The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.
August - 2009 - issue > Technology
Towards a cleaner Banking environment
Arvind Kamath
It would not be an exaggeration to say that the sector in which change has been most visible in past few years is banking. The new paradigm of doing business changed the rules of game not only for what is commonly known as new economy but also for age old established business. The driver for this change has in most cases been the regulatory requirements and the advancements in technology making it more and more capable of helping banks in meeting these requirements.
Data Quality is one of the most important aspects of a Bank’s Data Management efforts and one of the most challenging too. The high volume of data coupled with complex nature in a Banking ecosystem is thanks to modern technology driven entities that generate massive amount of data through their multiple channels of businesses. With the advent of ERP, CRM and SCM systems to support line operations of organizations, data generation has reached mind boggling levels in recent years.
Banking data is characterized by huge volume of business transactions, maintenance of history records and the need to have multiple, disparate applications for various banking functions. The stringent statutory requirements in Banking, present vastly different needs for data management than any other industry vertical.
Sources of major challenges faced by the banking industry from the point of view of data management can be categorized under following heads:
* Data quality
* Legacy applications
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