By Sean C. Keenan
This publication bargains a key source for realizing and enforcing powerful info governance practices and information modeling inside of monetary companies. Keenan outlines the thoughts and instruments wanted for monetary associations to take cost and make the much-needed judgements to make sure that their firm's info processing resources are successfully designed, deployed, and applied to fulfill the stern regulatory directions. It contains useful observations approximately how details resources may be actively and successfully controlled to create aggressive virtue and more advantageous monetary effects. additionally it is a survey of case stories that spotlight either the confident and not more optimistic effects that experience stemmed from associations both spotting or failing to acknowledge the strategic significance of knowledge processing services. -- �Read more...
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Extra info for Financial Institution Advantage and the Optimization of Information Processing
And regulators’ concerns aside, the ﬁrms themselves should be very sensitive to these same issues. For any large information processing project for which a signiﬁcant amount of planning, design speciﬁcation, vendor selection, implementation, tuning or FINANCIAL INSTITUTIONS AS INFORMATION PROCESSORS 13 validation is outsourced, the ability of the ﬁrm to maximize the value of the resulting system will be compromised. If we adhere to the view that a ﬁrm’s competitive advantage will derive largely from the relative effectiveness of the management of the broad range of information assets, then the outsourcing of the vision itself to a software vendor who is marketing that same vision to other institutions amounts to nothing less than a decision to make the ﬁrm less competitive.
The industry has a long history of coming to market as a service, providing outsourced solutions for payroll, accounts receivable, and accounts payable management, and for smaller ﬁrms, general ledger and tax accounting services. In the early days, banks would store data on internal mainframe systems, pump out raw data to the data processor, and receive processed data in return. The data processors’ possession of large mainframe computers with excess capacity (as well as programming expertise) established their niche.
As such, their need for collecting and processing data, other than for the most basic reporting requirements, or for higher level analytics, or statistical modeling, is minimal to nonexistent. As we discuss further in Chapter 3, the identiﬁcation of activities that can be characterized as price taking is in fact evidence of a lack of competitiveness, which is likely the result of the ﬁrm’s failure to develop an integrated and efﬁcient information management framework and culture. NOTES 1. Hubert P.
Financial Institution Advantage and the Optimization of Information Processing by Sean C. Keenan