Financial sector companies are spending an increasing amount of money on data management and data cleansing services.
These are the findings of a recent study by the Enterprise Data Management Council, which found that the two tools are now considered an essential component of business operations.
More than 75 per cent of firms report having data management programs underway, with 52 per cent moving towards a global centralized data management structure.
The survey polled a representative sample of more than 60 financial institutions giving a cross-section of the global industry taking into account data management strategy, data operations, IT and data quality.
"Firms recognize the essential nature of data content standards for internal alignment and data comparability," said Michael Atkin, managing director of the EDM Council.
"Without exception, firms with experience in EDM integration understand the value of both architectural and semantic standards and want them implemented as soon as possible."
Posted by Rachel Wheeler