22 November 2017
visit www.solutions.lexisnexis.com

Banks pushing reference data boundaries

10 November 2005  |  12574 views  |  0 numbers

Almost three in four financial institutions are looking to raise levels of reference data automation over the coming year as part of a concerted industry-wide effort to improve data quality, cut costs, and reduce risks, according to a global survey conducted by AIM Software and the Vienna University of Economics and sponsored by Reuters.

The research surveyed 1000+ banks from 88 countries and found that, on a global perspective, 72% of firms plan to increase automation of reference data management compared to 64% last year.

The geographical areas where most banks reported plans to improve automation of financial data were the Middle East and Africa (89%) and the Commonwealth of Independent States (72%).

Martin Buchberger, head of marketing at AIM Software, says the focus of banks' efforts stilll lies in the automation of reference data and corporate actions processing, the areas from which the largest costs originate.

On a global perspective, 44% of the respondents plan to increase the degree of automation for reference data, compared to 29%, while 45% of respondents plan to increase the level of automation for corporate actions, up from 29% in the 2004 survey. The 2005 survey found that 40% of companies also plan to increase automation of pricing data, up from just 24% last year.

Buchberger says the results also show that companies see the close connection between reference data management and efficient risk management.

According to the survey risk management (56%) and the reduction of errors (52%) are the main driving forces for the automation of reference data. Other essential issues are the reduction of costs (49%) and the Basel II Capital Accord (40%).

The research shows that the predominance of proprietary data management solutions has reduced significantly and, although in 2005 36% of companies still rely on proprietary development, 45% of the interviewed companies prefer to buy or extend a system. AIM says this trend may be due to the wider range of standardised data and risk management systems now available.

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

Sydbank implements AIM data management platform

Sydbank implements AIM data management platform

07 June 2005  |  4497 views  |  0 comments
Data management issues driving risk investment strategies

Data management issues driving risk investment strategies

15 October 2004  |  8499 views  |  0 comments
Anna stirs reference data debate

Anna stirs reference data debate

03 February 2004  |  7863 views  |  0 comments
Reuters forms industry group to tackle reference data problem

Reuters forms industry group to tackle reference data problem

30 September 2002  |  5105 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.atos.netvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
19981 views comments | 31 tweets | 33 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
11971 views comments | 15 tweets | 42 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
9700 views comments | 26 tweets | 38 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
9518 views comments | 16 tweets | 33 linkedin
ING brings data privacy to blockchain transactionsING brings data privacy to blockchain tran...
7045 views comments | 22 tweets | 35 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job