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THE PROBLEM
Financial Information is very often channelled through proprietary systems that have complex and specific technical requirements and architectures.
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Financial information is now being used in a growing number of applications and for marketing innovation. From simple branch window display boards and mainframe applications, banks moved quickly to provide new services. For example; Online Trading products, Private Banking portals and Business Intranets.
Financial data are commonly used by banks for internal distribution, as a service and as a marketing tool to increase client retention and satisfaction. More and more channels are used: the Web, Mobiles and Palmtops, Digital TV. Therefore change, for example substituting an existing Info Provider, creates repercussions through the whole infrastructure, right down to the applications using this information. Banks frequently find themselves using proprietary software and diverse architectural solutions, usually provided by the data vendor itself, to satisfy their business needs (trading room, back office, branches, foreign departments and so on).
All this frequently entails different solutions to resolve the issues, not related just to the intrinsic value of the raw material - the data - but also to the technology used to deliver it. Banks generally have simply chosen to select information providers both for the supply of data and the technology infrastructure. This maybe gives a better time to market, but they have suffered by relinquishing control of the banking activities they are responsible for.
Added to these are many other aspects that are potentially very costly. Such as the need to integrate new or different data sources and above all when a bank has a requirement to migrate from one information provider to another.
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