Keith Hale, executive vice president and co-founder of Netik, opened the second day of FIMA 2008 by quoting Warren Buffet in a data management context: “Financial markets are either driven by greed or fear, according to Warren Buffet, and it seems that recent times have flipped the driver from greed to fear. This fear is good for data management projects as they are more likely to get funding due to regulatory pressure,” Hale told delegates.
In the current economic climate, the industry will witness more of a focus on a reduction in operational costs, a greater focus on automation and on getting reference data right, Hale continued.
“Risk management and regulatory requirements are adding pressure on institutions to deal with their data issues. Market consolidation at the pace it is happening today is also a contributing factor as firms need to reduce duplication of processes to reduce costs,” he explained.
Hale discussed a recent survey by Netik that looked at issues around data management and highlighted that 78% of respondents found duplication in their data processes.
“Today we will also be looking at how the budget cutting for next year will impact data projects, as some institutions have cut their budgets by 60%,” he concluded.