedy and secure remote access to data,” says Neil Sandle, Head of Product Management at Alveo, a provider of financial data management solutions. “Since the start of the Covid-19 crisis, we’ve seen the shift towards the cloud accelerate.”
The data management challenge
At an intrinsic level, the financial services industry is about information; information on financial products, how and where they trade, their terms and conditions, events such as dividends, splits, mergers, customer behaviour, trading patterns, and market trends. Financial services firms need to be able to access and act on said information fast — but never at the expense of data quality and information security.
The financial services industry is also getting increasingly data intensive. There is a lot more data available through public sources, commercial data sets and data gathering from business relationships. A large toolbox is available, filled with data integration, data analytics and BI solutions to make sense of this data. However, firms struggle in finding the optimum balance between quickly and reliably sourcing, and verifying this data, as well as provisioning their business users with fast and easy access to that data.
The wholesale shift of firms’ data and application landscape can offer a solution. “With financial organisation data-sets getting larger and larger to allow for deeper, AI-powered analytics, storing data locally is going to get more difficult — and more expensive,” Sandle says.
The reasons for this are two-fold: firstly, companies will have to pay for increasingly large on-site storage units, which don’t come cheap; and secondly, internal servers tend not to have access to the latest data management tools and software, meaning in-house data scientists will have to spend valuable time on resource-draining menial tasks.
Continue reading: https://www.bobsguide.com/articles/data-management-reinventing-a-foundational-capability-to-optimise-cloud-transition-for-financial-services-firms/
