Growing regulatory pressures in the financial services sector will encourage firms to develop more sophisticated database management strategies, it has been suggested.
Mark DeBenedictus, vice-president of global financial services at HP Enterprise Services, noted that new compliance legislation and rising expectations from regulators, politicians and customers for "better reporting and more transparency" have served to focus attention on related data management capabilities among financial institutions.
"Institutions that are willing to take data management beyond the strict requirements of compliance may also gain a competitive advantage in what will clearly be a more demanding financial services marketplace," he told Bank Systems & Technology.
"Financial services firms need to look for new ways to transform themselves into real-time, fact-based decision making institutions."
Mr DeBenedictus also commented that in addition to improving the quality of information and insight within their organizations, financial institutions may have to increasingly contend with new and sometimes conflicting regulatory demands for data.
Posted by Paul Newman