The securities market is growing more and more global, with several organizations now serving varied markets. This has resulted in greater complexity in aggregating data and ensuring that it is delivered in relevant formats to diverse users across the organization and across countries. CXOs need to drive their data management programmes in a way that addresses this disparity and complexity. Decisions about whether data should be centralized with decentralized access or the view of the data should be centralized with distributed data, is really a case of entitlements and diversity of user groups within the organization. CXOs usually find their organization’s structure working against them when it comes to this decision; and get torn between disparate data needs of different user groups and creating a single enterprise view. The key is in ensuring that there is a central governance team, with representations from all user groups, that collectively defines how data needs to be aggregated, stored and retrieved.
The long-term value of data lies in its analytics, beyond real time decisions taken on live feeds. A data management programme, integrated with a good analytics engine, improves risk assessment, demonstrates compliance and increases success rates. CXOs need to build a comprehensive and robust analytics system into their data management programme.
CXOs of financial services organizations need to look at partnering with providers who can bring a holistic approach to data management, encompassing people, business process and technology innovation. The partner should be able to advise the organization and implement a solution that covers the entire gamut of market data management – sourcing the data from multiple sources, creating the data architecture and standardizing it, storing the data securely, provisioning for entitlements, enabling quick and easy retrieval and distribution, and data analytics. The partner should bring in real domain expertise of the banking and financial services industry to ensure that the initiative ultimately serves pertinent business needs effectively; while implementing best practices and efficient processes to help control costs. Only when these aspects are well appointed into an effective data management programme, organizations can create and sustain competitive advantage.