Power to the Business
The relationship between IT and the business is often far from ideal. But are things about to change?
IT staff have become used to taking responsibility for data—often due to the indifference and ignorance of colleagues on the business side. However, as the pressure on data management increases, the shortcomings of this approach are becoming more apparent.
IT people realize they need to gain the interest and cooperation of colleagues on the business side if they are to improve data quality, ensure good data governance and secure the funding they urgently need for regulatory projects.
At this month's Frankfurt Financial Information Summit, Frank Neumann, head trader at Derivative Partners, explained the close working relationship that exists between IT and the business at the Swiss firm. Neumann said that rather than simply requesting additional data, traders often invite their colleagues in IT to sit beside them as they trade so that they can fully understand what traders are doing and why they need more data.
Such proximity between IT and the business may seem a long way off the model used at the largest global firms today, but at the same conference, representatives from UBS and Deutsche Bank revealed they have similar ambitions to empower data consumers in the business.
Sandeep Mehta, managing director, head of enterprise services at UBS, explained the bank has begun to introduce a ‘self-service' model of data usage. This has involved eliminating a layer of staff who acted as a broker between IT people who build data warehouses and business staff who consume data. The new approach gives business consumers greater power to visualize, model and manipulate data in the way they need to achieve their business goals.
Mehta explained that if business staff are given more control over the data they need, they will drive the changes that are necessary in IT.
Vaibhav Bhanot, director, enterprise architecture and strategy at Deutsche Bank, said his firm also hopes to introduce a self-service model for data usage, pointing out that it is not sustainable for IT to continue producing the thousands of reports required by the business.
With two of the largest banks showing interest in self-service data, change is clearly in the air and business staff can look forward to learning more about the joys of data in the years to come.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
The IMD Wrap: Talk about ‘live’ data, NAFIS 2024 is here
This year’s North American Financial Information Summit takes place this week, with an expanded agenda. Max highlights some of the must-attend sessions and new topics. But first, a history lesson...
Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
Frank Tarsillo, CTO at S&P Global Market Intelligence, joins the podcast to discuss the firm’s approach to AI, the importance of data, and what might be in store for datacenters in the coming years.
Breaking out of the cells: banks’ long goodbye to spreadsheets
Dealers are cutting back on their use of Excel amid tighter regulation and risk concerns.
BMO’s cloud migration strategy eases AI adoption
The Canadian bank is embracing a more digital future as its cloud strategy makes gains and it looks to both traditional machine learning and generative AI for further augmentation.
Waters Wrap: GenAI and rising tides
As banks, asset managers, and vendors ratchet up generative AI experiments and rollouts, Anthony explains why collaboration between business and tech teams is crucial.
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Northern Trust building internal cloud data ‘marketplace’
Using a mix of in-house expertise and third-party technologies, the firm has constructed a cloud-based data mesh that gives internal staff access to proprietary datasets and analytical tools to deliver greater insights into client activity.
FactSet looks to build on portfolio commentary with AI
Its new solution will allow users to write attribution summaries more quickly and adds to its goal of further accelerating discoverability, automation, and innovation.
Most read
- Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Waters Wrap: GenAI and rising tides