24 July 2016
Find out more

Financial industry loosens purse strings for data management projects

16 September 2010  |  9789 views  |  0 dodgy man

Financial firms grappling with a host of regulatory, risk and compliance issues are freeing up budgets to address the results of years of fragmented data management operations, according to a survey compiled by the EDM Council and consultancy Headstrong.

More than three-quarters of the 60 firms canvassed by the pollsters report having data management programmes underway, with 52% moving towards a global centralised EDM structure. In addition, regulatory compliance and risk management are the top drivers for EDM in almost half of the firms.

Financial institutions are in the formative stages of implementing their EDM strategies, says the EDM Council, but have not yet achieved their long-term objectives on either data centralisation or integration into downstream applications.

Nonetheless, the survey confirms that the financial industry is making significant investment in data management and budgets are rising across the industry.

"The challenge is less about obtaining funding for EDM initiatives and more about using the money wisely for implementation," says Predrag Dizdarevic, co-author of the report and managing partner, element22. "Spending for integration-related activities is growing rapidly and now accounts for a rising portion of total EDM budgets."

The demand for industry-wide standardisation is cited as a high priority among most data management professionals across the industry. The overall level of standardisation is low, but a majority of firms are in the process of addressing this gap, says EDM council managing director Michael Atkin.

"Firms recognise the essential nature of data content standards for internal alignment and data comparability," he says. "Without exception, firms with experience in EDM integration understand the value of both architectural and semantic standards and want them implemented as soon as possible."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FSA fast payout rules signal data management challenge for banks

FSA fast payout rules signal data management challenge for banks

06 November 2009  |  6015 views  |  1 comments
Hedge funds top payers for data management staff - survey

Hedge funds top payers for data management staff - survey

31 July 2009  |  11353 views  |  0 comments
Data management top IT initiative for banks in 2008 - Financial Insights

Data management top IT initiative for banks in 2008 - Financial Insights

19 October 2007  |  5081 views  |  0 comments
EDM vendor Citadel appoints Peter Little CEO

EDM vendor Citadel appoints Peter Little CEO

24 September 2007  |  4073 views  |  0 comments
Legacy IT hindering move to enterprise data management

Legacy IT hindering move to enterprise data management

07 February 2007  |  5717 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
8069 views 14 comments | 32 tweets | 36 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
7843 views 0 | 14 tweets | 8 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
7763 views 3 | 19 tweets | 7 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7583 views comments | 22 tweets | 28 linkedin
Brexit-scarred London fintech startups enquire about moving to BerlinBrexit-scarred London fintech startups enq...
7491 views comments | 16 tweets | 16 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job