Data Management

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The area of data management is one that is critical to Financial Services as whole. Data Management is nothing new as a discipline and challenge however the technology changes along with the ever increasing legal and regulatory landscape are making this one of the key areas of focus.

Data Management

Broadly there are a number of technology elements that can be broken down as focus areas over the next few years:

Data Mining – how to extract the most value for the data that you have.  The key change and challenge in today’s environment is the positioning of Big Data vs. the Data Warehouse.  How best to position the two technologies and the associated BI stack(s) for an efficient and cost effective strategy to analyse and extract the most value from the data you have.  What is clear is that in the 5 ‘Vs’ of Data Management, Financial Services have incredible amount of Value in their data – the challenge is how best to plan define the strategy to deal with the Volume, Velocity, Variety and Veracity of the current and future data.  With areas such as Social Media, Digital and the way customers behave online and what can be captured is generating more and more rich and diverse data

Data Aggregation & Consolidation – A key and ongoing challenge is how to manage the huge variety of the data that is generate through the different systems;  how to recognise and combine customer data for example into a single profile.  With ever increasing amounts of mergers, acquisition and divestment combined with many existing, separate systems (e.g. current account systems, mortgage systems, credit cards, loads, etc.) often having separate databases, the challenge of how to procedurally and technical bring these data sources remains an huge challenge for the FS sector.  The driver for change is both efficiency in operation and cost reduction but also regulatory and litigation costs

Data Storage and Retention – The Petabyte is the new Terabyte.  Nowhere is this more true that the FS sector. The data explosion that has taken place over the past few year shows no signs of abating.  The need to adequately manage vast qualities of different content types (structured, semi-structured, unstructured) with the right levels of resilience, performance and retention is a huge challenge.  The vast majority of data has a very short useful lifetime making the challenge of how it is captured, analysed, used and disposed of in a timely way critical.  The real challenge for FS businesses is how to make the data work for them – how to dispose of what isn’t needed and how to appropriately store and classify the data that is needed that has business value or compliance criticality.  The tools and processes around Enterprise Content Management (ECM), archiving and Data storage strategies has never been important in FS in reducing the direct and indirect (i.e. litigation) costs to the business

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