There is a massive transformation underway in the financial services industry and it’s all about the data. Unprecedented regulatory reporting demands and increasing competitive pressures are forcing organizations to integrate data across the enterprise. Specifically, they need to change how they discover, track, manage, combine and consume data. For many organizations, this data is not easily accessible -- it is distributed across the enterprise, often trapped in local business units, applications, data warehouses, spreadsheets, and documents.
Traditional technologies are struggling to address this challenge and many industry leaders believe a new approach is required. Some of the new big data solutions do help. They are good at liberating and co-locating data. However, they often struggle to make it usable. Creating a "data lake" without any structure can result in yet another silo of unusable data where context, meaning, and sources are lost.
Organizations instead are turning to semantic technology for the answer. Semantic technology enables data to be described, managed, and consumed in an agile, standardized, human-friendly, and machine-readable way. With the right tools, it can be added as a smart layer across existing infrastructure. Key applications include;
1. Combining customer data from disparate sources to sell more products and services
2. Flexible, user-driven regulatory reporting
3. New approaches to catching insider traders
4. Agile, customized data governance
5. Data self-service -- extracting usable business information quickly
Leading financial organizations are turning to semantic technology to capitalize on their data opportunities. The adoption of a semantic, model-driven approach provides compelling benefits that include investment protection, flexibility, speed, agility, and business self-service. This is game-changing for financial institutions, allowing them to fully realize the value of their enterprise data.
If you are interested in reading more we encourage you to visit the full article published in Wall Street & Technology.