Bloomberg surveys conducted at recent Enterprise Solutions Summits (ES17) found that risk, compliance and data specialists in Asia (40% of respondents) expect web and cloud-based data or quant tools to be the most significant drivers of change in the enterprise data management world in the year ahead. Results from the polls also highlighted the increasing attention financial institutions will devote to data governance.
More than 200 professionals convened at ES17 events in Hong Kong, Singapore and Sydney, hosted by Bloomberg, the global technology leader in financial data and analytics.
Although 34% of market participants surveyed identified the consolidation of market data feeds as the other key development for the coming year, the two biggest challenges they face are budget and cost of systems (38%) and legacy products that do not meet their requirements (20%).
In that regard, one-third of respondents will devote resources to either organizing data to create master content (32%), or integrating and connecting data content with regulatory demands (31%). The final third (36%) say they will allocate budget to data distribution tools for the enterprise and acquiring high-quality data sets.
Gurkan Tasoren, Bloomberg Head of Enterprise Solutions in APAC said, “The Bloomberg ES17 Summits are part of our commitment to convene key stakeholders to discuss the challenges and opportunities they face in a data-driven world. Our role as technology partners is to deliver solutions that will simplify complex workflows so that our clients can focus on making smarter and better decisions in a swift manner, whilst remaining compliant at all times.”
Banks and asset managers are consuming vast amounts of data for analysis, execution, trade reporting and collateral management, whilst regulators want deeper visibility into how trade and investment decisions are made within firms to enhance market integrity and transparency. Compounded by the reality that financial information is generated by disparate sources at an escalating rate, data management solutions are becoming more imperative.
“Our poll results reinforce the importance of leveraging technology to maintain data integrity. Going forward, the need to acquire, manage and use data more efficiently to drive profitability and mitigate risk will become a larger priority for financial institutions in Asia and throughout the world,” said Tasoren.
"Bloomberg is enhancing our enterprise data management by implementing technology that can scale to our needs," said Nick Tang, Chief Operating Officer at Monex Boom, a leading online trading platform in Hong Kong. "Their solutions help lower our total cost of ownership by simplifying our regulatory compliance, streamlining our workflow and removing inefficiencies. More importantly, data quality was a key factor in deciding who should manage our system and we now feel that we have the right partner going forward.”