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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
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. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
As the ETF market grows, firms must tackle existing data complexities
Finding reliable reference data is becoming a bigger concern for investors as the ETF market continues to balloon. This led to Big xyt to partner with Trackinsight.
Artificial intelligence, like a CDO, needs to learn from its mistakes
The IMD Wrap: The value of good data professionals isn’t how many things they’ve got right, says Max Bowie, but how many things they got wrong and then fixed.
An inside look: How AI powered innovation in the capital markets in 2024
From generative AI and machine learning to more classical forms of AI, banks, asset managers, exchanges, and vendors looked to large language models, co-pilots, and other tools to drive analytics.
As US options market continued its inexorable climb, ‘plumbing’ issues persisted
Capacity concerns have lingered in the options market, but progress was made in 2024.
Data costs rose in 2024, but so did mitigation tools and strategies
Under pressure to rein in data spend at a time when prices and data usage are increasing, data managers are using a combination of established tactics and new tools to battle rising costs.
In 2025, keep reference data weird
The SEC, ESMA, CFTC and other acronyms provided the drama in reference data this year, including in crypto.
Asset manager Saratoga uses AI to accelerate Ridgeline rollout
The tech provider’s AI assistant helps clients summarize research, client interactions, report generation, as well as interact with the Ridgeline platform.
CDOs evolve from traffic cops to purveyors of rocket fuel
As firms start to recognize the inherent value of data, will CDOs—those who safeguard and control access to data—finally get the recognition they deserve?