A recent survey commissioned by InterSystems showed that 86% of global financial services institutions lack confidence in using their data to drive decision-making. Challenges included no access to real-time data, formatting issues and not understanding data to effectively interrogate it. Although this is unlikely to be a surprise to many of those in the industry, it acts as a stark reminder of how critical data is for operating a successful business.
Without accurate data it becomes incredibly difficult for institutions of all industries, but especially those in financial services, to make the right decisions. If an organisation cannot identify where the underperforming metrics are, then it becomes difficult to put remediation plans in place. Can processes be scaled up without a complete and holistic view of the overall impact? Can organisations keep up with competitors without utilising data-driven improvements? Anecdotal discussions within any team are important, but reliable and quantifiable metrics need to back up any discussion points.
In the post-trade operational environment, organisations must be able to make the correct decisions to drive process optimisation, apply the most suitable resource, and proactively approach the ever-changing operations landscape. To do this, it is vital that data is reliable, accurate, accessible, automated, insightful, and understandable.
CSDR is already impacting the industry, and with the US Securities Settlement Cycle moving to T+1 in 2024, the process for trade confirmation and settlement continues to evolve. If you are still confirming trades inefficiently, or your failed trade volumes are not slowing down, it is important that you understand where the problem is. Data should be accessible across any organisation. Whether this is vendor specific data for processing efficiently or risk related RCSA data, transparency is key. If your data is held in a silo, it is important to change this, and make it available to your teams on the ground. Everyone should be able to affect change just by knowing where to look. Are there multiple small issues that can be quickly fixed, or is there a bigger concern that will take longer to solve? Either way, to get a truly holistic view of the ineffective processes holding you back then using data correctly is vital.
When looking at the data challenges your organisation faces it probably feels quite overwhelming; sourcing, formatting, reading, interrogating, and utilizing the metrics in front of you is a big task, but ultimately the right move. It does not need to be so difficult if you know where to look. Here at Quorsus, our expert practitioners have practical experience working with and analysing data pivotal to core operational functions in the Securities and post-trade space. This positions us perfectly to assess your data needs, identify any issues you might be having, and partner with you collaboratively to design a solution. If you would like to hear more from our Securities experts on how we can help you along your data journey, email firstname.lastname@example.org.