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Dominant trends in financial services.
A number of interesting and converging trends are accelerating the use of data and analytics to reduce the uncertainty involved in managing large enterprises.
This past January, Knightsbridge Solutions published its annual white paper, "Top 10 Trends in Business Intelligence," updated for 2006. It's clear that business intelligence has become a major priority for financial institutions. If we look at the major business issues in 2005, all of them focused on the need for greater access to data--data of "certified" quality and accuracy, or at an enterprise versus line-of-business (LOB) level, all coupled with enhanced analytics aimed at managing the business from a factual perspective.
Business intelligence is no longer just a synonym for "reporting." It truly has grown into its last name: "intelligence." The push is squarely behind using data and analytics to reduce the uncertainty involved in managing a large enterprise. The acceleration of this phenomenon is driven by a number of interesting and converging drivers.
The Legislative And Regulatory "Calm"
Congress and the regulators top the list of drivers. They rank first not only because of the tightening enforcement that has been driving big fines within the industry, but also because of the "yo-yo" factor regarding compliance with Basel II and Basel IA. Hot and heavy debate continues between Congress and the regulators regarding the soundness and fairness of compliance. The result is a calm in the storm surge toward compliance.
This compliance push drove financial institutions to make major investments, totaling more than $1 billion industry-wide, in basic data infrastructure and data governance. These investments were made quickly to meet fast approaching compliance deadlines. Now, with the uncertainty as to the deadline dates, the investments have hit a calm before the storm that has allowed all parties to "re-center" and "re-pace" their data and business intelligence (BI) efforts. As a result, a much sounder data infrastructure will exist to support the individual institutions for years to come.
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Source: HighBeam Research, Dominant trends in financial services.