Bob Contri, recently appointed vice chairman, US Financial Services, at Deloitte, is quoted in BankTech: "Coming out of the financial crisis, most institutions would agree they couldn't aggregate data as effectively as possible to manage risk or customer focus," he says. He identifies "two big trends in technology: one is around data, data architecture data infrastructure and data standards. That [will be] the driver of mortgage regulation and customer demands in the future. The other is and around collapsing silos, really replacing the legacy technology that in many cases is siloed."
It's not always possible to do full justice to the complexities of management in a brief article. So I'm pretty sure Contri knows that these two issues are not distinct from each other. From the business perspective, these two trends emerge from different places in the landscape - the first is external, the second internal. But from the perspective of standards implementation - which is all about shipping data so that processes hang together correctly - the two trends are the sides of the same coin. Data standards are key to breaking down silos.
He writes a great piece on the topic. Take a look. Bank Systems & Technology
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