There are several factors at play in data quality
and management efforts in finance. It is important to keep data internally consistent, completely private and in compliance with federal regulations. According to FX MM contributor and software executive Sean Farrington, it could also help companies to focus on usability.
Farrington strongly supports the use of analytics in the financial sector. To accomplish this, the information must be available for immediate use. He rated such immediate availability as a priority on the same level as backup services and long-term availability.
The type of user-friendly data management favored by Farrington is an expansion of the classic template. He stated that data usage in finance has traditionally consisted of safe and reliable storage and usage of consumer financial information. The field contains myriad risks and compliance requirements, making such efforts important as a foundation.
Data analytics could have large-scale positive consequences in the financial world. According to Corporate Executive Board researchers Michael Griffin, Jian Chen and Anna Kipchurk, writing for the Wall Street Journal, companies with strong analytics expertise and integration can improve cost management and general performance. The analysts explained that well-maintained analytics departments can become valuable partners in a bank's operations.