Centralizing Data and Consolidating Applications to Support Your Enterprise Data Strategy: Driving Your Financial Services Business
The financial services industry relies on sophisticated technology to stay competitive in the modern world. Financial firms CIOs’ tasks were already challenging prior to the 2008 financial crisis. Firms’ growth, technology advancements, unprecedented data volume increase, and layer upon layer of additional and fast changing regulations after 2008 are weighing heavily on technology platforms firms are built upon. Firms are faced with the constant paradox of developing and maintaining a powerful, cohesive platform across multiple systems and databases to support different business and geographic segments within resource constraints. Management’s commitment and a thorough understanding of the challenges, benefits, and future trends in data and application integration are critical for firms to tackle the paradox and stay ahead in competition.