With data being widely considered to be the lifeblood pumping through the beating heart of the modern financial world, there is a sore need for an increase in the transparency and accuracy of digital information. Being able to trace the history of all data used by a firm is critical to establishing a trusted chain of information which can be checked at any time and by any stakeholder in the process. With digital information being used daily to drive business critical decision-making processes, it is more important than ever to be able to rely on the accuracy and heritage of that data.
With the financial industry in general and the data world specifically becoming ever more remote and mobile, an increasing number of firms are seeing the benefits of hosting their data capabilities in the cloud. Cloud hosted data makes it easier for information to flow through your organization and helps break down siloes and remove inefficiencies. This is especially true in the post-COVID world, where an increasing number of employees are working from home or other remote locations instead of in a traditional office setting.
At the time of writing this article, world leaders are meeting in Egypt for the COP27 summit on climate action. With the effects of manmade climate change now an undeniable [despite the efforts of some insincere commenters] fact of observation, the need for urgent action has never been higher.
The increased levels of digitization we are witnessing in the finance industry is necessitating a new way of making business decisions. The old methods of flagging requests for IT to pull data and then waiting for the analytics team to extract the necessary insights needed to make a business decision are becoming increasingly irrelevant in the contemporary digitized landscape.
Artificial intelligence used to be the exclusive purview of science fiction books and films. However, while the technology is still very much in its infancy and lacks the sophistication of the true thinking machines featured in those tales, questions are already being asked regarding the ethics of artificial intelligence and its application in business.
Presumably, if you are following this article series, you are at least somewhat aware of the way data has become one of the most critical factors impacting a business’s chances of success in the modern area.
As the world of finance becomes ever larger and we rely ever more closely on digital technology to manage the data associated with securities trading, more sophisticated solutions are required to facilitate cross-border transactions. Existing market players need a method of coming together to create and implement a more efficient cross-border securities processing paradigm in digital format and with an international infrastructure. One organization which has been facilitating this kind of relationship is the Digital Securities Depositary Commission and it has recently made a brand-new partnership to assist it in doing so.
A principal element of data management is making sure you as an organization have the right people in place to make the most of the data flowing through it. As a huge innovator and investor in technology, Bank of America has been at the vanguard of this new movement for some time and has some sound advice for anyone looking to establish data science as their primary career path.
Data is becoming an ever more critical component of modern business. In fact, it is the lifeblood which makes all other digital transformation efforts possible. However, an increased reliance on data requires a more comprehensive and detailed data management strategy. Unfortunately, the industry can often lack a structured approach to this concept and has been crying out for someone to come along and establish best practices for data management.
An ever-greater reliance on vast reams of digital information requires steadily more computing power to make the most of it. Financial brands looking to achieve higher levels of data maturity would do well to seek effective solutions in this regard. As a Fortune 500 financial services firm, Voya Financial understood all too well that it needed to boost its data processing capabilities and that, to achieve this, it needed more powerful and flexible computing power than was presently available to it.
Environmental Social and Governance [ESG] has become quite the buzzword in financial circles of late and brands the world over have been clamoring to make the most of technologies and investment opportunities which are focused on pushing responsibility in these areas. As one of the world’s most well-known financial brands, BNP Paribas has been working hard to establish new standards for ESG financial data and believes it has cracked the issue at long last – a fact which would seem to be supported by the French bank recently being named World’s Best Bank for ESG Data and Technology 2021 in the latest edition of the Euromoney Awards for Excellence.
In the digital age, data represents the lifeblood of modern industry. Digital information is continuing to make brands more agile, more resilient, and more profitable than ever before. Perhaps one industry where data has one of the greatest roles to play is in the world of finance. As one of Europe’s largest financial institutions, Societe Generale is no stranger to the power of digital technology – and the Paris-based bank has already incorporated several data-based technologies into its operation.