Financial firms collect and store enormous amounts of data. But collecting data for its own sake is of little use in finance. Bringing intelligence and facilitating access to that data so that it can be used is key. Firms require increasing amounts of data from a broadening set of sources which often puts pressure on the existing data management infrastructure.
For many treasuries, LIBOR (London Interbank Offered Rate) is one of their most critical benchmarks. Together with the exchange rates of major currencies it is an essential piece of data, underpinning contracts worth trillions of dollars. This long-standing centrality of LIBOR is why well-publicised global moves to end it are giving corporate treasurers and their teams major data headaches.
One asset that financial institutions do not lack is data. They are keepers of massive volumes of customer data. But storing and managing data has not provided them with all of its potential value; banks are increasingly enhancing management with analytics to gain maximum advantage from data. Better cost optimization, greater regulatory compliance, improved user enablement and informed decision-making are only a few of the benefits of this coordinated approach.