29 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Financial industry loosens purse strings for data management projects

16 September 2010  |  10044 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  |  6191 views  |  1 comments
Hedge funds top payers for data management staff - survey

Hedge funds top payers for data management staff - survey

31 July 2009  |  11569 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  |  5248 views  |  0 comments
EDM vendor Citadel appoints Peter Little CEO

EDM vendor Citadel appoints Peter Little CEO

24 September 2007  |  4373 views  |  0 comments
Legacy IT hindering move to enterprise data management

Legacy IT hindering move to enterprise data management

07 February 2007  |  6016 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comdownload the report nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9470 views comments | 19 tweets | 38 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
9138 views comments | 10 tweets | 6 linkedin
HSBC hires Biggs to lead business model innovationHSBC hires Biggs to lead business model in...
8343 views comments | 16 tweets | 14 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7697 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7306 views comments | 12 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job