Adopting a Standardized Approach to Reference Data Management

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Major financial services organizations operate in a highly competitive market. The data services they use need to be leadingedge and productive in their own individual contexts, and so they tend to employ best-of-breed offerings from several different commercial vendors. The challenges The problem, though, is a lack of homogeneity. In a survey, recently conducted by […]

Major financial services organizations operate in a highly competitive market. The data services they use need to be leadingedge and productive in their own individual contexts, and so they tend to employ best-of-breed offerings from several different commercial vendors.

The challenges

The problem, though, is a lack of homogeneity. In a survey, recently conducted by A-Team Group for Capgemini, we found senior-level data management executives at financial institutions across North America and Europe complaining that each vendor’s service is effectively bespoke and that consequently they are obliged to adopt the standards – data definitions, identifiers, data models and more – used by each of their suppliers.
Reference data management, they felt, is characterized by duplication of effort on an industrial scale that consumes time, effort and money for little in terms of unique business benefit.
These circumstances create significant and specific challenges. Download the pdf to learn more.

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