Impressions from FIMA
My read from the FIMA conference in London earlier this month is that the financial industry has taken a significant step forward as it relates to enterprise data management. Here are a few of my casual observations to illustrate the point.
- In listening to the financial institutions on the platform and talking with quite a few others during the week, I see a distinct movement from EDM as a concept that needs to be explained, justified and presented as a key asset -- to EDM as “just another” business problem to manage.
I believe this is a huge change and reflects just how far data management has matured in the minds of the financial institutions. It is no longer the domain of internal evangelists struggling to capture senior management and business unit attention. Every financial institution (seemingly) has a data management program underway, with funding, with clear objectives and with talent holding the operational reins. Perhaps it has lost a bit of its luster, but (in return) data management has gained a certain degree of prominence as a business process requirement – and thats a good thing indeed.
- I also see a distinct shift from EDM as part of the technology group to EDM as an operational tool of business units. One of the best examples was presented by Baldwin Smith of Credit Suisse who diverted from his planned remarks and offered up a wonderful case study of EDM as applied to fixed income index analytics.
Bottom line – bond analytics at Credit Suisse (as elsewhere) is both data and infrastructure intensive. Changes to the internal process are risky. As a result, it is a rather siloed applications area. Their EDM strategy recognized the need for coordinated efforts from data, trading and analytical development – and was able to overcome organizational barriers and inertia to harness data resources for business expansion. And nothing gains top management attention better than information exploited for innovation and revenue enhancement. A wonderful example of EDM in action – nicely done.
- The other bit of good news was the clear evidence (presented more than a few times) of the viability of outsourcing of reference data processing to both the financial institution and the service provider. Fewer firms are taking the internal build/leveraging existing technology option in favor of buying software and BSP outsourcing. Yet another example of EDM maturity.
- Finally, I heard four concepts repeated throughout the conference … metrics (the top requirement to keep momentum moving) … standards (the industry is collectively growing impatient – please just get on with it) … regulation (as partners for standards and supply chain automation) … and demand management (hmmm, build it and they will come). As John Bottega appropriately said in his opening, data professionals have reached a point where it is appropriate for them to “reach out and give themselves a pat on the back.” I couldnt agree more.
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