Data quality news
Effective data management 'crucial for banks'
Dec 21 2009, 22:20 PM
Effective data management systems are set to become more important than ever to financial services companies in 2010, according to a market expert.
Banks and financial services companies generally have huge amounts of data to process, with the way they do this key to the success of their business.
Garry Katz, SmithBarney/Citigroup's senior vice president and information architect, told Securities Industry News that good data management would prove crucial to the success of many new systems being introduced in the banking sector.
He said that data profiling is already becoming a key technique in trading and that the trend would continue in 2010.
It relies on good data quality, as the technique involves analysing data already held by a company and then seeing what other purposes it can be used for, Mr Katz explained.
Chris Kentouris, senior international editor for Securities Industry News, recently told Information Management Online that financial services businesses had begun to realise the operational benefits of proper data cleansing systems.
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Posted by Neil Hill