Financial institutions are missing benefits to data quality and information sharing with short-sighted answers to compliance requirements, according to a new report from the financial market research and advisory Tabb Group.
In the report, entitled “Data Agility: Turning a Liability into an Asset,” Tabb assesses spending and implementation plans at financial firms, and their ramifications with enterprise information sharing and distribution. Tabb found that spending on internal resources will drop to 39 percent of the overall IT budget by 2014, reflecting a 5-percent decline from 2012 and a 27 percent decrease since 2000. For instance, upgrades to reference data management are still led by the continued management of legacy systems (36 percent), which results in directions such as tacking on another database rather than seeking out wider reaching infrastructure advances, the firm reported.
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