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The Green Sheet Online Edition

November 23, 2020 • Issue 20:11:02

Readers Speak: Fixing FI data management

Amnon Drori, CEO of Octopai (https://bit.ly/38aqMjW) sent this perspective about improving data management for financial institutions (FIs):

"Handling data has been a long-time tricky proposition for FIs. The challenge is keeping a vast amount of diverse data secure and private in such a fast-paced and heavily regulated industry while simultaneously optimizing the business from all of the 'intelligence' data can provide. "Financial organizations need immediate access to accurate data to make decisions about where to take the business. With so much data scattered throughout so many different systems, it becomes a never-ending expedition for business intelligence (BI) and analytics teams to find their data. Previously, these teams would waste more than 50 percent of their time manually locating data. They have to rely on manual processes to comb through different data sets, reports, table views and sources to collect what is needed.

"Automation of metadata management, specifically automated data lineage and data discovery, is key to address these inefficiencies. Metadata management automation creates the ability for BI teams to search for and find where data is located in a few seconds. In addition, automation is applied on the entire data landscape to create a 'single source of the truth' for the entire organization. These capabilities have become critical needs for FIs. Data can be found and used quickly and easily despite its sensitive nature and the strict regulations placed on it.

"When FIs need to track and measure governance, deal with cyber threats and fraud in real-time, and easily meet regulatory requirements, centralized and automated metadata management cut the data discovery and lineage process time significantly (approximately 80 percent).

"Data becomes easily locatable and traceable and inaccuracies become a thing of the past. Leveraging automation allows FIs to get the full story on their data. In today's complex world of data and analytics, the successful hunting and gathering of what is available is best served by a centralized, automated metadata management solution."

Share your expertise

Thank you to Amnon Drori for sharing his views on this page. Do you have industry knowledge? Let us know at greensheet@greensheet.com. end of article

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