As a result of increasing regulation within the global banking sector, organizations working within the industry have been advised to implement effective data management strategies.
Michael Fahy, head of IT Infrastructure at Nomura, told eFinancial News that data management is required in the industry as firms look to balance costs with the need to handle and report on complicated information.
According to research by analyst Ovum, spending on externally-provided IT solutions by banks is set to grow by around 4.5 per cent next year.
"There is high demand from regulators for more and increasingly complex data … this invariably leads to demands on servers, data centres and other associated costs," Mr Fahy said.
Meanwhile, a recent report by Business Insider claimed that major advances in the way in which organizations collect and store their data have taken place over the past ten years.
As a result, the news provider claims that data sets which were previously left untapped are now being put to use by businesses around the world.
Posted by Rachel Wheeler