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Data Governance: Struggling with the Numbers Crunch: Banks collect large volumes of data to guide their strategies. But much of that output is too fragmented and redundant to help.
- Article from:
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Bank Technology News
- Article date:
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November 1, 2006
- Author:
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Copyright informationCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Banks compile ever more diverse sets of data to help decipher business strategy and compliance issues. But they are discovering a problem with their analytical operations: the data itself.
The glut of new information gleaned from siloed business units, IT systems, products and devices are for the most part leaving banks with fragmented and duplicative data. It's estimated by TowerGroup that financial services groups spend at least 50 percent of their data management resources simply trying to resolve problems in rendering data into usable metrics and resources.
Besides providing misleading guidance on business objectives, the data entropy may also be putting banks in ...