BUSINESS AGILITY FOR FINANCIAL SERVICES WITH ENTERPRISE ENABLER®
The financial services industry has seen radical change over the past decade from product innovation and specializations being integrated with other solution offerings, changes in regulations and compliance, intensity of regulatory oversight, massive volume of M&A and divestitures and mortgage industry collapse to name a few. The 2009 Federal Government bailouts of the titans of the industry is a good an indicator that the next decade will be bring as much change as the past decade.
Change is a constant in business and this change continually adds incremental complexity and further complicates data enterprise. The lack of data integration and data availability results in scores of human talent manually retrieving, analyzing and feeding data into decision support systems, KPI dashboards, BI and analytical systems. As the change has been vast and rapid the attempts by the industry at large has been to use incumbent enterprise integration software products to create point-to-point systems integrations.
A CONSTANT IN THE FINANCIAL SERVICES INDUSTRY IS THAT NEARLY ALL FINANCIAL INSTITUTIONS LACK AN INTEGRATION OF THEIR DATA ENTERPRISE.
In fact, in the past decade financial services companies have spent over a billion of dollars on software and consulting talent to attempt to integrate their disparate data systems. The result is a huge talent pool focused on creating brittle point-to-point integrations across the enterprise, which often addresses the specific needs business unit, however the macro effect is the data enterprise becomes more and more complex and fragmented as layers of point-products and integrations are deployed.
To remain competitive and provide an IT enterprise that can rapidly adapt to market change, financial services organizations need Data Virtualization and Federation. This will simplify and provide an agile data enterprise that can adapt to the next decade of vast business demand and market change. The market proven advantages of data virtualization and federation provide enormous cost cutting opportunities and operational efficiencies for financial services companies.